【市场数据】 截至9月29日收盘，纽约商品交易所11月交货的轻质原油期货价格下跌2.27美元，收于每桶63.45美元， 跌幅为3.45%；11月交货的伦敦布伦特原油期货价格下跌2.16美元，收于每桶67.97美元，跌幅为 3.08%。 【财经要闻】 1、新华社北京9月29日电，中共中央政治局9月29日召开会议，研究制定国民经济和社会发展第十五个 五年规划重大问题。中共中央总书记习近平主持会议。会议决定，中国共产党第二十届中央委员会第四 次全体会议于10月20日至23日在北京召开。中共中央政治局听取了《中共中央关于制定国民经济和社会 发展第十五个五年规划的建议》稿在党内外一定范围征求意见的情况报告，决定根据这次会议讨论的意 见进行修改后将文件稿提请二十届四中全会审议。 2、9月29日，国家发展改革委政策研究室副主任、新闻发言人李超表示，8月份，在宏观政策持续发力 等因素的带动之下，我国经济运行总体平稳。从供给侧看，生产平稳增长，制造业、服务业的重点领域 增势良好；从需求侧看，政策效能持续显现，展现出较强的韧性和抗压能力。在消费方面，以旧换新相 关零售额继续保持较快的增长。不过，当前经济运行当中依然面临着不少的风 ...

Market Overview - In September, both A-shares and Hong Kong stocks exhibited a volatile pattern, with domestic economic recovery showing uneven momentum and real estate chain drag persisting[5] - The Federal Reserve's interest rate cut led to short-term market fluctuations, while sectors like batteries and semiconductors outperformed due to policy expectations and price rebounds[5] Investment Focus - The focus for October is on "technology growth," with A-shares confirming a tech narrative and Hong Kong stocks advancing in both technology and non-ferrous metals[5] - Key events include the unveiling of Xiaopeng's fifth-generation humanoid robot on October 24 and new drug progress announcements from Chinese pharmaceutical companies at the ESMO conference in mid-October[5] Policy and Economic Outlook - October is a critical policy layout window, with the 20th Central Committee's Fourth Plenary Session focusing on the "14th Five-Year Plan," leading to rising capital market expectations[5] - The market anticipates another interest rate cut from the Federal Reserve in October, which could benefit the Hong Kong market due to its linked exchange rate system[5] Key Investment Themes - **Technology Growth and High-End Manufacturing**: Emphasis on digital economy, aerospace information, and high-end equipment, with recommendations to focus on satellite internet and AI[5] - **Resource Cycle Optimization**: Global inventory cycles are bottoming out, with industrial metals like copper and cobalt expected to see price increases driven by demand from new energy[5] - **Structural Recovery in Consumption**: Anticipated strong consumption data during the Mid-Autumn Festival and National Day, with a focus on high-quality segments like medical consumption and travel chains[5] Risk Factors - Risks include unexpected policy changes, commercialization outcomes falling short of expectations, and delays in product development and market entry[5]

Core Viewpoint - The awareness of market value management among listed companies has increased, leading to a growing preference for employee stock ownership plans (ESOPs), which align employee interests with company development, enhance employee cohesion and motivation, and support long-term sustainable growth [1][3]. Group 1: Implementation of Employee Stock Ownership Plans - As of September 29, 2023, 167 listed companies have implemented ESOPs this year, with 144 companies disclosing a total funding scale of 15.399 billion yuan, surpassing last year's total of 12.699 billion yuan [3]. - The mechanical equipment, electronics, and computer industries have the highest number of companies implementing ESOPs, with 21, 16, and 14 companies respectively [3]. - The automotive industry leads in funding scale for ESOPs at 4.277 billion yuan, followed by home appliances at 2.165 billion yuan, non-ferrous metals at 1.948 billion yuan, and mechanical equipment at 1.349 billion yuan [3]. Group 2: Company-Specific Funding and Performance - 24 companies have implemented ESOPs with funding exceeding 100 million yuan, with BYD leading at 3.988 billion yuan, followed by Midea Group at 1.331 billion yuan, Zhongfu Industrial at 1.056 billion yuan, and Haier Smart Home at 0.756 billion yuan [4]. - BYD's ESOP involved purchasing 10.715 million shares at an average price of 372.18 yuan per share, marking the highest investment in its history [4]. - 18 companies have a significant actual shareholding ratio of over 2%, with Zhongfu Industrial at 8.21%, Bohui Paper at 7.48%, and Diou Water at 3.62% [4]. Group 3: Performance Targets and Employee Incentives - Some companies have set performance targets within their ESOPs to better align employee interests with company growth, enhancing corporate governance [6]. - BYD's ESOP requires a minimum annual revenue growth rate of 10% from 2025 to 2027, with historical growth rates exceeding this target [6]. - Midea Group's ESOP includes performance indicators requiring a weighted average return on equity of no less than 18% from 2025 to 2027 [6]. Group 4: Profit Growth and ESOP Adoption - Companies with strong profit growth are more likely to announce ESOPs, with 74.31% of the 144 companies reporting year-on-year growth in net profit attributable to shareholders [7]. - Among those with profit growth, Jin Chun Co., Cheng Tian Wei Ye, and Chuang Yuan Xin Ke reported increases exceeding 300% [7].

