Group 1 - The "Top Ten Sports Events" award ceremony was held in Shenzhen, with Bao'an district achieving a "Grand Slam" by having three events recognized [2] - Bao'an district leaders visited Dongguan to learn about successful talent service and infrastructure development, aiming to enhance talent initiatives in Bao'an [2] Group 2 - Bao'an district launched electronic consumer vouchers, encouraging local spending [3] - Local enterprises showcased their star products and solutions at domestic and international industry events [3] - The World Sinology Conference will be held for the first time in Bao'an, Shenzhen [3] Group 3 - The "Discover the Beauty Around You" civil practice activity invites participation to showcase the livability of Bao'an [4] - The Bao'an district is preparing for the 2025 enrollment of first-grade and middle school students, with online registration starting on June 7 [4] - A youth mental health technology festival was successfully held in Bao'an, organized by the district's youth committee and education bureau [4] Group 4 - Shenzhen has proposed three "gold standards" for smoke-free areas, marking a national first [6] - The city continues to enhance convenience for visitors with a seamless mobile experience [6] Group 5 - The pet industry in Shenzhen has surpassed one million pets, with a market size exceeding 100 billion [8] - The 15th International Space Design Award has officially launched its global call for entries in Shenzhen [8]

Summary of Hisense Home Appliances Conference Call Industry Overview - The air conditioning market is highly competitive, with significant price pressure on flow models and cost-effective models. The national subsidy policy is being utilized quickly in coastal eastern regions, although some areas face funding shortages, which are expected to be resolved later. The policy has a significant positive effect on consumer demand [2][3][7] - The home appliance industry is experiencing single-digit growth in domestic sales, particularly after the 618 shopping festival began on May 13. Online sales growth has significantly improved in May, with a notable change in sales structure for refrigerators, air conditioners, and washing machines compared to the same period last year [3][21] Company Performance - Hisense's air conditioning installation card growth in May was in the high single digits, with new air conditioning installations exceeding 50% growth, accounting for over 20% of domestic sales. The company is actively expanding online channels for its flow models [4][5] - Hisense employs a K-shaped pricing strategy, improving the average price of high-end products while reducing prices for flow models due to intense competition [6] - The company anticipates that the effects of the national subsidy policy will become evident in the second quarter, with expectations for additional government funding to stimulate consumption [7][8] Market Dynamics - The central air conditioning market is expected to remain weak in the second quarter, with inventory levels around 90 days. The C-end and public construction sectors are expected to maintain single-digit growth, with profit margins stabilizing around 17% [9][10][11] - The overseas market, particularly in emerging regions like ASEAN, is expected to see strong growth, with overseas revenue growth and profit margin improvements being more certain than in the domestic market [12][13][14] Challenges and Strategies - Issues with the national subsidy policy include regional funding shortages and irregularities, which may lead to localized market disruptions. However, the overall impact is expected to be positive as more funds are anticipated to be allocated [7][19] - Hisense's strategy in response to the national subsidy policy involves requiring dealers to pre-finance, which may affect promotional activities during the 618 shopping festival [8][18] - The company plans to leverage the 618 shopping festival for marketing, with strategies tailored to optimize sales performance based on current trends [21][23] Future Outlook - Hisense aims to continue pushing for high-end product offerings, with plans to launch more products priced above 10,000 yuan. The company is also focusing on energy efficiency upgrades in the refrigerator sector [22] - The overseas marketing strategy includes sponsorship of major sports events like the World Cup and NBA, with a focus on expanding into new markets in the Middle East, Africa, ASEAN, and Latin America [25] Conclusion - Hisense Home Appliances is navigating a competitive landscape with strategic pricing and marketing initiatives while responding to government policies and market demands. The company is optimistic about growth in both domestic and international markets, particularly in emerging regions, despite facing challenges related to funding and competition.

