Core Insights - The manufacturing PMI for August recorded at 49.4%, showing a month-on-month increase of 0.1 percentage points, remaining below the expansion line for five consecutive months [13] - The non-manufacturing PMI rose to 50.3%, up 0.2 percentage points, indicating continued expansion for 32 months [13] - The overall economic environment is characterized by rising raw material prices, improved production expectations, and increased downstream procurement demand, supporting the recovery of the manufacturing PMI [21] Industry Overview Information Technology - The Philadelphia Semiconductor Index and Taiwan Semiconductor Index both declined, while the DXI Index increased by 1.67% to 89861.27 points [23] - The price of DDR5 DRAM memory increased by 1.05% to $6.05, while the NAND Index decreased by 0.08% [26] - In July, North American PCB shipments and order volumes turned positive, with shipments up 20.70% year-on-year [28] Midstream Manufacturing - The photovoltaic price index increased, with prices for battery cells, modules, and silicon wafers all rising [22] - Port cargo throughput and container throughput showed a year-on-year increase, indicating improved logistics activity [22] Consumer Demand - The average retail sales for air conditioners, refrigerators, and washing machines turned positive year-on-year, indicating a recovery in consumer spending [22] - Movie ticket prices increased, while box office revenues showed a decline, reflecting mixed trends in the entertainment sector [22] Resource Products - The price of Brent crude oil rose by 3.01%, while most industrial metal prices declined, with copper and cobalt prices increasing [22] - The national cement price index decreased, indicating a slowdown in construction activity [22] Financial Real Estate - The land transaction premium rate increased, and the area of commodity housing transactions rose, suggesting a slight recovery in the real estate market [22] - The A-share turnover rate and daily trading volume increased, reflecting heightened market activity [22] Public Utilities - Domestic natural gas ex-factory prices decreased, while UK natural gas futures prices also fell [22]

报告导读： Q2 龙头品牌经营稳健，关税短期扰动，后续影响效应递减，业绩超预期主要 集中在小家电和清洁电器。增持。 国补拉动效应持续，关税扰动边际递减 。 家电板块 2025Q2 收入利润分别同比 +5.6%/+3.1% ，环比 Q1 略有降速。内国补拉动效应持续，但边际效果递 减。外销 Q2 关税扰动出口企业订单，后续扰动有望缓解。细拆板块来看，白电龙头经营稳健，清洁电器品牌景气延续，厨小电经营部分修复，地产链相关企 业收入承压，出口代工企业短期受关税压制。 2025Q2 白电板块收入业绩增速分别为 +5.8%/+6.0% ，其中白电一线龙头表现优于二三线品牌，行业集中度 提升。清洁电器（品牌商 + 代工厂）收入业绩增速分别为 +31.5%/-23.8% ，龙头公司（如石头、科沃斯）收入和利润表现较好，主要受益于行业高景气延 续叠加追觅等竞争趋缓。代工企业受关税影响短期业绩承压，但后续压力有望逐步释放。黑电收入业绩增速分别为 +1.4%/-16.5% ，品牌公司量增放缓但延 续均价提升趋势。受地产竣工疲弱影响， 2024Q3 厨电板块收入业绩增速分别为 -5.5%/+1.1; 集成灶相对承压更为明显，收入业 ...

