Core Viewpoint - The investment philosophy of "prefer new stocks over old ones" has been validated in the A-share market, with the deep new stock index showing a cumulative increase of 6.18% year-to-date, outperforming several key indices [1][2]. Group 1: Performance of New Stocks - The deep new stock index has outperformed major indices such as the ChiNext Index, STAR 50, CSI 300, CSI 500, and CSI 1000, indicating a strong performance in the market [1][2]. - The investment strategy focusing on new stocks has become a core strategy in the A-share market, although not all new stocks possess long-term investment value [2]. Group 2: Company Overview - Guqi Down Material - Guqi Down Material (001390.SZ) is positioned as a leading enterprise in the Chinese down material industry, with a strong competitive edge established across four dimensions [3][4]. - The company has significant technological barriers, including core patents in fluorine-free water-repellent technology and nano-level surface treatment processes, which enhance its product quality and market competitiveness [4]. - Guqi Down Material is actively involved in setting industry standards, which further solidifies its leading position in market share and technological advancement [5]. Group 3: Customer Structure and Market Position - The company has established strong relationships with leading brands such as Bosideng and Hai Lan Home, as well as military supply chains, ensuring stable demand and growth opportunities [6][7]. - Guqi Down Material's military orders are expected to yield higher profit margins, with projected sales in the military sector exceeding 50 million yuan in 2024 [7]. Group 4: Policy Alignment and Market Trends - The company benefits from long-term trends in consumption upgrades and green environmental policies, with significant investments in water recycling systems that align with national "dual carbon" strategies [8]. - Guqi Down Material's products are positioned to capitalize on the growing demand for high-quality down products, with a notable potential for domestic substitution as the import dependency for high-end goose down remains at 58% [8]. Group 5: Financial Performance and Growth Potential - The company has demonstrated robust financial performance, with a projected annual revenue growth rate of 20.37% and a net profit growth rate of 31.67% from 2022 to 2024 [11]. - The PEG valuation model indicates that the company's stock price may be undervalued relative to its growth potential, suggesting a strong investment opportunity [12].

Group 1: Core Viewpoints - The large consumption sector includes industries closely related to daily life, such as food and beverages, home appliances, clothing and textiles, pharmaceuticals, and tourism [1][3][5] Group 2: Industry Summaries - The food and beverage industry is a stable segment with consistent demand, including high-end liquor and dairy products, which are increasingly popular due to health consciousness [1] - The home appliance industry is driven by rising living standards, with both large appliances and small gadgets becoming essential for convenience, alongside technological advancements [3] - The clothing and textile industry is characterized by fast-changing fashion trends and a growing demand for sportswear, with e-commerce playing a significant role in market expansion [3] - The pharmaceutical and biotechnology sector is essential for health, with stable demand for medications and a growing need for medical devices and services due to an aging population [3] - The tourism and hotel industry benefits from increased disposable income, with diverse travel options and accommodation types catering to various consumer needs [5] Group 3: Investment Logic - The large consumption sector exhibits stable demand, less affected by economic cycles, providing investors with relatively stable returns [5] - Consumption upgrading is a significant trend, with consumers willing to pay more for high-quality and innovative products, benefiting brands that focus on quality [5] - Brand effect is crucial in the large consumption sector, as consumers prefer well-known brands for perceived quality and reliability [8] - Policy support from the government promotes consumption upgrades and expands domestic demand, creating opportunities for related industries [8]