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall economic data in April declined to some extent compared with March but remained resilient under the background of the tariff war. The year-on-year growth rate of social retail sales was 5.1%, which was significantly supported by the "trade-in" policy. The social credit demand in April was weak. The cumulative new RMB loans in April reached 10.06 trillion yuan, a year-on-year increase of 2.86%. The year-on-year growth rate of M2 in April was 8%. The joint statement issued by China and the United States laid a good foundation for further trade negotiations, exceeding market expectations. Recently, the three departments held a joint press conference. The central bank announced a reserve requirement ratio cut and interest rate cut policy to reduce the cost of the liability side of enterprises. The Financial Regulatory Administration emphasized that it would vigorously promote the entry of medium - and long - term funds into the market and support, stabilize and activate the capital market through a quasi - flat fund. The CSRC said it would optimize the fee model of active equity funds. The internal policy drive is the main line for the stock index in 2025. In terms of financial reports, in the first quarter, the decline rate of the full - market revenue growth of A - share listed companies narrowed for three consecutive quarters, but was still lower than the policy interest rate. The net profit increased year - on - year by about 4%, but the ROE was still in the stage of bottoming out and stabilizing. These measures are conducive to helping enterprises repair their balance sheets and promoting the stable development of the real economy, leading to a stable increase in stock market valuations. The stock index is expected to fluctuate [1]. - On the day of the bond futures closing, the 30 - year main contract rose 0.10%, the 10 - year main contract rose 0.09%, the 5 - year main contract rose 0.07%, and the 2 - year main contract rose 0.04%. The capital market remained loose, with DR007 rising 1BP to 1.56%. In June, it is difficult for the bond market to have a trending market. After macro - level disturbances, the bond market will fluctuate following the capital market and economic fundamentals again. After the reserve requirement ratio cut and interest rate cut, the capital market is unlikely to fluctuate significantly in the short term, the expectation of incremental policies in the short term has cooled, and the economic resilience remains. The bond market shows a sideways shock pattern again after adjustment [1][2]. 3. Summary by Relevant Catalogs 3.1 Research Viewpoints - **Stock Index Futures**: The stock index is expected to fluctuate. The internal policy drive is the main line in 2025. The measures are conducive to the stable development of the real economy and the stable increase of stock market valuations [1]. - **Bond Futures**: The bond market is expected to fluctuate. In June, it is difficult to have a trending market. After adjustment, it shows a sideways shock pattern [1][2]. 3.2 Daily Price Changes | Variety | 2025 - 06 - 04 | 2025 - 06 - 03 | Change | Change Rate | | --- | --- | --- | --- | --- | | IH (Stock Index Futures) | 2,673.6 | 2,668.6 | 5.0 | 0.19% | | IF (Stock Index Futures) | 3,842.4 | 3,824.8 | 17.6 | 0.46% | | IC (Stock Index Futures) | 5,688.8 | 5,638.4 | 50.4 | 0.89% | | IM (Stock Index Futures) | 6,054.0 | 5,998.0 | 56.0 | 0.93% | | Shanghai Composite 50 (Stock Index) | 2,690.8 | 2,687.3 | 3.5 | 0.13% | | CSI 300 (Stock Index) | 3,868.7 | 3,852.0 | 16.7 | 0.43% | | CSI 500 (Stock Index) | 5,739.0 | 5,694.8 | 44.2 | 0.78% | | CSI 1000 (Stock Index) | 6,123.2 | 6,070.0 | 53.1 | 0.88% | | TS (Bond Futures) | 102.40 | 102.35 | 0.044 | 0.04% | | TF (Bond Futures) | 106.04 | 105.96 | 0.075 | 0.07% | | T (Bond Futures) | 108.77 | 108.69 | 0.08 | 0.07% | | TL (Bond Futures) | 119.57 | 119.45 | 0.12 | 0.10% | [3] 3.3 Market News - On June 4, local time, the results of the South Korean presidential election were announced. Lee Jae - myung of the Democratic Party was elected president with a vote - share of 49.42% (17.2875 million votes). His term officially began at 6:21 am on June 4, and his inauguration ceremony was held at the National Assembly at 11 am on the same day [4]. 3.4 Chart Analysis - **Stock Index Futures**: There are charts showing the trends of IH, IF, IM, IC main contracts, and the basis trends of IH, IF, IC, IM [6][7][10][11]. - **Bond Futures**: There are charts showing the trends of bond futures main contracts, bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [13][15][17]. - **Exchange Rates**: There are charts showing the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates [20][21][24][25].

