如何看待家居板块投资价值 20250708 摘要 未来两年新房需求预计下降，二手房需求占比上升，家居企业需调整策 略以适应市场结构变化。 家居行业龙头公司如欧派、索菲亚、顾家和慕思等展现出较强的经营韧 性，2025 年业绩大致持平或小幅增长，2026 年有望继续增长。 龙头公司现金流充裕，分红比例提升，股息率在 4.5%至 6.7%之间，为 投资者提供稳定回报，如索菲亚过去两年分红比例超 70%。 家居行业整合加速，大型卖场面积下降，中小经销商退出，龙头公司凭 借门店经营优势有望获得更多市场份额。 尽管地产政策尚未明确，但若需求持续下滑，预计将有政策托底维稳， 为家居行业带来支持。 家居行业经历调整后进入整合期，龙头公司通过业务、产品和团队建设， 以及品牌口碑积累，将转化为长期增长动力，如慕思的 AI 床垫。 家居板块估值已充分反映悲观情绪，但长期来看，龙头公司潜力尚未完 全体现，高分红和整合收益使其具备长期投资价值。 Q&A 当前家居板块的投资价值如何？ 当前家居板块具备较高的投资价值，主要有以下几个原因： 1. 需求环境逐步改善：尽管今年（2025 年）整体需求仍在摸底阶段，但 新房需求下降幅度有所收窄， ...

智通财经记者｜马悦然 托底无锡尚德的有可能是同行。 7月8日，弘元绿色能源股份有限公司（下称弘元绿能，603185.SH）公告，7月7日，其控股子公司弘元光能（无锡）有 限公司（下称弘元光能）与江苏顺风光电科技有限公司（下称顺风光电）签署了《合作经营协议》。 5月26日，无锡市新吴区人民法院作出对顺风光电下属无锡尚德太阳能电力有限公司（下称无锡尚德）进行预重整的决 定。公告称，弘元绿能有意向作为投资人参与无锡尚德的预重整事项。 弘元绿能计划，与无锡尚德等公司合作开展生产经营管理，以帮助顺风光电维持无锡尚德的稳定运营。 同时，顺风光电与厦门建发新兴能源有限公司前期签订的《合作经营协议》同步终止。 这意味着，弘元绿能将接替厦门建发，成为无锡尚德新的托管方。目前，光伏行业出清尚未看到曙光，也几乎没有业内 企业兼并重组的实例。 7月9日，智通财经致电弘元绿能证券部询问上述事宜，相关人士回应称，公司暂没有参与无锡尚德的重组，目前公告内 容是指参与了无锡尚德的合作经营，不涉及资金投入。在托管期间，也不涉及尚德的股权等。 该人士称，弘元绿能参与无锡尚德的托管有多方面原因，首先是响应国家号召，国家目前主旋律是要做资源整合，其 ...

Core Viewpoint - The semiconductor industry in China is experiencing a significant decline in market-driven capital investment, raising concerns about the future of the sector [1][2][3]. Group 1: Current Investment Trends - Market-driven capital has drastically reduced its investment in the semiconductor sector, with only about 25% of funds from traditional semiconductor investment funds currently allocated to this industry [1]. - State-owned capital is increasingly dominating semiconductor financing, with market-driven funds becoming less involved [1][2]. - State-owned enterprises are shifting their investment focus towards "relocation" projects rather than strategic industry development, indicating a more passive investment approach [1]. Group 2: Challenges Facing Market-driven Capital - The difficulty of listing and exiting semiconductor projects has increased, with stricter A-share listing reviews leading to a significant number of IPO withdrawals [3]. - The risks associated with semiconductor projects have escalated, making market-driven capital hesitant to invest without the ability to share risks through public offerings [3][4]. - The inability to proceed with mergers and acquisitions due to unresolved state-owned capital impairment issues is further discouraging market-driven capital from engaging in the sector [4]. Group 3: Importance of Market-driven Capital - Market-driven capital is essential for the ongoing development of the semiconductor industry, particularly for small-scale, high-risk, and cutting-edge projects [5]. - The international nature of the semiconductor industry requires the agility and risk tolerance that market-driven enterprises can provide, which state-owned capital lacks [5][6]. - The current oversupply of mature technologies and the shortage of advanced technologies necessitate the involvement of market-driven capital to fund high-risk innovation projects [5]. Group 4: Recommendations for Reviving Market-driven Capital - Improving capital market structures to allow for greater risk tolerance and acceptance of innovative projects is crucial for attracting market-driven capital back to the semiconductor sector [7][8]. - Facilitating state-owned capital's exit from underperforming projects is essential for enabling mergers and acquisitions, which are vital for industry consolidation and improvement [8]. - State-owned capital management should become more market-oriented, increasing investment in innovative projects to support the semiconductor industry's growth [8][9].

