Core Viewpoint - The April economic data indicates a mixed performance in China's economy, with strong industrial production and consumption, but a decline in investment and real estate sectors [1][13]. Demand Side - April's external demand faced challenges due to reciprocal tariffs, leading to a significant drop in exports to the US; however, transshipment trade helped maintain export resilience [1][2]. - Internal demand showed a decline in both investment and consumption, although consumption remained at a high level; investment was dragged down by the real estate and manufacturing sectors [1][7]. Production Side - Industrial production maintained a high level, with April's industrial value-added growth rate dropping to 6.1%, supported by equipment manufacturing and high-tech manufacturing [3][5]. - The service sector's production index slightly decreased, but still benefited from low base effects and consumption recovery [3]. Investment Trends - National fixed asset investment growth rate fell by 0.8 percentage points to 3.5%, with real estate investment continuing to decline significantly [7]. - High-tech industry investments performed well, particularly in information services and computer manufacturing, with year-on-year growth rates of 40.6% and 28.9% respectively [7]. Consumption Patterns - Retail sales growth rate decreased by 0.8 percentage points to 5.1%, while service retail sales showed an upward trend, particularly in tourism-related sectors [9]. - Essential consumer goods saw a decline in growth, while sectors benefiting from trade-in programs performed strongly [9]. Real Estate Market - Real estate sales area growth rate worsened to -2.1%, with new construction area also declining significantly [11]. - Despite the drop in sales volume, housing prices continued to rise, with the decline in new and second-hand housing prices narrowing [11]. Employment and External Factors - The unemployment rate remained stable at 5.1%, indicating a steady employment situation despite external challenges [13]. - Future export performance may exceed expectations due to potential European recovery, although this could lead to a more cautious domestic policy response [13].

Core Viewpoint - The company reported a mixed financial performance for Q1 2025, with a slight increase in revenue but a net loss, indicating challenges in the market despite some positive factors [1][3]. Financial Performance - The consolidated revenue for Q1 2025 was NT$ 559 billion (approximately RMB 133.59 billion) [1]. - The operating net loss was NT$ 12 billion (approximately RMB 2.87 billion), while the net profit after tax was NT$ 11 billion (approximately RMB 2.63 billion) [1]. - Depreciation and amortization for the quarter amounted to NT$ 75 billion (approximately RMB 17.92 billion), and capital expenditures were NT$ 35 billion (approximately RMB 8.36 billion) [1]. Revenue Composition - The revenue composition for Q1 2025 was as follows: TV products accounted for 34%, automotive products 24%, portable computers 17%, mobile and commercial products 21%, and desktop screens 4% [1]. - The revenue split by business area showed that the display business contributed 75% while non-display business contributed 25% [1]. Market Factors and Outlook - The company benefited from the "trade-in" consumer policy subsidies and customers' preemptive stocking, which helped mitigate trade barrier impacts, leading to an increase in consumer product revenue [3]. - Overall revenue increased by 4.2% quarter-on-quarter, with gross margin and EBITDA margin at 7.6% and 11.1%, respectively [3]. - Looking ahead to Q2 2025, the company anticipates uncertainties in the consumer electronics market due to trade barriers, but the impact on automotive and non-display sectors is expected to be less significant [3]. - The company plans to continuously adjust its product mix and promote high-margin products to enhance competitiveness and maintain stable operations [3].

