行业报告 | 行业研究周报 家用电器 证券研究报告 产业在线出货&排产数据点评——25W18 周度研究 周度研究聚焦：产业在线出货&排产数据点评——Q1 空冰洗内销稳定增 长，空调 Q2 内销或保持上涨趋势 空调：内销方面，Q1 出货稳定增长，结合排产 Q2 或保持上涨趋势。据产 业在线，空调 1 月/2 月/3 月内销量分 别 721/736/1278 万台（yoy- 2%/+21%/+3%），Q1 内销累计达 2735 万台，同比增长 6.2%，出货稳定增 长。根据产业在线排产报告预测数据，25 年 4 月/5 月/6 月/7 月家用空调内 销排产 1320/1437/1361/1265 万台（yoy+9%/+15%/+29%/+37%），随着内销 旺季市场的临近及出口市场蓄力不足，内销开始掌握大盘主动权，强势发 力。外销方面，Q1 增速好于内销，Q2 出口迎来季节性淡季。据产业在 线，空调 1 月 /2 月 /3 月 外 销 量 分 别 1052/943/1157 万 台 （yoy+17%/+51%/+15%），Q1 外销累计达 3152 万台，同比增长 24.5%，增 速好于内销。根据产业在线排产报告 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 19.65 yuan and a target price not specified for the next 6 months [1]. Core Views - The report highlights that national subsidies have driven industry growth, and the company has achieved a record high dividend payout ratio of 59.7% [6]. Financial Performance Summary - For 2024, the company achieved a revenue of 11,212.65 million yuan, a year-on-year increase of 0.1%, and a net profit attributable to the parent company of 1,577.40 million yuan, a decline of 8.97% year-on-year [6]. - In Q4 2024, the company reported a revenue of 3,820 million yuan, a year-on-year increase of 16.8%, and a net profit of 380 million yuan, a year-on-year increase of 4.3% [6]. - For Q1 2025, the company reported a revenue of 2,080 million yuan, a year-on-year decline of 7.2%, and a net profit of 340 million yuan, a year-on-year decline of 14.7% [6]. Market Dynamics - The report notes that the national subsidy policy has stimulated demand, leading to a V-shaped recovery in the kitchen appliance industry in late 2024, although Q1 2025 did not continue this growth due to demand being pulled forward [6][7]. - The gross profit margin for the company in 2024 was 49.7%, showing a slight decline, while the gross margin for high-end products increased in Q4 2024 and Q1 2025 [6][7]. Future Outlook - The company has announced a stock incentive plan for 2025, granting stock options to 372 middle management and key technical personnel, with performance targets linked to return on equity and revenue growth [6]. - The company is expected to maintain steady growth, with projected EPS for 2025-2027 being 1.73 yuan, 1.83 yuan, and 1.96 yuan respectively [6].

⚫⚫⚫⚫⚫⚫ 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 -40% -20% 0% 20% 40% 60% 80% 100% 北证50 沪深300 ■北交所算数平均涨跌幅 ■Ａ股算数平均涨跌幅 7 6 5 4 3 2 l 0 -1 -2 -3 资料来源：iFinD，中国银河证券研究院 ■成交金额（合计/亿元) •换手率（算数平均/%） 600 16.0 14.0 500 12.0 400 10.0 300 8.0 6.0 200 4.0 100 2.0 0 0.0 2 2017 23 20 32 - 322 03-23 Ox.O> Ox 02-05- 0:51 03:57:3 Ox 10 Ox 1,0 01-05 03-2-2 ","s 01:10 01:20 ing St 01-02 01-15 01:23 ar 2 o 25 O3, Ja fift 图1：北证成交额与换手率情况（截至 2025.04.30) 北交所日报 2 □国银河证券|CGS 图2：北证与 A 股各行业当日涨跌幅（算数平均/%/ 2025.04.30) 资料来源：iFinD，中国银河证券研究院 河证券|CGS 北交所日报 表 ...

Core Insights - The overall performance of listed companies in 2024 shows resilience, with 74% of companies reporting profits and 48% experiencing profit growth, despite a slight decline in total revenue and net profit [2][3] Group 1: Financial Performance - In 2024, listed companies in Shanghai and Shenzhen achieved total operating revenue of 71.8 trillion yuan, a slight decrease of 0.7% year-on-year, while net profit was 5.2 trillion yuan, down 2.3% [2] - The financial sector saw a net profit of 2.7 trillion yuan, growing by 10.3% year-on-year, indicating a recovery in the industry [2][3] - The net profit margin for the main board increased by 2.7%, with significant growth in sectors such as agriculture, electronics, transportation, and automotive [2] Group 2: Sector-Specific Highlights - The financial industry showed accelerated performance, with brokerages and insurance companies reporting net profit growth of 16.0% and 110.0%, respectively [3] - Consumer spending policies led to steady growth in household appliance and automotive sectors, with net profits increasing by 7.1% and 11.1% respectively [3] - The transportation sector experienced a net profit increase of 11.5%, with significant growth in airport and airline profits [5] Group 3: Export and International Business - China's goods trade exports reached a new high in 2024, growing by 7.3%, with overseas business income for listed companies accounting for 14.3% of total revenue [6] - High-tech manufacturing sectors, including communications and electronics, saw overseas business income growth between 10% and 30% [6][7] Group 4: AI and Innovation - The AI technology revolution is driving growth in the semiconductor and consumer electronics sectors, with R&D expenses increasing by 17.2% and 8.0% respectively [8] - Companies focusing on AI, such as Haiguang Information and Inspur Information, reported net profit growth of 52.9% and 28.5% [8] Group 5: Shareholder Returns - In 2024, 3,472 listed companies announced cash dividends totaling 1.66 trillion yuan, marking a 7.2% increase year-on-year [10][11] - The total dividend amount for the fiscal year reached 2.39 trillion yuan, with the dividend yield for the Shanghai and Shenzhen 300 index at 3.59%, both historical highs [10] Group 6: Market Reforms and Quality Improvement - A total of 55 companies were smoothly delisted in 2024, with ongoing reforms leading to improved quality and efficiency among listed companies [12] - The introduction of new delisting regulations has prompted many companies to enhance their operational quality [12]

