天眼查App显示，近日，苏州市利英达家用电器有限公司成立，法定代表人为燕利，注册资本5万人民 币，经营范围为一般项目：家用电器销售；日用家电零售；科技推广和应用服务；软件开发；大数据服 务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；互联网数据服务；制冷、空调 设备销售；家用电器零配件销售；家用电器安装服务；电子产品销售；日用电器修理；电子元器件零 售；家政服务；专业保洁、清洗、消毒服务（除依法须经批准的项目外，凭营业执照依法自主开展经营 活动）。 ...

Core Viewpoint - South Korea's export economy is projected to reach a historic high of over $700 billion in 2025, primarily driven by a "super cycle" in the semiconductor industry, while overall export performance reveals concerning weaknesses in other sectors [1][4]. Group 1: Export Performance - In the first eleven months of this year, South Korea's total exports reached $640.2 billion, a year-on-year increase of 2.9%, surpassing the total for 2022 and setting a record for the same period [4]. - The semiconductor industry is the main driver of this growth, benefiting from strong demand fueled by global AI investment expansion [4]. - In November alone, semiconductor exports accounted for 28.3% of South Korea's total exports, marking a new high for the year, compared to around 10% in the first decade of this century [4]. Group 2: Structural Weakness - Excluding semiconductors, South Korea's export value from January to November was $787.6 billion, reflecting a year-on-year decline of 1.5%, highlighting the vulnerability of the export structure [6]. - Several key industries are experiencing negative growth, including petrochemical products (-11.7%), petroleum products (-11.1%), steel (-8.8%), and machinery (-8.9%) [6]. - Exports of displays, home appliances, and secondary batteries also saw declines exceeding 9% [6]. Group 3: Economic Concerns - The heavy reliance on a single industry for growth raises significant concerns among economic experts regarding the health of South Korea's export structure [9]. - The semiconductor sector is characterized by high volatility, influenced by global technology cycles, geopolitical risks, and supply chain changes, posing a risk to the overall economy if demand cools [9]. - Challenges for South Korea's export outlook include global economic slowdown, ongoing trade uncertainties, and tariff policies from major trading partners, necessitating a long-term strategy to diversify and balance the export structure [9].

2024年10月，中国人民银行联合金融监管总局、中国证监会发布《关于设立股票回购增持再贷款有关事 宜的通知》，设立股票回购增持再贷款，激励引导金融机构向符合条件的上市公司和主要股东提供贷 款，支持其回购和增持上市公司股票。再贷款首期额度3000亿元，到了2025年5月总额度进一步提升至 8000亿元。 截至12月8日，已有770多家上市公司披露获得回购增持贷款支持，贷款金额上限超过1571.87亿元（回 购贷款985.04亿元）。其中，17家公司获得的贷款上限超过10亿元，8家公司获得的贷款上限超过15亿 元，分别为三峡能源（600905）、贵州茅台（600519）、牧原股份（002714）、海尔智家（600690）、 荣盛石化（002493）、京东方A、海康威视（002415）和中国中铁（601390）。 从股份来看，共有19家上市公司年内回购数量超过1亿股，排名前五的为京东方A、创新新材 （600361）、徐工机械（000425）、中国建筑（601668）、辽港股份（601880），今年以来分别回购了 4.28亿股、3.62亿股、3.58亿股、2.9亿股、2.79亿股。 从金额来看，共有291家上市公司年 ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on leading brands and potential opportunities in compliance-driven market shifts [1]. Core Insights - The new safety standards for mobile power banks are expected to drive industry transformation, increasing compliance costs and accelerating technological upgrades. This may lead to a shift from a fully competitive market to an oligopoly, benefiting leading brands with strong R&D capabilities [1]. - The "Cultural and Tourism Integration" policy is anticipated to positively impact the service consumption sector, enhancing travel services and creating new products and scenarios in the tourism industry [1]. Market Weekly Review - During the week of December 1-5, the consumer sector saw mixed performance, with home appliances rising by 1.84% while other sectors like food and beverage and beauty care declined by 1.90% and 2.00% respectively. Notable gainers included Anji Food (+50.23%) and Xiaosong Co. (+22.94%), while Rock Co. (-14.84%) and Yitian Intelligent (-7.88%) were among the biggest losers [3][13][14]. Industry News and Key Company Announcements - The Ministry of Culture and Tourism and the Civil Aviation Administration of China released an action plan for the integration of culture, tourism, and civil aviation, aiming for a higher quality of service and broader coverage of travel routes by 2027 [1][16]. - Gree Electric's silicon carbide chip factory is focusing on a strategy of "independent control and open foundry," with over 20 chip design companies as clients, indicating a significant expansion into various sectors including new energy and industrial control [1][16]. - New regulations in the food safety sector have been implemented, enhancing the supervision of liquid food transport and establishing stricter responsibilities for chain restaurants [1][17].