□ 本报记者程晓琳蒋明睿 宁波卫生职业技术学院朱晓卓教授认为，通过适老化改造与中医体质辨识结合，有助于降低社区老年人 的跌倒发生率，"这证明中医药完全可以融入居家养老的全链条。"华东政法大学苏玉菊教授则从全球视 野发现，构建以人为本的整合型医疗卫生服务体系已成为全球医疗卫生改革的重要方向，需通过法律推 动医疗、养老、护理资源"从碎片化到系统化"。"南京中医药大学团队正在制定南京市老年人陪同就医 服务规范，有望缓解目前陪同就医人员不足、缺乏准入标准、服务不规范等问题。"喻小勇补充。 "中国90%以上的老人选择居家养老。但最主要的短板，是基层专业服务体系网络的托底问题！"7月5 日，在南京中医药大学召开的全国中医药法治研究联盟2025年学术年会上，南京中医药大学养老服务与 管理研究院常务副院长田侃教授的声音里透着紧迫。在不少一二线城市，完善的社区老年康养服务仍属 稀缺品。老人渴望"安居家中"，却难以就近获得中医药便捷有序的专业医疗支持。 值得关注的是，澳大利亚全国中医药针灸学会联合会会长林子强分享的"40年立法路"引发深思。他认 为，应通过立法实现中医与西医法律地位平等，为全球提供镜鉴。"中国的挑战更为复杂，但优 ...

"暗战"——佛山医卫市场大变局之三甲医院篇 13家三甲医院（其中12家公立，1家民营），数量领跑全省地级市。从优质医疗的供给端来看，佛山事 实上已成为珠江西岸的医疗高地。 今年，佛山市第二人民医院（下称"市二")新院区在禅西片区正式启用，成为全市医疗界的头条新闻。 这座被寄予厚望的现代化医疗综合体，不仅是市二突破老院区空间瓶颈的"翻身仗"，更承载着佛山医疗 资源"西进"的战略野心。然而，在剪彩声背后，佛山的每一家三甲医院都在跑马圈地、扩建升级，这场 医疗资源的扩张潮最终是走向均衡普惠，还是陷入了一场零和博弈？ "西进突围" 扩张布局与资源优化的平衡探索 在佛山大健康领域，政策工具箱的迭代速度超出预期。 "韧性、智慧、高质量、全赋能"，四个关键词构成佛山在2022年擘画粤港澳大湾区卫生健康极点蓝图的 战略坐标。在彼时印发的《佛山市卫生健康事业发展"十四五"规划》中，将医疗资源中每万人配置 AED、市级监测哨点设置数量、每万人口拥有公共卫生人员数、院前急救呼叫满足率、每千人口拥有 医疗卫生机构床位数、每千人口拥有执业医师数等十几项指标进行量化统筹。今年最新政策显示，佛山 正将资源向城乡区域协调要求、中西医并重网络 ...