Group 1 - The pet economy is experiencing significant growth, with the market size reaching 300.2 billion yuan in 2024, a year-on-year increase of 7.5% [1][3] - By 2028, the market size of China's pet economy is expected to reach 1.15 trillion yuan, indicating a strong upward trend [1][3] - The Wind pet economy index has shown a cumulative increase of 35.39% year-to-date as of June 11 [1] Group 2 - The pet economy's growth is driven by urbanization, digitalization, changing family structures, emotional needs, and technological advancements [1][3] - The industry is expanding from basic services like food and medical care to a comprehensive service ecosystem covering the entire lifecycle of pets [3][4] - The concept of "pet-friendly" spaces is becoming popular in major cities, enhancing customer traffic in pet-friendly cafes and other venues [3] Group 3 - New retail brands in the pet food sector, such as "Pet Fresh," are emerging, with significant funding rounds like a recent $25 million angel round [3] - Major brands, including Adidas, are entering the pet market, targeting younger consumers with pet apparel [3] - A-share listed companies are also investing in the pet sector, with companies like Three Squirrels establishing pet food subsidiaries [3][4] Group 4 - The pet food segment remains the foundation of the pet industry, with online channels dominating the market [4] - The integration of the pet economy with technology, cultural tourism, and biotechnology is driving innovation in the sector [4] - Companies with strong product development, brand building, and resource integration capabilities are likely to thrive amid industry changes [4]

Core Viewpoint - The People's Bank of China (PBOC) in the Xingan League is implementing policies to enhance the payment environment, promoting consumption upgrades and facilitating local economic development through various financial services and incentives [1][5]. Group 1: Payment Environment Optimization - The PBOC is guiding banks to introduce consumption discounts and installment fee waivers, leveraging the synergy between these policies and the "old-for-new" consumption initiative [1][5]. - A total of 1,236 new payment scenarios were added in the consumption sector from January to April, with subsidies for the "old-for-new" policy amounting to 28.4151 million yuan [5]. - The issuance of consumption discount vouchers reached 1.328 million yuan, while installment fee waivers totaled 365,000 yuan, resulting in an increase in local consumption by 18 million yuan [5]. Group 2: Collaborative Mechanisms - The PBOC and the local Commerce Bureau have established a collaborative mechanism for policy implementation, including monthly consultations, quarterly supervision, and annual evaluations [2]. - A strategic partnership has been formed among banks, payment institutions, and key commercial enterprises, creating a collaborative framework of "government support, financial empowerment, and merchant participation" [2]. Group 3: Multi-Scenario Payment Solutions - In the home decoration sector, a comprehensive payment ecosystem has been developed, featuring smart POS terminals that support installment payments and fund supervision, leading to a 135% year-on-year increase in transaction volume [3]. - The home appliance sector has seen the introduction of interactive payment terminals that offer extended services, resulting in a 17% increase in average transaction value for large appliances from January to April [3]. - The automotive sector has implemented a one-stop financial service process at 4S stores, reducing average transaction time by 40% and increasing monthly sales by 22% [3]. Group 4: Enhanced Consumer Experience - The financial department has standardized payment signage in key commercial areas, establishing a "service ranking" system for payment services, with 36 merchants recognized as "gold medal payment service demonstration stores" [4]. - A safety assurance plan has been developed to enhance payment security, resulting in 526 reminders issued and 87 suspicious transactions intercepted, recovering losses of 1.83 million yuan [4]. - Services tailored for the elderly have been introduced, including accessible payment terminals and tiered discount policies, benefiting over 8,600 individuals aged 60 and above [4]. Group 5: Future Development Plans - The PBOC plans to deepen structural reforms in payment services, extending services to remote areas and optimizing payment environments in rural and pastoral regions [6]. - The initiative will also support various consumption sectors, enhance risk prevention across the payment chain, and explore "payment plus" models in green consumption and the silver economy [6].

Group 1 - The company *ST Jinbi (002762) has experienced a stock price surge, reaching a limit up at 6.47 yuan per share following the announcement of a change in control [1] - Shanghai Yuancheng Chengwu Technology Co., Ltd. will become the controlling shareholder, with Chen Keru as the actual controller of the company [1][2] - The share transfer agreement involves Lin Haoliang and Lin Ruowen transferring a combined 13.3% of the company's total shares to Yuancheng Chengwu at a price of 7.34 yuan per share, totaling approximately 346 million yuan [1][2] Group 2 - Following the first share transfer, Yuancheng Chengwu will hold 13.3% of the shares, and Lin Haoliang and Lin Ruowen will relinquish all voting rights for their remaining shares [2] - After the second share transfer, Yuancheng Chengwu will own 28% of the company, maintaining majority representation on the board [2] - *ST Jinbi, founded in 1996, is one of the early companies in China engaged in the research, design, production, sales, and service of maternal and infant products, operating well-known brands such as "LABI BABY" and "I LOVE BABY" [2] Group 3 - For the fiscal year 2024, the company reported a total profit of 70.77 million yuan and a net profit of 49.69 million yuan, but a net profit of -45.32 million yuan after deducting non-recurring gains and losses, triggering delisting risk warnings [3] - In Q1 of the current year, the company achieved revenue of 76.06 million yuan, a year-on-year increase of 74.85%, but reported a net loss of 2.53 million yuan after deductions, indicating a shift from profit to loss [3] - The new controlling shareholder, Yuancheng Chengwu, currently has no plans to inject assets into the company, which may lead to stock price volatility detached from fundamentals [3][4]