| 青岛50宿致 十大成份版 | | | | | --- | --- | --- | --- | | 证券代码 | 股票简称 | 板直 | 最新价 | | -LC03107 11-4-14 114 | | | 1 4 7 0 | 青岛50（989011）指数十大成份股详情如下： | | | | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | sh603187 | 出於御史 | | 14.73 | -2.77% | | 56.92 机械设备 | | sz002498 | 汉缆股份 | -- | 3.77 | -2.33% | | 125.42 电力设备 | | sh688501 | 青达环保 | -- | 26.18 | -1.87% | | 32.52 环保 | | sz001219 | 青岛食品 | -- | 14.67 | -1.74% | C | 28.60 食品饮料 | | sh600060 | 海信视像 | | 25.46 | -1.66% | | 332.25 ...

| 汽车 | 1186.87 | -3.03 | -0.25 | | --- | --- | --- | --- | | 建筑装饰 | 388.40 | -3.17 | -0.81 | | 家用电器 | 364.23 | -4.21 | -1.14 | | 电力设备 | 2154.34 | -4.91 | -0.23 | | 医药生物 | 1640.85 | -5.1 1 | -0.31 | | 电子 | 3600.48 | -6.81 | -0.19 | | 基础化工 | 988.44 | -9.1 1 | -0.91 | （文章来源：证券时报网） 12月5日各行业融资余额环比变动 | 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 计算机 | 1785.70 | 9.99 | 0.56 | | 国防军工 | 828.78 | 5.19 | 0.63 | | 机械设备 | 1302.23 | 4.38 | 0.34 | | 银行 | 758.49 | 3.25 | 0.43 | | 非银金融 | 1856.60 | 3 ...

编者荐语： 转载自申万宏源上海分公司，仅供参考。主力资金：近两周主力资金合计净流出183.86亿元，主力资金净流入额前三的行业为汽车、建筑材料和家用电 器，主力资金净流出额前三的行业为计算机、传媒和电力设备。 以下文章来源于申万宏源证券上海分公司 ，作者李金玲 测量结果：正常 数据速看： 1.主力资金： 近两周主力资金合计净流出183.86亿元，主力资金净流入额前三的行业为汽车、建筑材料和家用电器，主力资金净流出额前三的行业为计算 机、传媒和电力设备。 2.融资融券数据： 当前市场融资融券余额为24838.69亿元，较上期下降0.31%，其中融资余额24664.89亿元，融券余额173.81亿元。本期两融日均交易额为 1726.02亿元，较上期下降16.64%，其中融资日均净买入1718.38亿元，较两周前下降16.73%，融券日均净卖出7.64亿元，较上期下降10.04%。近两周融资 净买入前三的行业分别为通信、电子和国防军工；融券净卖出前三的行业分别为计算机、传媒和汽车。 3.涨跌情况： 近两周全市场下跌家数高于上涨家数，近两周只有两个行业实现上涨，为食品饮料和银行，跌幅前三的行业为非银金融、机械设备和传 ...

Group 1 - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] - As of December 5, there are 932 stocks with a circulating market value below 3 billion yuan, and 376 of these have a circulating market value below 2 billion yuan [1] - A total of 1,653 stocks have a total market value below 5 billion yuan, with 530 stocks having a total market value below 3 billion yuan [1] Group 2 - The three stocks with the smallest circulating market values are Kuntai Co. at 663 million yuan, Kangliyuan at 689 million yuan, and Yangzhou Jinqian at 692 million yuan [1] - The three stocks with the smallest total market values are *ST Changyao at 729 million yuan, *ST Suwu at 881 million yuan, and *ST Aowei at 905 million yuan [1] - A detailed list of stocks with circulating market values below 2 billion yuan includes various sectors such as automotive, light manufacturing, and textiles [1][2]

2025 年 12 月 07 日 市场情绪得分继续回落，多项指标 维持震荡 ——量化择时周报 20251207 权 益 量 化 研 究 证 券 研 究 报 告 相关研究 - 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 量 化 策 略 ⚫ 市场情绪得分周内继续回落：截至 12 月 5 日，市场情绪指标数值为 2.4，较上周五的 3.15 大幅降低，情绪得分保持快速下降，从情绪角度来看观点偏空。从所有分项指标分数之和 的变化来看，本周情绪指数综合得分周内波动下降。 ⚫ 情绪指标维持震荡分化：本周价量一致性再度回落，市场价量匹配程度下降，资金关注度 与标的涨幅相关性同步走弱，情绪端出现一定降温；科创 50 相对全 A 成交占比继 ...

报告要点 丨证券研究报告丨 行业研究丨专题报告丨家用电器 [Table_Title] 如何看待降息周期美国家电市场表现？ [Table_Summary2] 引言 [Table_Summary] 北京时间 2025 年 9 月 18 日，美联储宣布将联邦基金利率目标区间下调 25 个基点至 4.00%- 4.25%，此为时隔九个月的再度降息。复盘历轮降息周期对美国本土家电产业的影响，其对供 给侧的拉动较为显著，且传导效率相对更高；相比之下，降息后需求侧虽然最终也会呈现改善 趋势，但存在较长的时滞性。因此，本次降息对国内家电企业收入端的贡献在中短期内或不会 显现，且后续仍需观察美国经济基本面的变化趋势。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 如何看待降息周期美国家电市场表现？ 北京时间 2025 年 9 月 18 日，美联储宣布将联邦基金利率目标区间下调 25 个基点至 4.00%- 4.25%，此为时隔九个月的再度 ...