解锁【第一财经智享会员】实时解读市场动态，把握投资先机。 【第一财经智享会员专属】 【 今 日 早 盘 】 6月5日，三大股指小幅高开，沪指 涨0.06% ，深成指 涨0 .08% ，创业板指 涨0.08% 。虚拟电厂、新能源车、生物科技概念股活跃；新消 费、可控核聚变题材回调。 今日券商观点 ①华泰证券：6月锂电排产增长 看好长期需求 华泰证券研报称，鑫椤锂电发布锂电产业链6月预排产，样本企业中电池排产1 0 7 . 7GWh，环比增长2 . 9%，正极1 3 . 3万吨，环比增长9 . 1%，负 极11 . 7万吨，环比增长0 . 9%，隔膜1 4 . 9亿平，环比增长4 . 3%，电解液7 . 6万吨，环比增长6 . 6%，总体排产环比微增，主要系以旧换新政策拉 升新能源汽车需求，美国对华关税下调后储能迎来新一轮抢出口。长期而言，国内新车型新技术不断推出，欧洲及亚非拉储能市场前景向好， 看好电池环节供需边际持续改善，看好头部电池企业提升产能利用率，实现量利齐升。 ②中金：小家电行业需求有望延续复苏态势，重点关注盈利能力改善公司 中金公司发文称，家电以旧换新政策带动及低基数效应下，预计今年小家电行业需求有 ...

Summary of Aima Technology Conference Call Industry Overview - The two-wheeler market in China is experiencing strong demand for replacements, supported by the government's "old for new" policy, despite temporary subsidy delays in regions like Jiangsu [2][4] - The overall demand in the two-wheeler industry has not shown significant decline, with a strong market replacement trend continuing [4] Company Performance - Aima Technology reported a significant increase in single-unit prices and profits by over 5 percentage points in Q1 2025, driven by the oil-to-electric policy and ongoing product optimization [6] - The company is focusing on optimizing its product structure with new product launches, enhancing profitability [6] Inventory and Supply Chain - The inventory levels in the two-wheeler industry are low as of early 2025, with major brands relying on older national standard models to navigate market changes [5] - A significant replenishment of inventory is expected in Q3 or late June 2025, following a period of minimal stock replenishment in May [5] Regulatory Impact - New national standards for products have been implemented, focusing on speed limits and material adjustments to meet compliance, while also enhancing product features through exterior modifications and smart upgrades [7] Future Outlook - The two-wheeler industry is expected to benefit from the "old for new" policy and new national standards, which will stimulate consumer demand, particularly in the second half of 2025 [8] - Market share growth is anticipated in 2026, as smaller brands exit the market, allowing leading and compliant companies like Aima Technology to concentrate resources and enhance competitiveness [9][10] Electric Three-Wheeler Business - Aima Technology's electric three-wheeler business is rapidly developing, with a planned production capacity of 2 million units at the Fengxian base, capturing approximately 10% of the market [11] - The company is confident in its competitive advantages through channel penetration strategies and product offerings [11] International Expansion and High-End Product Strategy - Aima Technology is actively expanding into overseas markets, particularly in Southeast Asia, and is launching a high-end sub-brand "Lingdong" targeting younger, tech-savvy consumers [3][12] - The company views international markets as a crucial growth avenue, alongside domestic operations [13] Financial Strategy - The company plans to tighten overall investment after the Lanzhou base begins operations, with sufficient cash flow to support investments in 2025 and 2026 [13] - Aima Technology aims to enhance shareholder returns through optimized capital allocation starting in 2026 [13] Brand Development - The high-end sub-brand "Lingdong" is set to launch in 2025, with strategies in place for product promotion and channel development [14]