Core Viewpoint - The overall performance recovery is slowing down, with mid-cap growth stocks showing outstanding growth. The expansion of the AI trend and manufacturing overseas is expected to drive continued capacity cycle expansion, maintaining a differentiated structure of cyclical growth [1][2]. Group 1: Overall Performance - In H1 2025, the net profit of the entire A-share non-financial sector increased by 1.59% year-on-year, with revenue growth at 0.66%, indicating strong resilience despite rising operating costs leading to a narrowing of gross profit growth [2]. - The performance growth is differentiated across sectors, with the main board, ChiNext, and North Exchange showing a slowdown, while the growth of the Sci-Tech Innovation Board rebounded significantly [2]. - Mid-cap stocks outperformed in growth, while large-cap stocks showed resilience, and small-cap stocks experienced a noticeable decline [2]. Group 2: Sector Performance - The technology growth sector, including optical electronics, semiconductors, and communication equipment, continued to show high prosperity driven by overseas AI investments and domestic substitution demand [3]. - The cyclical sector faced pressure, but precious metals and minor metals still grew rapidly due to rising expectations of overseas interest rate cuts and tight supply [3]. - Essential consumption faced general pressure, but sectors like breeding, feed, and animal health showed significant growth due to capacity reduction and the expansion of the pet economy [3]. Group 3: Capacity Operation - In Q2 2025, traditional cyclical resources and equipment manufacturing industries are experiencing strong capacity decommissioning intentions, while emerging industries and new materials are showing expansion characteristics [4]. - The capacity utilization rate in emerging technology hardware and some consumer industries remains high, with marginal improvements observed [4]. - The capacity cycle is entering an expansion phase, particularly in emerging technology industries, new consumption, and certain cyclical materials [4].

五大维度解读两市中报。 作为中国经济最具代表性的主体，上市公司的经营情况反映出宏观经济的发展质效。 截至目前，沪深交易所2025年半年报正式收官，两市上市公司合计实现营业收入34.92万亿元，实现净 利润2.99万亿元。上市公司高质量发展正在起承转合间，呈现更加均衡和更可持续的新格局。 其中，深市公司上半年实现营业收入合计10.24万亿元，同比增长3.64%，其中第二季度实现营业收入合 计5.36万亿元，环比增长9.78%；实现净利润5954.56亿元，同比增长8.88%。 沪市公司实现营业收入24.68万亿元，同比微降1.3%；净利润2.39万亿元，同比增长1.1%；第二季度营 业收入、净利润环比分别增长6.1%、0.1%。 从各板块来看，创业板公司合计实现营业收入2.05万亿元，同比增长9.03%，实现净利润1505.42亿元， 同比大幅增长11.18%，增速领跑A股市场。第二季度，创业板合计实现营业收入1.10万亿元，环比增长 14.95%，合计实现净利润788.20亿元，环比增长9.90%。 而在业绩增长的背后，以半导体、电子、医药、新能源为代表的新兴产业持续崛起，食品饮料、家用电 器等消费产业扩容提 ...

Core Viewpoint - The operating performance of listed companies in China reflects the development quality and efficiency of the macro economy, with a shift towards a more balanced and sustainable growth pattern in high-quality development [1] Group 1: Financial Performance - The total operating revenue of listed companies in the Shanghai and Shenzhen stock exchanges reached 34.92 trillion yuan, with a net profit of 2.99 trillion yuan [1] - Shenzhen-listed companies achieved a total operating revenue of 10.24 trillion yuan, a year-on-year increase of 3.64%, and a net profit of 595.46 billion yuan, up 8.88% [1] - Shanghai-listed companies reported operating revenue of 24.68 trillion yuan, a slight decrease of 1.3%, with a net profit of 2.39 trillion yuan, an increase of 1.1% [1] Group 2: Industry Growth Drivers - Emerging industries such as semiconductors, electronics, pharmaceuticals, and new energy are rising, while traditional industries like steel and machinery are seeking transformation [2] - The electronics sector in Shenzhen saw a revenue increase of 14.1% year-on-year, with net profits rising by 24.59% [3] - The new energy vehicle industry experienced a revenue growth rate of 34.37% [3] Group 3: R&D Investment - Shenzhen-listed companies invested a total of 3.53 trillion yuan in R&D, with significant contributions from companies like BYD and ZTE [9] - The R&D investment in strategic emerging industries in Shenzhen grew by 22.36% year-on-year, with a focus on new energy vehicles [9] - The Shanghai stock market also saw a record high in R&D investment, reaching 432.6 billion yuan, a year-on-year increase of 1% [9] Group 4: International Expansion - Over 830 manufacturing companies in Shanghai achieved overseas revenue of 1.1 trillion yuan, a year-on-year increase of 5% [10] - Shenzhen's strategic emerging industries reported overseas income of 434.66 billion yuan, up 23.59% [10] - Companies are diversifying their overseas markets, with significant growth in exports of high-tech products [10] Group 5: Dividend Policies - A total of 794 listed companies in Shanghai and Shenzhen announced mid-term dividends amounting to 643.8 billion yuan, reflecting an increasing awareness of returning value to investors [11] - Shenzhen-listed companies saw an 18.04% increase in the number of mid-term dividends declared, with a 49.51% increase in the amount [11] - Companies are also increasing share buybacks to enhance shareholder value and market confidence [11]