Transaction Overview - The company plans to acquire 56.0299% equity of Shenzhen Yilian Infinite Technology Co., Ltd. for cash, with a total valuation of 628 million RMB [1][2] - The acquisition will grant the company control over Yilian Infinite, which will be included in the company's consolidated financial statements after completion [1][2] - The transaction requires approval from the company's shareholders' meeting due to the significant net profit of Yilian Infinite exceeding 50% of the company's audited net profit for the last fiscal year [2] Transaction Parties - The seller of the equity is Chen Zheng, who has no direct or indirect shareholding in the company and is not associated with any major stakeholders [2][4] - The other party involved is Shenzhen Boyuan Zhili Management Consulting Partnership (Limited Partnership), which also has no direct or indirect shareholding in the company [4] Target Company Information - Shenzhen Yilian Infinite Technology Co., Ltd. was established on September 10, 2012, with a registered capital of 41.2876 million RMB [3][5] - The company specializes in the research, development, production, and sales of broadband access equipment and wireless network devices [14] - As of April 30, 2025, Yilian Infinite reported total assets of 307.99 million RMB and a net profit of 9.7977 million RMB for the first four months of 2025 [11][12] Financial Assessment - The total equity value of Yilian Infinite was assessed at 628.8346 million RMB, with a significant increase in net asset value compared to its book value [12][13] - The asset-based valuation indicated a total asset value of 360.86 million RMB, with a net asset value of 161.01 million RMB [13] - The revenue method assessment showed a substantial increase in equity value, reflecting a 290.56% increase over the book net asset value [13][14] Transaction Agreement Details - The transaction price was negotiated based on the assessed value, with the cash payment structured to be completed within 60 working days after the agreement takes effect [17][18] - The agreement includes provisions for the transfer of equity and the management of the target company's operational assets post-acquisition [18]

Core Insights - The investment of 490 million yuan by Guoquan Food in Danzhou, Hainan, aims to enhance its food production capabilities and strengthen its supply chain, market expansion, and internationalization strategies [1][7] - The prepared food market has surpassed 500 billion yuan, while the hot pot ingredient market has exceeded 1 trillion yuan, indicating a highly competitive landscape where supply chain efficiency is crucial for gaining market advantage [1][2] Supply Chain Strategy - Guoquan's investment is part of a broader strategy to vertically integrate its supply chain, having already established six production bases across China with a "single product, single factory" approach [2] - The new Hainan base will reduce logistics costs in southern regions and enhance the company's ability to serve Southeast Asia, leveraging Hainan's free trade port advantages [2][3] Market Expansion Goals - Guoquan aims to open an additional 10,000 stores over the next five years, targeting a total of over 20,000 stores, capitalizing on its extensive C-end sales network [4][7] - The company has a significant presence in rural markets, where demand for prepared foods is growing due to rising income levels and changing consumer preferences [5] Competitive Landscape - The prepared food industry is facing challenges from rising raw material costs, with imported beef prices projected to increase significantly by 2025 [6] - Guoquan's establishment of the Hainan base is a strategic move to mitigate these cost pressures through local sourcing and tax advantages [6][7] Long-term Strategic Positioning - The investment is seen as a long-term strategic positioning for Guoquan, aiming to transition from a hot pot ingredient supplier to a global prepared food provider [7] - The company's focus on supply chain control is critical for maintaining competitive advantages in a market characterized by intense competition [6][7]

批复还表示，该行应严格按照有关法律法规要求办理吸收合并事宜，并督促上述6家机构完成法人机构 终止相关事宜。吸收合并筹备事项完成后，该行应按照有关程序和规定向监管部门申请或报告分支机构 开业等相关事项。 成都农商银行官网显示，成都农商银行是在原成都市农村信用社基础上改制成立的股份制商业银行，于 2010年1月15日挂牌开业。2011年完成增资扩股，注册资本达到100亿元。2020年6月，完成股权结构调 整，回归国有，市区两级国资合计持股比例79.58%，是成都市国资持股比例最大的银行，系市属国资 一级企业。 央广网北京7月8日消息（记者 宓迪）今年以来，多起中小银行整合持续推进。近日，金融监管总局网 站披露了四川金融监管局关于成都农商银行吸收合并自贡中成村镇银行等6家机构的批复。 根据此次批复，监管部门同意成都农商银行吸收合并自贡中成村镇银行、峨眉山中成村镇银行、犍为中 成村镇银行、长宁中成村镇银行、筠连中成村镇银行、南部县中成村镇银行，并承接上述6家机构的债 权、债务。 此外，中成村镇银行是由原中国银监会批准设立，成都农商银行作为主发起行，在四川、河北、云南、 山东、福建、江苏、新疆设立的39家具有独立法人资 ...