Core Viewpoint - The Shanghai Stock Exchange's main board companies have shown resilience and stability in their performance, supported by a series of incremental policies, reflecting a robust economic structure in China [1] Group 1: Export Market Diversification - In 2024, companies on the Shanghai main board achieved overseas revenue of 6.09 trillion yuan, a year-on-year increase of 7%, with non-US exports accounting for over 80% [2] - Key export destinations include ASEAN, Africa, and countries involved in the Belt and Road Initiative, with significant growth in sales for companies like SANY Heavy Industry and SAIC Motor [2] - Major construction state-owned enterprises have actively expanded overseas, signing new orders worth 1.87 trillion yuan, a year-on-year increase of 15% [2] Group 2: High-Tech Product Exports - High-tech products such as high-end equipment, integrated circuits, smart home appliances, and electric vehicles have accelerated exports, leading to revenue growth in related industries [3] - Companies like Oriental Cable and Zhaoyi Innovation have made significant strides in international markets, with Zhaoyi Innovation achieving record high shipments [3] - The rise of new business models like cross-border e-commerce has boosted overseas sales for various sectors, including light manufacturing and retail [3] Group 3: Mergers and Acquisitions Activity - From 2024 to the first quarter of 2025, over 1,500 new M&A transactions were recorded on the Shanghai main board, with a total transaction value exceeding 1.4 trillion yuan [4] - Notable M&A cases include Guotai Junan's acquisition of Haitong Securities and China Shipbuilding's proposed merger with China CSSC, each exceeding 100 billion yuan [4] - The trend of private acquisitions and the purchase of quality non-profitable assets has emerged, indicating a shift in M&A strategies [4][5] Group 4: Quality Improvement and Efficiency - By 2024, 946 companies on the Shanghai main board disclosed "quality improvement and efficiency return" action plans, with nearly 60% participation [6] - Among the companies that disclosed plans, nearly 90% achieved profitability, and almost 50% reported performance growth [6] - The total cash dividend announced by 1,259 companies reached 1.77 trillion yuan, a year-on-year increase of 6%, with a dividend payout ratio of 39% [7] Group 5: ESG Reporting and Progress - In 2024, 1,068 companies on the Shanghai main board disclosed ESG reports, achieving a disclosure rate of approximately 63%, an increase of 6 percentage points year-on-year [9] - The number of companies included in the MSCI ESG rating increased, with 90 companies receiving upgrades in their ratings [9] - Companies have actively engaged in social responsibility initiatives, contributing to employment and environmental sustainability [10] Group 6: Index Investment Growth - In 2024, net inflows into ETFs on the Shanghai main board reached nearly 840 billion yuan, with significant participation from foreign capital [11] - The trading volume of ETFs ranked first in Asia, with a total trading amount of nearly 30 trillion yuan [11] - Foreign investment preferences are concentrated in sectors such as banking, food and beverage, and public utilities, indicating a strategic focus on stable industries [12] Group 7: Exit Mechanisms and Risk Mitigation - Since 2025, 19 companies on the Shanghai main board have faced various forms of delisting, with a significant portion resulting from financial issues [13] - The introduction of diverse exit channels, including voluntary delisting and asset restructuring, has become more prominent [13] - Companies have actively taken measures to improve operations and mitigate risks, with several successfully lifting delisting warnings [13]

- The provided content does not include any quantitative models or factors, nor their construction methods, formulas, evaluations, or backtesting results[1][2][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20]

截至4月29日，市场最新融资余额为17913.26亿元，较上个交易日环比减少13.50亿元，分行业统计，申 万所属一级行业有12个行业融资余额增加，公用事业行业融资余额增加最多，较上一日增加3.15亿元； 融资余额增加居前的行业还有汽车、通信、家用电器等，融资余额分别增加2.60亿元、1.06亿元、1.01 亿元；融资余额减少的行业有19个，医药生物、计算机、机械设备等行业融资余额减少较多，分别减少 4.27亿元、2.76亿元、2.35亿元。 以幅度进行统计，纺织服饰行业融资余额增幅最高，最新融资余额为67.95亿元，环比增长1.28%，其次 是公用事业、煤炭、钢铁行业，环比增幅分别为0.73%、0.51%、0.45%；融资余额环比降幅居前的行业 有商贸零售、美容护理、农林牧渔等，最新融资余额分别有214.77亿元、54.29亿元、259.07亿元，分别 下降0.97%、0.83%、0.73%。（数据宝） | 农林牧渔 | 259.07 | -1.90 | -0.73 | | --- | --- | --- | --- | | 商贸零售 | 214.77 | -2.11 | -0.97 | | 国防军工 | ...