商品期货方面：贵金属再创新高，多数工业品延续弱势。 兴业期货日度策略：2025.09.03 重点策略推荐及操作建议： 联系电话：021-80220262 操作上： 品种基本面分析及行情研判： | 品种 | 观点及操作建议 两融余额创历史新高 | 方向研判 | 分析师 | 联系人 | | --- | --- | --- | --- | --- | | | 大至2.91（前值2.78）万亿元。从行业来看，银行、家电行业涨幅 | | 投资咨询部 | | | | 周二A股市场高位回调，科创板领跌，沪深两市成交额小幅扩 | | | | | | 居前，通讯、综合金融、计算机板块领跌。股指期货随之调整，IC、 | | | | | | | | 张舒绮 | 联系人：房紫薇 | | | IM基差走强，修复昨日贴水异动。 | | 从业资格： | 021-80220135 | | 股指 | 随着指数水涨船高、两融余额突破2015年牛市以来的历史峰 | 看涨 | | | | | | | F3037345 | 从业资格： | | | 值，市场畏高情绪有所增加，部分投资者减仓兑现收益，股指近期 | | 投资咨询： | F03121473 ...

Group 1 - The core viewpoint of the articles highlights the successful listing of Aux Electric on the Hong Kong Stock Exchange, achieving a market capitalization of over HKD 26.4 billion and raising HKD 4.15 billion through a subscription rate of 557.2 times [1] - Aux plans to allocate half of the raised funds towards upgrading smart manufacturing and supply chain management [1] - The long-standing rivalry between Aux and Gree Electric has intensified, with Gree having filed 27 lawsuits against Aux for patent infringement, with no victories for Aux [2] Group 2 - Aux's founder, Zheng Jianjiang, started the company in 1994 and targeted the overlooked lower-tier market, initiating a significant price war in the air conditioning industry [3] - Aux's sales skyrocketed from 200,000 units in 2001 to 3.25 million units in 2004, marking a 15-fold increase and establishing it as a well-known brand [3] - The company's revenue grew from CNY 19.528 billion in 2022 to CNY 29.759 billion in 2024, with net profit increasing from CNY 1.442 billion to CNY 2.910 billion during the same period [3] Group 3 - Despite impressive growth, Aux faces challenges with declining average selling prices, dropping from CNY 1,698 in 2022 to CNY 1,531 in Q1 2025, and a gross margin consistently around 20%, significantly lower than Gree's 30% [3][4] - A high percentage of inactive distributors poses a channel risk, with 49% in 2022, 23% in 2023, and 30% in 2024, indicating a lack of motivation among distributors due to thin margins from low pricing strategies [4] - Aux's international business has increased to 57.1% of total revenue, but 80% of this is based on ODM manufacturing, limiting its bargaining power compared to competitors like Midea and Gree, which focus on OBM for higher margins [4] Group 4 - On its first day of trading, Aux's market value was set at HKD 26.4 billion, which is only one-fifth of Gree's and one-seventh of Midea's market capitalization [5] - The journey of Aux from a small company in Ningbo to a significant player in the air conditioning market is noteworthy, especially considering the competitive landscape [5]