| 代码 | 简称 | 实际资金规模 | 上半年归母净利润 | 总市值 | | --- | --- | --- | --- | --- | | | | (亿元) | 同比增长(%) | (亿元) | | 002594 | 比亚迪 | 39.88 | 13.79 | 9556.53 | | 000333 | 美的集团 | 13.31 | 25.04 | 5674.64 | | 600595 | 中学实业 | 10.56 | 59.55 | 210.01 | | 600690 | 海尔智家 | 7.56 | 15.59 | 2264.81 | | 601899 | 紫金矿业 | 6.82 | 54.41 | 7683.14 | | 600031 | 三一重工 | 5.23 | 46.00 | 1946.57 | | 600966 | 博汇纸业 | 4.85 | -31.31 | 66.98 | | 601717 | 中创智领 | 2.80 | 16.36 | 438.30 | 随着上市公司市值管理的意识加强，员工持股计划逐渐获得更多公司青睐。员工持股计划将员工利益与 公司发展更紧密地绑定，通过提升员工的凝聚力和积 ...

北京商报讯（记者 郝彦）2025年四季度将启，基金公司的最新调研动向也备受关注。东方财富Choice 数据显示，截至9月29日，近一个月，超百家公募密集调研逾700家上市公司。其中，光伏设备、机械设 备行业个股最受公募关注。而在近一个月中，朱红裕、闫思倩等知名基金经理也参与调研有色金属、家 用电器行业个股。有业内人士表示，公募机构可能关注到相关行业个股景气度存在回升态势，同时也可 能聚焦"反内卷"推动下的投资机会。在科技牛市持续上演的背景下，若后续赚钱效应持续提升，将促使 公募机构的调研积极性进一步增强。 除上述个股外，调研家数排名前十的个股还包括多氟多、安克创新、中联重科、深南电路以及绿联科 技，近一个月均被超42家公募调研，所属行业包括化学制品、消费电子、机械设备及电子元件。 科方得智库研究负责人张新原表示，光伏设备行业受益于全球能源转型和政策支持，国内光伏产业链技 术领先、成本优势明显，出口需求持续增长。机械设备则与制造业升级、高端装备国产化趋势相关，尤 其在自动化、新能源相关设备领域需求强劲。 北京财富管理行业协会特约研究员杨海平认为，部分个股获得公募调研关注度较高或与相关行业个股景 气度存在改善有关 ...

Investment Rating - Industry rating: "Accumulate" (maintained) [7] Core Viewpoints - The home appliance industry is expected to see a boost in domestic demand due to the implementation of the 2025 appliance replacement policy [4] - The production data for major home appliances in October 2025 shows a total production of 29.24 million units, a year-on-year decrease of 9.9% [7] - The domestic sales of air conditioners, refrigerators, and washing machines have all experienced declines compared to the same period last year, with air conditioners down 18%, refrigerators down 5.8%, and washing machines down 1.6% [7] - The international consumer electronics fair (IFA) in Berlin showcased new products from domestic cleaning appliance companies, including multi-floor cleaning robots, indicating a shift towards more advanced technology in the industry [7] Summary by Sections Recent Industry Performance - The relative returns over the past month, three months, and twelve months are -4.18%, -7.25%, and -13.16% respectively, while absolute returns are -1.99%, 8.06%, and 15.18% [3] Production and Sales Data - In August 2025, the production of home air conditioners reached 12.881 million units, a year-on-year increase of 9.4%, while total sales were 13.023 million units, a slight decline of 1.0% [7] - Domestic sales of air conditioners increased by 1.2%, while exports decreased by 4.2% [7] Market Dynamics - The home appliance market faced pressures from high base effects and the exhaustion of national subsidy funds in certain regions, leading to a temporary adjustment in demand [7] - Major home appliance companies are responding to the subsidy cessation by promoting high-end models, pushing for a shift towards premium products [7] Investment Recommendations - The report suggests focusing on white goods companies such as Midea Group, Gree Electric Appliances, and Hisense Home Appliances, as well as black goods exporters like TCL Electronics and Hisense Visual [7]