汽车稳则社零增长动力强，愈发成为共识。 近年来，中国汽车产业在规模、创新和全球化层面实现跨越式发展。2024年在"两新"政策带动下，汽车市场取得了不错的成绩。据统计，2024年我国 汽车流通行业总产值高达4.8万亿元，占全国社会消费品零售额的比重接近11％，首次超越房地产成为国民经济第一支柱。 今年，我国继续加力扩围实施"两新"政策，汽车市场还有哪些潜力待挖？在4月25日举办的2025中国汽车消费论坛上，与会人士着重探讨了汽车流通 行业应如何抓住政策机遇激活消费动力，以及在"两新"政策之外，如何培育汽车消费的新增长点，从而推动汽车消费扩容等话题。 流通端多方发力提振车市 "汽车行业作为国民经济的重要支柱，汽车消费作为国内消费市场和对外贸易的重要组成部分，与国家提振消费、创新业态的核心任务息息相关。"中 国汽车流通协会会长肖政三表示，中国汽车流通协会紧密配合政府主管部门，以各项促进汽车消费政策落地为核心，从三个方面提振汽车消费市场进一步 升级。 首先，带领行业构建新型流通与服务体系，创新销售与体验模式，增强消费者数字化购车体验和对智能网联技术的认知，加大对包括新能源汽车在内 的整体汽车消费升级。进一步优化二手车 ...

行 华福证券 纺织服饰 2025 年 05 月 18 日 业 研 究 行 业 纺织服饰 户外专题（二）：从专业到破圈，解析伯希和高 投资要点： 户外专题（二）：从专业到破圈，解析伯希和高性能户外增长密码 定 期 报 告 伯希和以"科技堆料"构建差异化优势，依托 PT-China 平台自主 研发 STORM BREATH 防水透湿等核心技术，并引入全球顶尖供应链 资源，形成"自主+外采"双轨技术体系。产品矩阵覆盖四大梯度系列 （巅峰、专业性能、山系列、经典系列），2024 年 SPU 达 572 个。渠 道策略上，线上 DTC 为核心（2024 年营收占比 77%），线下 DTC 通 过联营模式快速扩张，三年收入 CAGR 达 383%，一二线城市门店占 比提升至 62%，实现高效市场渗透。 行情数据 本周家电板块涨跌幅+0.3%，其中白电/黑电/小家电/厨电板块涨跌 幅分别+0.4%/-2.9%/+1.0%/+0.6%。原材料价格方面，LME 铜、LME 铝环比上周分别+1.32%、+4.95%。 本周纺织服装板块涨跌幅+1.01%，其中纺织制造涨跌幅+0.94%， 服装家纺涨跌幅+0.60%。本周 328 ...

Investment Rating - The report maintains a "Recommendation" rating for the home appliance industry [4] Core Viewpoints - The proportion of actively managed equity funds holding home appliance stocks decreased in Q1 2025, primarily due to a temporary policy gap and consumer concerns leading to preemptive consumption [7][15] - The "old-for-new" policy is expected to expand, alleviating market concerns and boosting domestic demand for home appliances [7][15] - Leading home appliance companies are expanding into emerging markets, which is anticipated to steadily increase export revenues [7][15] - The report highlights the high dividend yield and stable operations of leading companies, indicating strong investment value in home appliance stocks [7][15] Summary by Sections Section 1: Fund Holdings in Home Appliances - The proportion of actively managed equity funds holding home appliance stocks was 5.51% in Q1 2025, down by 0.09 percentage points from the previous quarter [15] - The home appliance sector was over-allocated by 2.99%, a decrease of 0.16 percentage points [15] Section 2: Sector Allocation Changes - Funds increased their allocation to the two-wheeler and black appliance sectors, with increases of 0.39 percentage points and 0.04 percentage points, respectively [20] - Conversely, the white appliance and small appliance sectors saw reductions in allocation, with decreases of 0.53 percentage points and 0.01 percentage points [20] Section 3: Key Stocks in Focus - Funds increased their holdings in Ninebot, Yadea, Chunfeng Power, and Hisense Visual, with increases of 0.26 percentage points, 0.04 percentage points, 0.04 percentage points, and 0.05 percentage points, respectively [67][70] - The report suggests that the "old-for-new" policy will continue to stimulate demand and improve product structure in the two-wheeler sector [70] - In the white appliance sector, the report notes a decline in fund holdings for Midea Group, Gree Electric, and Haier Smart Home, with decreases of 0.30 percentage points, 0.20 percentage points, and 0.04 percentage points, respectively [68][69]