Core Viewpoint - The heavy truck industry in China experienced significant growth in May 2025, with wholesale sales, domestic terminal sales, electric heavy trucks, and diesel heavy trucks all showing year-on-year increases, indicating a positive trend in the market [1][3][23]. Group 1: Market Performance - In May 2025, approximately 85,000 heavy trucks were sold in China, representing a 9% increase compared to the same month last year, despite a slight month-on-month decrease of 3% [3][5]. - Cumulatively, from January to May 2025, the heavy truck market recorded sales of about 437,500 units, showing a small year-on-year increase of approximately 1% [5]. - The "old-for-new" policy for National IV trucks has significantly stimulated new truck purchases, contributing to the growth in sales [6]. Group 2: Segment Analysis - The export wholesale volume of heavy trucks is expected to decline by over 10% in May, indicating ongoing pressure in the export market [7]. - Domestic terminal heavy truck sales are projected to have increased by over 20% year-on-year in May, despite a slight month-on-month decrease of around 5% [7]. - Sales of natural gas trucks fell to below 15,000 units, marking a new low in four months, with a year-on-year decline expected to exceed 30% [8]. - New energy heavy trucks are anticipated to have sold over 15,000 units in May, reflecting a year-on-year growth of approximately 190%, with a market penetration rate exceeding 23% [8][11]. Group 3: Company Performance - China National Heavy Duty Truck Group (CNHTC) led the market with sales of approximately 23,000 heavy trucks in May, a 13% year-on-year increase [12][15]. - Dongfeng Motor Corporation sold about 15,000 heavy trucks in May, achieving a year-on-year growth of 49% [15][17]. - FAW Jiefang sold around 14,000 heavy trucks in May, with a cumulative sales figure of approximately 81,500 units from January to May, maintaining a market share of about 18.6% [15][19]. - Beiqi Foton and XCMG showed the highest growth rates among major companies, with Foton's sales increasing by 73% year-on-year in May [17][19]. Group 4: Future Outlook - The heavy truck market is expected to continue its growth trend in June, driven by the acceleration of old vehicle scrapping and replacement policies [23]. - The decline in natural gas truck sales is anticipated to narrow to single digits in June, creating conditions for a rebound in the second half of the year [23]. - The sales of electric heavy trucks are expected to reach new highs in the latter half of the year, supported by various favorable policies [23].

Core Viewpoint - The demand for rotor compressors in China's household air conditioning and related markets is increasing due to the government's "old-for-new" policy and manufacturers' proactive stocking in response to market pressures and weather forecasts, leading to a growth trend in production and sales in the rotor compressor industry [1][7]. Industry Overview - Rotor compressors, driven by electric motors, are widely used in air conditioning, dehumidifiers, and heat pumps, characterized by their simple structure, fewer wear parts, reliability, and lightweight [2][3]. - The rotor compressor market in China is primarily driven by household air conditioning, which holds a market share of 88.3%, followed by heat pumps at approximately 5.2% [5]. Production and Sales Data - In 2024, China's rotor compressor production and sales are projected to reach 296 million units and 297 million units, respectively, with year-on-year growth rates of 13.5% and 14.1% [1][10]. - Domestic sales of rotor compressors are expected to grow by 12.3% to 253 million units, while export volume is anticipated to increase by 24.8% to 44.88 million units [1]. Policy Support - The Chinese government has implemented several policies to stimulate domestic consumption, including promoting the replacement of old appliances, which has positively impacted the sales of rotor compressors [7][8]. Competitive Landscape - The market for rotor compressors has shifted from foreign brand dominance in the 1990s to a significant presence of domestic brands like GMCC, Landa, and Haili, which together hold a market share of 86.6% as of 2021 [10]. - GMCC leads the market with a share of 44.8%, followed by Landa and Haili, whose combined market share is 33.4% [10]. Development Trends 1. **Diversification of Application Scenarios** - Rotor compressors are expanding from traditional household air conditioning to emerging fields such as heat pumps and electric vehicles, driven by energy crises and carbon neutrality goals [17]. 2. **Accelerated Replacement of Eco-friendly Refrigerants and Technological Upgrades** - The industry is transitioning to low GWP refrigerants like R32 and R290, with a focus on improving energy efficiency and adapting to environmental regulations [18][19]. 3. **Accelerated Globalization and Export Market Expansion** - Chinese rotor compressor companies are increasingly entering international markets, with significant growth in exports, exemplified by Haili's 35.1% increase in export volume in 2024 [20].