Group 1 - In Q1 2025, 75.47% of the 5148 listed companies reported profits, with a total operating revenue of 15.77 trillion yuan, remaining stable year-on-year, and a net profit of 14.41 trillion yuan, reflecting a 3.63% increase [1] - The ChiNext board showed the fastest net profit growth in Q1 2025, with a net profit of 8910.03 billion yuan, up 15.29% year-on-year, while the Shenzhen and Shanghai main boards reported increases of 11.36% and 2.54%, respectively [1] - Among 31 primary sub-industries, 16 reported year-on-year net profit growth in Q1 2025, with notable increases in sectors such as computer, agriculture, and home appliances, all exceeding 10% [1] Group 2 - Leading companies showed impressive performance in Q1 2025, with Light Media achieving a net profit of 2.016 billion yuan, a significant increase of 374.79% due to successful film releases and growth in related businesses [2] - The agriculture and forestry sector saw strong recovery, with over 10 companies reporting net profit growth of over 100%, including Haida Group, which reported a net profit of 1.282 billion yuan, up 48.99% [2] - Contemporary Amperex Technology Co., Ltd. (CATL) reported operating revenue of 84.705 billion yuan, a 6.18% increase, and a net profit of 13.963 billion yuan, reflecting a 32.85% growth [2] - Several private enterprises benefited from market recovery, with Cambrian achieving operating revenue of 1.111 billion yuan, a staggering increase of 4230.22%, and a net profit of 355 million yuan, compared to a loss in the previous year [2]

Market Overview - The Shanghai Composite Index closed at 3286.65 points, down 0.05%, with a trading volume of 430.88 billion yuan [1] - The Shenzhen Component Index closed at 9849.80 points, down 0.05%, with a trading volume of 591.24 billion yuan [1] - The ChiNext Index closed at 1931.94 points, down 0.13%, with a trading volume of 270.74 billion yuan [1] - The STAR 50 Index closed at 1003.87 points, up 0.1%, with a trading volume of 18.71 billion yuan [1] - Total trading volume for both markets was 1022.12 billion yuan, a decrease of 34.29 billion yuan from the previous trading day [1] Sector Performance - Strong sectors included beauty care, media, machinery, light industry manufacturing, chemicals, home appliances, jewelry, and computers [3] - Active concepts included PEEK materials, humanoid robots, hub motors, noise reduction, integrated die-casting for automobiles, pet economy, AI, fluorine chemicals, and antibacterial fabrics [3] - Weak sectors included electric power, insurance, oil and petrochemicals, coal, and banking [3] Stock Performance - A total of 3381 stocks rose, while 1588 stocks fell, with 129 stocks remaining flat and 52 stocks suspended [3] - 76 stocks hit the daily limit up, while 62 stocks hit the daily limit down [3] - Liou Co. had the highest limit-up order volume with 118 million shares, followed by other notable stocks [3][4] Fund Flow - The net outflow of main funds from the Shanghai and Shenzhen markets was 2.352 billion yuan [5] - The machinery equipment sector saw the highest net inflow of main funds, amounting to 2.317 billion yuan [6] - A total of 10 sectors experienced net inflows, while 21 sectors saw net outflows [6] Individual Stock Highlights - Liou Co. had the highest net inflow of main funds at 884 million yuan [8] - Other stocks with significant net inflows included Miao Yi Innovation and Sichuan Changhong [8] - 38 stocks experienced net outflows exceeding 1 billion yuan, with Shenghong Technology leading at 390 million yuan [10] Institutional Activity - Institutions had a net selling of approximately 42.47 million yuan, with 13 stocks seeing net purchases [11] - The top net purchase was for Da Ye Co. at approximately 44.54 million yuan [11]

2025 年 04 月 29 日 与传统风格相关性更低，A 股资产配置 新方向：大成中证全指自由现金流 ETF （159235）投资价值分析 ——指数基金产品研究系列报告之二百四十七 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 方思齐 A0230123090003 fangsq@swsresearch.com 联系人 方思齐 (8621)23297818× fangsq@swsresearch.com 益 量 化 研 究 权 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共25页 简单金融 成就梦想 股 票 基 金 证券分析师 邓虎 A0230520070003 denghu@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 现金流 ETF 已经成为海外市场热门产品，国内产品申报火热。国内自由现金流产品目前 处于起步阶段，而海外现金流产品已经取得了丰硕的发展成果。其中规模领先的 COWZ 规模已超 200 亿美元。近期国内现金流 ETF 迎来集中申报浪潮， ...