证券研究报告 策略 TMT 和先进制造景气回升 华泰研究 2025 年 6 月 12 日│中国内地 策略月报 核心观点 我们的中观景气模型显示，5 月全行业景气指数小幅回落，但下行斜率放缓。 分板块看，大金融、TMT、先进制造景气明显回升，景气改善或有一定持续 性的品种包括：1）TMT：AI 产业趋势方兴未艾，元件-存储链、通信设备、 游戏（新增）景气爬坡，软件景气筑底；2）制造：部分先进制造产能出清 或准出清，且需求有企稳迹象，如通用、自动化景气爬坡，风电、光伏、航 空装备景气回升；3）消费：新消费和大众品率先改善，美护、饰品（新增） 景气爬坡，啤酒（新增）、调味品、乳制品景气回升；4）其它：医药（投融 资周期回暖）、保险（新增）、电力（新增）景气回升，贵金属维持高位。 TMT：元件-存储链、通信设备、游戏景气爬坡，软件景气筑底 AI Agent 渗透率处于"奇点时刻"，海外 AI 资本开支有韧性，大模型迭代等 产业催化密集：1）元件-存储链：上游 PCB 台股 4 月营收同比增速回升； 中游 DXI 指数同比增速连续 3 个月回升，DRAM 价格同比降幅收窄，存储 周期有企稳回升迹象；2）通信设备：4 月 ...

Group 1 - The core logic of Hisense's strategy is to capture user demand and lead consumption upgrades through high-end products in a rapidly changing market [1] - Consumers are increasingly seeking higher quality, experience, and technological integration in their products, moving from basic functionality to a desire for smart and durable solutions [1] - Hisense has established a multi-dimensional user insight system to accurately capture user needs through big data analysis, user surveys, and experiential feedback [1] Group 2 - Hisense leverages over 50 years of technological expertise in display technology, refrigeration, and smart interaction to drive innovation [1] - The company integrates advanced technologies, such as AI picture quality chips and vacuum magnetic preservation technology, to enhance user experience and add value to high-end appliances [1] - Hisense aims to create a "smart home" ecosystem by connecting various products like TVs, refrigerators, air conditioners, and kitchen appliances, enhancing the overall high-end experience [2] Group 3 - The future vision of Hisense is to continue focusing on user needs and technological innovation to create a high-end consumption upgrade circle, allowing more users to enjoy a high-quality lifestyle [2]

搬进了新房，张先生看着旧家电总是"不顺眼"，冰箱、空调、洗衣机功能单一、能耗高，外观与新家装 修风格不相符。 家住山东济南莱芜区的张先生是一位个体店主，今年换了房，赶上"以旧换新"政策，想换一套更好的家 电。 一家人来到家电卖场，一边逛一边看，一套淡雅的乳白色智能家电进入视野。"有东方审美韵味，和家 里的装修风格也很搭。"张先生心动了。 让张先生一家驻足的，是海信集团推出的高端家电璀璨套系，在功能、舒适度、外观、智能化方面有了 全面升级。 "近年来，国内消费者对生活品质的追求不断提升，家电需求也在持续升级。"海信中国区营销总部助理 副总裁李龙说，以电视为例，过去一年，31万中国家庭选择了百英寸电视，环比增长近3倍。 "越来越多的消费者不仅要求产品功能强大，而且要有情感连接。高端消费需求旺盛，如果国内家电品 牌无法跟上这部分需求，消费者只能将目光投向进口品牌。"李龙说。 在青岛海信视像智能工厂内，一台台电视正沿全自动生产线流转。机械臂将灯条精确摆放到背板上，六 轴机器人灵活将面板与背光卡合，高精度色彩分析仪对产品逐一进行画质调试，AI语音实时播报生产 进度，装配、检验、自校……穿梭之间，自动化生产线"吐"出一台 ...