Core Viewpoints - The home appliance industry is expected to outperform the market, driven by strong retail demand and favorable policies such as the old-for-new replacement program [6][14][18] - The online retail performance of major home appliance categories has accelerated since May, with air conditioners, refrigerators, and washing machines showing significant year-on-year growth [2][19] - The production of white goods in June saw a year-on-year increase of 7.3%, with air conditioner domestic sales experiencing a notable growth of 29.3% [3][37] Market Performance - The online retail sales of air conditioners, refrigerators, and washing machines increased by 25.4%, -3.5%, and 9.4% respectively in the first 21 weeks of 2025 compared to the same period in 2024 [2][19] - Offline retail sales maintained a growth rate of over 10%, indicating robust market demand [2][19] - The home appliance sector achieved a relative return of +1.65% in May, outperforming the Shanghai Composite Index [46] Production and Sales Data - In June, the total production of white goods reached 35.15 million units, with air conditioner production increasing by 11.5% year-on-year [3][37] - The production of air conditioners for domestic sales was 20.5 million units, reflecting a growth of 29.3% compared to the previous year [3][37] - The production of refrigerators and washing machines showed stable performance, with year-on-year growth of 3.6% and flat production respectively [3][37] Company Recommendations - Key companies recommended for investment include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Technology, and Hisense Home Appliances, all rated as outperforming the market [5][14][64] - In the small appliance sector, Stone Technology and Bear Electric are highlighted for their strong overseas growth and product expansion [14][17] - The kitchen appliance sector recommends Boss Electric, which is expected to maintain stable growth due to its strong market position [14][17]

Core Viewpoint - The Chinese economy is expected to maintain a relatively good performance in the short term, primarily due to backlog orders in the export sector and the positive impact of the "trade-in" policy on retail [2][3][5]. Short-term Economic Analysis - In the next couple of months, China's export growth is likely to remain high, potentially close to April's 8% growth, driven by backlog orders and the upcoming trade negotiations [3][5]. - The GDP growth for the second quarter is projected to be around 4.8%, but challenges are anticipated in the second half of the year due to several factors [3][5]. - The increase in tariffs on Chinese products by the U.S. has risen by approximately 35 percentage points, significantly impacting exports, especially with the tariff on small packages rising to about 54% [5][6]. - The positive effects of the "trade-in" policies for durable goods are expected to diminish in the latter half of the year, leading to potential negative effects on consumption [6]. - The real estate sector, crucial for domestic demand, is in its fifth year of decline, with new housing starts down by 22% year-on-year, complicating efforts to stabilize domestic demand [6]. Policy Recommendations - The Chinese government has effectively intervened in the stock market and maintained the stability of the RMB against the USD, which is crucial for economic stability [9][10]. - Further fiscal policies should be considered to accelerate spending and debt issuance, especially in light of anticipated declines in export growth [10]. - Stabilizing the real estate market is critical, requiring measures beyond traditional tools like interest rate cuts, including allowing necessary bankruptcies and ensuring the completion of pre-sold properties [10][11]. - Structural reforms in the social security system are needed to enhance the income levels of the elderly, which could improve consumption capacity and alleviate burdens on migrant workers [11]. - Fiscal reform is essential to improve local government finances and create independent revenue sources beyond real estate, which is vital for enhancing the business environment and stimulating domestic demand [12].

618大促过半，各大电商平台第一周期"成绩单"出炉。 今年618，天猫联合上千家品牌投入超百亿，积极响应国补旧换新增量政策，给消费者更大力度让利。 品牌立减15%，天猫发放9折的品类券及88VIP大额券，叠加至高20%国家补贴，四重折扣后，家电、家 装、家居、3C数码等品类优惠力度将低至5折。 来自天猫数据显示，截至5月26日，天猫618第一阶段，参加国补的家电家装、手机数码等品类成交总额 较去年双11增长283%，美的、海尔、科沃斯、源氏木语等40个品牌成交破亿；带动家电、家居、家 装、3C数码等行业整体成交同比双位数增长，超3000个品牌同比成交翻倍，全面激活换新消费。 目前，淘宝天猫已承接包括北京、上海、广东、浙江、江苏、新疆、西藏等全国29个省市的国补线上发 放，成为覆盖国补范围最广的平台之一。淘宝天猫覆盖的国补品类超1600个，包括家电12大类，手机数 码、智能穿戴，以及智能家居、家装等新增品类，日均超1.5亿人次在淘宝逛国补，成为消费者领用国 补频次最高的平台。 5月30日，研究机构易观发布《2025年"618"大促第一周期观察》，数据显示，在主要平台家电家居成交 额占比中，淘宝天猫以45.3%的 ...