Core Viewpoint - The event "Financial Supermarket for Thousands of Enterprises by Hundreds of Institutions" in Tianhe aims to facilitate the "old-for-new" program by providing a platform for government, banks, and enterprises to connect, thereby easing the financial pressure on businesses and promoting the initiative effectively [1]. Group 1: Event Overview - The event was held on May 16 at the Yuexiu Financial Building, organized by the Tianhe District Commerce Bureau [1]. - It focused on the "old-for-new" initiative, allowing businesses to access high-amount credit funding in a simpler, more efficient, and cost-effective manner [1]. Group 2: Financial Products Offered - Ten banks participated, presenting various "old-for-new" loan products and incentives to nearly a hundred merchant enterprises [1]. - Loan amounts ranged from 30,000 to 5 million yuan, with terms from 12 to 60 months, highlighting the attractiveness of these products [1]. - The loans are designed to alleviate the financial burden of large consumer purchases and facilitate the upgrading of household equipment [1]. Group 3: Benefits for Enterprises - The event allows small and medium-sized enterprises to find tailored "renewal" benefits for equipment upgrades and technological improvements [1]. - A home sales company noted that the slow reimbursement process had created financial pressure, but the event provided access to flexible and efficient financial solutions tailored to their needs [2].

Core Viewpoint - The report from Industrial Securities indicates that the home appliance sector is expected to benefit from continued national subsidies and a favorable domestic demand environment, with leading companies in the industry poised to gain from both domestic and international markets [1] Group 1: Home Appliance Sector Overview - The home appliance sector is anticipated to see sustained improvement in domestic demand due to ongoing national subsidies, with a year-on-year increase of 19.3% in retail sales of home appliances in Q1 2025 [1] - Export growth is expected to remain resilient, with a year-on-year increase of 8.7% in export value and 13.1% in volume for home appliances in Q1 2025, driven by emerging markets and a "grab export" effect [1] - The average dividend yield for the home appliance industry is 3.3%, ranking second among 31 primary industries, indicating a strong defensive attribute for the sector [1] Group 2: White Goods - The white goods segment is benefiting from national subsidy policies and a favorable real estate environment, with expectations for increased sales elasticity in Q2 and Q3 [2] - Leading brands are expected to outperform second-tier brands in terms of sales, with structural upgrades in product offerings enhancing profitability for top companies [2] - Despite potential short-term disruptions due to tariff fluctuations, domestic white goods leaders have established overseas production capabilities to mitigate trade barriers [2] Group 3: Color TVs - The domestic color TV market is experiencing a recovery trend, supported by national subsidies and the upcoming U.S. sports events, which are expected to stabilize demand [3] - Domestic brands are focusing on high-end product offerings, while overseas production capabilities are reducing tariff risks, allowing for market share gains against Korean competitors [3] Group 4: Kitchen Appliances - The kitchen appliance sector is closely linked to the real estate market, with ongoing policy support expected to enhance demand and improve valuations [4] - The continuation of national subsidies is anticipated to further stimulate demand, leading to gradual improvements in the sector's fundamentals [4] Group 5: Small Appliances - The small appliance sector is projected to recover significantly due to national subsidies, with a notable increase in demand expected in early 2025 as more product categories are included [5] - The industry is entering a concentrated replacement cycle, driven by the average product lifespan of 3-5 years, which is expected to boost growth for leading small appliance manufacturers [5] - Short-term export orders may face volatility due to U.S. trade tariffs, but the reliance of the U.S. kitchen appliance industry on Chinese supply chains is expected to favor leading manufacturers [5] Group 6: Robotic Vacuums - The robotic vacuum segment is showing strong growth potential, with Q1 2025 data indicating it is one of the most elastic consumer categories benefiting from national subsidies [6] - The domestic market is expected to see accelerated penetration rates as product prices reach attractive levels, with significant sales elasticity anticipated throughout the year [6] Group 7: Export Outlook for Robotic Vacuums - The demand for robotic vacuums in overseas markets remains uncertain due to U.S. trade tariffs and economic conditions, but leading Chinese brands are expected to capture market share in the mid-to-low-end price segments [7] - The potential exit of foreign brands and smaller Chinese brands due to tariffs may create new expansion opportunities for established Chinese brands [7]