Macro Economic Insights - The cumulative profit of national industrial enterprises from January to August 2025 showed a year-on-year increase of 0.9%, improving from a previous decline of 1.7% [4] - In August, the revenue of industrial enterprises improved slightly with a year-on-year increase of approximately 2.3%, which is an improvement of 1.2 percentage points from the previous value [5] - The profit growth rate in August saw a significant recovery of 21.9 percentage points to 20.4%, marking three consecutive months of marginal improvement [5] Industry Performance - The profit structure indicates an increase in the proportion of public utilities, with the profit share of upstream mining, midstream equipment, downstream consumption, and public utilities being 28.4%, 39.2%, 21%, and 11.4% respectively [7] - The cumulative profit of upstream industries improved by 3.8 percentage points to -9.1% year-on-year, with significant improvements in black metallurgy and non-ferrous metallurgy [7] - The "anti-involution" industries saw a larger profit improvement, with cumulative profit growth of 3.8 percentage points to -4.3% year-on-year, while non-anti-involution industries improved by 2.8 percentage points to 0.9% [7] Real Estate Sector - New housing transaction area increased month-on-month, with 20 cities showing a rise in second-hand housing transaction area [44] - The Shanghai "Good House" regulation was implemented to enhance residential quality through 17 specific measures [44][45] - The land transaction area increased year-on-year, with a decrease in premium rates, indicating a stabilizing real estate market [46] Coal Industry - The price of thermal coal rebounded above 700 yuan per ton, with a peak price of 706 yuan per ton [52] - Coking coal prices have shown a significant rebound, with a cumulative increase of 66.48% from the low of 719 yuan [52] - The report predicts that thermal coal prices will continue to recover, with a target price of around 750 yuan, while coking coal prices are expected to follow a market-driven model [53] Gaming and AI Applications - The gaming industry is experiencing a high growth cycle, with stable issuance of game licenses and a rich reserve of new games [49] - The upcoming National Day holiday is expected to boost game revenue and rankings due to promotional activities [49] - Major tech companies are increasing investments in AI infrastructure, which is anticipated to accelerate the commercialization of AI applications across various sectors [50] M&A Activity - The "M&A Six Guidelines" have led to a significant increase in merger and acquisition activities, with 163 new transactions disclosed since its implementation [38][39] - The focus of M&A activities has shifted towards industrial integration and new productivity acquisitions, particularly in the hard tech sector [39] - The report highlights that the new M&A projects have shown profitability effects, with several companies experiencing significant stock price increases post-merger [39] Small and Mid-Cap Stocks - Companies such as Tianyouwei, Hongjing Optoelectronics, and Huaxin Precision are highlighted as key players in their respective fields, with strong growth potential [33][34][36] - Tianyouwei is noted for its high gross margin of 37.19% and strong international sales growth [33] - Hongjing Optoelectronics is expanding into new markets such as AI hardware and industrial inspection, with a significant portion of revenue coming from new business areas [34][35]