针对上半年家电企业的经营情况，华泰证券分析师樊俊豪表示，受中国官方推出的消费品以旧换新政策 影响，今年上半年中国家电内销需求保持韧性，利好相关上市公司业绩。 中国国家统计局披露的数据显示，上半年，中国社会消费品零售总额约24.55万亿元，同比增长5%，增 速比去年全年加快1.5个百分点。其中，上半年，限额以上单位家用电器和音像器材类商品零售额同比 增长30.7%。 具体到公司层面，国金证券分析师王刚表示，行业头部公司充分受益于政策红利，凭借规模及供应链优 势表现稳健，业绩兑现良好。 中国A股家用电器上市公司上半年"成绩单"出炉。财报显示，今年上半年，家电上市公司营业收入和净 利润同比均实现增长，业绩稳健。 根据华泰证券3日发布的研报，2025年上半年，A股家电板块上市公司合计实现营业总收入约8700.36亿 元(人民币，下同)，同比增长8.4%，实现归属于上市公司股东的净利润约703.16亿元，同比增长约 13.1%。 今年上半年，中国家电行业头部公司大多交出了亮眼"成绩单"。其中，行业"市值一哥"——美的集团上 半年实现营业收入约2511.24亿元，同比增长15.58%；实现归属于上市公司股东的净利润约26 ...

"房子，是用来住的，不是用来炒的。"这句朴素的话，近日在小区门口与张叔的一番交谈中，被赋予了更加沉甸甸的分量。张叔，一位在几年前咬牙贷款购 置了120平米新房的业主，面对月供七千多的压力，以及当前市场流传的房价即将大幅下跌的传闻，愁眉不展。当初，他选择在此购房，是因为周边均价还 在两万出头，而如今，未曾装修入住的新房，却让他陷入了对未来生活的深深焦虑。张叔的困境，并非个例，它折射出的是当下许多购房者内心深处的普遍 担忧。 一位在装修行业摸爬滚打了十余年的李师傅，在接受采访时，深有感触地说道："今年上半年，我的订单量比去年同期少了将近三分之一。很多业主都在持 观望态度，不敢轻易动工。如果房价真的'崩盘'，我们这个行业，日子恐怕就更难过了。" 房产，对于千千万万的中国家庭而言，承载的不仅是遮风挡雨的居住功能，更是对美好生活最朴素的憧憬，以及一生中最重要的财富积累。近期，房地产市 场的风吹草动，特别是"金九银十"之后房价可能"跳水"的论调，更是搅动了无数人的心弦，引发了广泛的议论和深刻的思考。 来自权威房地产数据监测机构的最新报告，勾勒出了一幅市场调整的图景：2025年上半年，全国70个大中城市的商品房价格指数，环 ...

继去年9月登陆港股市场后，美的集团（000333.SZ）正在推动子公司安得智联供应链科技股份有限公司 （下称"安得智联"）赴港IPO。 安得智联的前身是美的集团物流部门，此后逐渐成长为一家提供综合供应链解决方案的公司，2024年收 入、净利润分别达到186.63亿元、3.8亿元。 目前美的集团持有安得智联52.94%的股份。 超百亿收入规模的背后，美的系（包括美的集团及其关联方等）仍是安得智联的重要客户，前者仅2024 年便为其贡献了近4成的收入。 与母公司之间较高的关联交易，或许是此前安得智联A股IPO止步不前的主因。 若安得智联此番成功登陆港股，则有望成为美的集团旗下首家以分拆路径上市的子公司。 在此之前，美的集团曾两度运作子公司美智光电科技股份有限公司（下称"美智光电"）赴创业板上市， 但均以失败而告终。 此次安得智联能否搭上港股热潮的快车道顺利上市，正受到关注。 | 公司名称 | 控股股东 | | --- | --- | | 美的集团 | 美的控股 | | 安得智联(IPO) | 美的集团 | | 合康新能 | 美的集团 | | 万东医疗 | 美的集团 | | 科陆电子 | 美的集团 | | 美的置业 ...