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 05 月 16 日 星期五 [Table_Summary] 概览 核心观点 【市场回顾】 周四 A 股三大指数集体收跌，截止收盘，沪指收跌 0.68%，深成指收 跌 1.62%，创业板指收跌 1.92%。沪深两市成交额 11522.45 亿元；申 万行业方面，美容护理、煤炭、公用事业领涨，计算机、通信、电子 领跌；概念板块方面，NMN 概念、合成生物、宠物经济概念涨幅居前， 华为盘古、DRG/DIP、华为昇腾概念跌幅居前；港股方面，恒生指数 收跌 0.79%，恒生科技指数收跌 1.56%；海外方面，美国三大指数涨 跌不一，道指收涨 0.65%，标普 500 收涨 0.41%，纳指收跌 0.18%。 【重要新闻】 【国务院召开做强国内大循环工作推进会】国务院总理李强在会上强 调，要深刻认识和准确把握当前经济形势，把发展的战略立足点放在 做强国内大循环上，以国内大循环的内在稳定性和长期成长性对冲国 际循环的不确定性，推动我国经济行稳致远，努力实现高质量发展。 【我国城市更新顶层设计出台】中办、国办近日 ...

Core Insights - The implementation of the new housing policy in Qingdao has led to increased activity in both new and second-hand housing markets, with significant growth in transaction volumes and buyer interest [1][2][4] Group 1: Market Activity - New housing online consultation and transaction volumes reached peak levels during the first weekend after the policy was implemented, with a 25% increase in second-hand housing transactions [1] - In April, Qingdao's second-hand housing market recorded 6,881 transactions, with the last week of the month achieving the highest weekly transaction volume since 2025 [2] - The first week of May saw a total of 2,368 transactions in both new and second-hand housing, marking a 14.1% year-on-year increase, with second-hand housing showing notable growth [3] Group 2: Policy Impact - The new policy includes a comprehensive set of measures aimed at stimulating the housing market, particularly benefiting young people, families with multiple children, and those seeking improved living conditions [4][5] - Specific incentives include subsidies for families purchasing new homes, with 50,000 yuan for two-child families and 100,000 yuan for three-child families, significantly reducing housing costs [4] - The introduction of low monthly payment loans for young buyers under 35, allowing them to pay only interest for the first ten years, has led to a noticeable increase in inquiries for such products [4] Group 3: Future Developments - The Qingdao government plans to enhance policy implementation and oversight to ensure that housing subsidies and financial support reach citizens effectively [5] - There is a commitment to accelerate the construction of 15 pilot projects for quality housing, with an aim to add 12,000 units of affordable housing within the year [5]

Core Insights - The national building materials and home furnishings market experienced a slight decline in sales in April, with a year-on-year decrease of 2.52% despite maintaining seasonal consumption trends [1][2] - The Building Materials Home Furnishing Index (BHI) for April was reported at 113.70, indicating a high level of market activity, although it showed a month-on-month decline [1][2] Sales Performance - The sales revenue of large-scale building materials and home furnishing markets in April reached 108.65 billion, reflecting a month-on-month decrease of 15.14% and a year-on-year decrease of 2.52% [1] - Cumulative sales from January to April amounted to 446.29 billion, representing a year-on-year increase of 5.19% [1] Market Sentiment - The "Manager Confidence Index" for April was 170.63, indicating a positive market outlook with an increase of 8.94 points month-on-month, remaining in a high confidence zone [2] - The "Popularity Index" fell to 159.38, down 24.02 points month-on-month, highlighting challenges faced by the industry, including intensified competition and external market pressures [2] Policy Impact - The introduction of policies such as the "old-for-new" program and the allocation of 81 billion in special bonds by the National Development and Reform Commission and the Ministry of Finance are expected to bolster market confidence and stimulate demand [2] - The industry is encouraged to innovate and transform towards a sustainable development model focusing on "green, industrial, and digital" integration to leverage policy benefits effectively [2]