文章称，美国为保护本土汽车制造商筑起关税高墙，或许能给美国本土汽车产业争取一些时间，但最终 无法让美国制造商免受比亚迪以及它其他企业的影响。 比亚迪展现了中国工业模式，这种模式融合了政府资金支持、有条不紊的长期规划和积极进取的创新精 神，已助力中国在从电池、机器人到无人机等一系列高科技产业中取得全球主导地位。 几年前，比亚迪还只是汽车行业中的普通一员，但在2024年却已超越特斯拉，成为全球销量最高的电动 汽车品牌。预计到2030年，它将与全球最大的汽车制造商丰田、大众比肩。 【文/观察者网 张菁娟】《纽约时报》8日发表评论文章称，即便美国通过加征进口关税构筑贸易壁垒 以维护本土汽车产业竞争力，也改变不了美国正一败涂地的事实。美国需要有勇气承认自己落后得有多 严重，并摒弃自满心态。 文章作者、汽车行业咨询公司Dunne Insights创始人兼首席执行官邓恩（Michael Dunne）以中国电动汽 车制造商比亚迪为例，聚焦中国模式。 文章写道，被中国企业抢占这些市场已经够糟糕的了。鉴于汽车制造业的规模及其在经济、政治和战略 层面的重要性，如果该行业也遭遇同样的情况，对美国造成的影响将会严重得多。 邓恩认为，比 ...

Core Viewpoint - The pesticide industry, crucial for food security, is under scrutiny as Tianyuan Biochemical Co., Ltd. initiates its IPO process amidst a challenging market environment marked by stagnant revenue growth and high reliance on distributors [1][3]. Financial Performance - Tianyuan Biochemical's revenue from 2022 to 2024 shows minimal growth, with figures of 1.71 billion, 1.77 billion, and 1.75 billion yuan respectively, while net profits increased from 161.63 million to 248.55 million yuan [3][4]. - The company's total assets grew from 1.35 billion yuan in 2022 to 1.62 billion yuan in 2024, with a notable decrease in asset-liability ratio from 63.18% to 44.59% [4]. - The sales revenue from distributors accounted for over 96% of total revenue during the same period, indicating a heavy dependence on this sales model [4][5]. Market Dynamics - The pesticide market is characterized by intense competition and product homogenization, leading to declining sales prices, particularly for herbicides, which fell by 18.26% from 2023 to 2024 [6][7]. - The average gross margin of Tianyuan Biochemical is lower than that of comparable companies, with a gross margin of 36.07% in 2024 compared to an industry average of 36.22% [8]. R&D and Innovation - The company has consistently invested less in R&D compared to industry peers, with R&D expense ratios of 2.53%, 2.71%, and 4.24% from 2022 to 2024, which is below the industry average [9][10]. - There is a significant gap between R&D expenses and sales expenses, with R&D costs amounting to 74.26 million yuan in 2024 compared to over 226 million yuan in sales expenses [10][11]. Regulatory and Legal Issues - Tianyuan Biochemical has faced legal challenges and administrative penalties, including fines for selling unregistered pesticide products, which raises concerns about internal governance and compliance [13][14]. - The company has unresolved property rights issues, with 11,432.79 square meters of real estate lacking proper documentation, posing risks of administrative penalties [14][15]. Investor Sentiment - Recent cash dividends totaling 221 million yuan have raised concerns among investors about the company's financial management, particularly in light of its IPO fundraising of approximately 630 million yuan [16].