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting potential investment opportunities in leading companies such as Hisense, Midea, and Gree [2][29]. Core Insights - The home appliance sector underperformed compared to the CSI 300 index, with a decline of 0.7% while the index rose by 1.1% [2][3]. - Key developments include the official launch of Haier's air conditioning industrial park in Thailand, which has an annual planned capacity of 6 million units, making it the largest air conditioning manufacturing base for Chinese brands in Southeast Asia [8][57]. - Hisense's HHA smart manufacturing industrial park has commenced construction, aiming to enhance its presence in Thailand and the ASEAN market [9][58]. - Sales data for August shows a significant increase in the sales volume and revenue of cleaning appliances like vacuum cleaners and floor washers, while sales of hair dryers and electric shavers declined [29][35]. Summary by Sections Industry Dynamics - Haier's Thailand air conditioning industrial park officially started production on September 23, with a capacity of 6 million units annually, covering various air conditioning products [8][57]. - Hisense's HHA smart manufacturing industrial park is set to be the largest overseas facility for the company, with plans for completion by 2030 [9][58]. Sales Data Observations - In August, vacuum cleaner sales increased by 45.13% year-on-year, with revenue rising by 57.96%, while the average price increased by 8.84% to 1181.00 CNY per unit [29][30]. - Floor washer sales also saw a year-on-year increase of 38.07% in volume and 43.66% in revenue, with an average price of 1443.30 CNY per unit [29][31]. - Conversely, hair dryer sales fell by 19.04% in volume and 22.79% in revenue, with an average price decrease of 4.64% to 232.3 CNY per unit [35][36]. - Electric shaver sales increased by 9.79% in volume and 13.11% in revenue, with an average price increase of 3.04% to 206.5 CNY per unit [35][36]. Investment Highlights - The report identifies three main investment themes: 1. White goods sector benefiting from favorable real estate policies and potential for price and volume growth, recommending stocks like Hisense and leading companies such as Midea, Haier, and Gree [2][29]. 2. Export opportunities driven by large customer orders, highlighting companies like Ousheng Electric and Dechang Shares [2][29]. 3. Core components demand exceeding expectations due to the white goods sector's performance, recommending companies like Huaxiang and Shun'an Environment [2][29].

Market Overview - A-shares experienced slight fluctuations this week, with technology growth stocks performing well, as the ChiNext Index and STAR Market Index reached new highs, while the Shanghai Composite Index and Shanghai 50 Index showed sideways movement [1] - Weekly trading volume decreased to 11.57 trillion yuan, marking a six-week low due to holiday effects [1] Electronic Industry - The electronic sector attracted significant capital, with a net financing purchase exceeding 45.8 billion yuan for the week, marking the 14th consecutive week of net purchases over 10 billion yuan [2] - The electronic industry received a net inflow of over 412 billion yuan from major funds over the week, leading all sectors in net inflow [2] - Other sectors such as power equipment, telecommunications, and computers also saw substantial net purchases, while non-ferrous metals and non-bank financial sectors experienced net selling [2] Wind Power and Chemical Industries - The wind power sector showed strong performance, with the wind power equipment index rising for four consecutive days, reaching a two-and-a-half-year high [3] - The average bidding price for onshore wind turbines increased by 12.8% from 2024 to 2025, indicating a positive trend in the wind power market [3] - The chemical sector also saw collective strength, with new listings and significant price increases in various chemical products, including refrigerants and titanium dioxide [4][5] Future Outlook - Analysts expect certain chemical sub-industries to experience a phase of improvement due to ongoing policy effects, leading to healthier and more sustainable industry development [5] - The technology sector is anticipated to remain a core focus for the market, with structural opportunities expected to arise in the near future [7]

新华财经北京9月26日电 新华财经和面包财经研究员梳理公开资料显示，受益于国补等利好刺激，A股 申万一级行业分类为家用电器的102家企业2025年上半年合计实现营收8673.8亿元、归母净利润701.12亿 元，同比分别增长9.19%、12.79%。 不过，家用电器行业二季度业绩增速较一季度业绩增速出现较为明显回落。数据显示，2025年二季度营 收同比增长5.47%，较一季度增速下滑8.12个百分点；二季度归母净利润同比增长3.86%，较一季度增速 下滑23.95个百分点。 美的集团、海尔智家、格力电器的营收规模居前，同洲电子、石头科技、三星新材、富佳股份的营收同 比增速超过40%。美的集团、格力电器、海尔智家归母净利润超过百亿元，盈利超过3亿元的企业中四 川长虹、科沃斯的利润同比增幅超过60%。 毛利率方面，A股102家家用电器企业2025年上半年平均毛利率约24.84%、中位数为22.19%，同比均出 现小幅下滑。其中，倍轻松上半年毛利率达62.63%，海洋王、飞科电器、老板电器上半年毛利率超过 50%。 数据显示，美的集团2025年上半年实现营业总收入2523.31亿元，同比增长15.68%；归母净利润 ...