Group 1 - The core viewpoint is that since the introduction of the new "National Nine Articles," Chinese companies have increasingly focused on shareholder returns and governance optimization, leading to improved profitability [1] - Chinese listed companies are significantly increasing shareholder returns through dividends and share buybacks, with both expected to reach historical highs in 2024, indicating a continuous enhancement in the investability of Chinese enterprises [1] - The current Chinese stock market is in a transitional phase of "profit improvement and valuation repair," with long-term investment value gradually becoming apparent despite short-term market fluctuations due to policy and external uncertainties [1] Group 2 - The technology sector remains a focal point, with overseas investors beginning to allocate assets to China since the emergence of DeepSeek, and the Chinese internet sector is currently about 20% undervalued compared to U.S. stocks, making it attractive [2] - Significant breakthroughs in artificial intelligence and other fields in China have prompted international investors to reassess the prospects of Chinese stocks, with DeepSeek and advancements in electric vehicles and humanoid robots being key drivers [2] - Policy support for high-growth industries is crucial, leading to a market shift towards emerging high-growth sectors, with a recommendation for investors to adopt a refined barbell strategy focusing on dividends and technology growth [3] Group 3 - In the current market environment, three main investment themes are highlighted: consumer upgrade sectors benefiting from changing consumption habits and policy support, innovative industries such as high-end manufacturing including semiconductors and new energy equipment, and companies with stable cash flows and increasing dividend payouts in a low-interest-rate environment [3]

Group 1 - The Chinese stock market showed positive performance in May, with both the Shanghai Composite Index and the ChiNext Index rising over 2%, despite the ongoing impact of trade tensions with the U.S. [1] - The current high level of uncertainty in U.S. trade policy suggests that the recent easing of trade relations may be temporary, with fundamental disagreements remaining on issues like technology transfer and market access [1] - Internal economic challenges in China, such as deflation, weak consumption, and high property inventory, persist and are not resolved by the temporary easing of trade tensions [1] Group 2 - The Chinese government is expected to cautiously implement targeted stimulus policies to support the transition from traditional infrastructure investment and low-end export-driven growth to consumption upgrades and high-end manufacturing [2] - Policies such as "trade-in" incentives, tax benefits for advanced manufacturing, and targeted measures for real estate destocking are likely to be key components of the government's strategy [2] - Monetary policy is anticipated to remain moderately accommodative, with measures like targeted reserve requirement ratio cuts aimed at reducing financing costs for the real economy [2] Group 3 - The implementation of previous policy measures is beginning to show positive effects, with companies focusing more on shareholder returns and governance improvements, leading to signs of recovery in corporate profitability [2] - Chinese listed companies are increasing shareholder returns through dividends and share buybacks, with 2024 expected to see record high amounts in these areas, indicating improving investability of Chinese firms [2] Group 4 - Despite structural challenges and external uncertainties, there is an optimistic outlook for the Chinese stock market, which is seen as being in a transition phase of "profit improvement and valuation recovery" [3] - The ongoing release of reform dividends and gradual recovery of internal economic momentum may lead to a more sustainable recovery in the second half of 2025 [3] Group 5 - Investors are advised to focus on three main themes: companies benefiting from consumption upgrades, high-end manufacturing sectors like semiconductors and new energy equipment, and firms with strong cash flow and stable core businesses that are increasing dividend payouts [4] - The ongoing U.S.-China trade dynamics will continue to influence market sentiment, and domestic policy coordination is crucial to ensure effective stimulus [4] - A balanced investment strategy is recommended, capturing structural opportunities in China's consumption upgrade and high-end manufacturing while monitoring U.S. tech leaders for valuation recovery potential [4]