这家空调制造商凭借低价策略，赢得国内消费者青睐，借助代工模式成功攻下海外市场 ▶ 奥克斯去年营收增长20%，凭借国内低价策略与海外代工模式，超越竞争对手 ▶ 低价策略虽助力这家空调企业扩大市场份额，但也引发质量隐忧，且毛利率显著低于同业 Key takeaways: 奥克斯电气有限公司 创始人郑坚江属牛。三十余年前创业时，他将公司命名为"奥克斯"，英文 "Ox"的音 译，正是源自中国的生肖传统。此举昭示其期盼企业秉承牛的特质：坚韧果敢、笃行致远。 郑坚江推动企业上市，试图向投资者展现与已上市巨头不同的空调制造商路径时，多年耕耘终现曙光。上 周，奥克斯向港交所递交更新版上市文件，同时该计划也获中国证监会备案通知书，标志着该公司赴港上 市实现双里程碑。 申港上市是奥克斯曲折上市之路的最新转折。公司曾于2016年登陆北京"新三板"，但一年后摘牌。 此后，奥克斯转战A股主板，拟于上交所上市。2018年启动流程后， 2023年6月完成必备的上市辅导阶段。 然而，奥克斯旋即调整方向，今年1月向港交所递交首份申请。因半年有效期届满，公司近日更新材料重新 递表。 奥克斯聘请头部投行中金公司担任独家保荐人，预示此次募资规模较大 ...

Core Viewpoint - Jining High-tech Zone is actively promoting consumption and high-quality development through various initiatives, including the issuance of consumption vouchers and the organization of promotional events, resulting in significant economic impact [1][2][3]. Group 1: Consumption Promotion Initiatives - The "Hui Gou Gao Xin" consumption voucher program has been launched, distributing 2.2 million yuan in vouchers, which has stimulated 16 million yuan in consumption [1]. - A total of 19 promotional events have been organized, including three large auto shows, leading to the sale of over 1,000 vehicles and a 20% increase in new energy vehicle consumption [1][2]. - The retail sales of consumer goods in the region increased by 9.7% year-on-year from January to May [1]. Group 2: Old-for-New Consumption Programs - The old-for-new program for automobiles, home appliances, and electric bicycles has been implemented, securing 108 million yuan in subsidies for over 7,500 participants [2]. - The home appliance sector saw a sales increase of over 30% due to the issuance of 9.19 million yuan in national subsidies, which generated 49.18 million yuan in sales [2]. - The mobile phone and digital device sector benefited from 3.01 million yuan in subsidies, leading to 23.6 million yuan in consumption [2]. Group 3: Development of New Consumption Scenarios - The development of the first-store economy is being prioritized, with major brands entering the market, enhancing the vitality of the Liaohe business circle [2]. - Online shopping and live e-commerce channels are being expanded to create a hybrid sales model [2]. - Seasonal events like the "Lobster Beer Festival" are being organized to stimulate summer consumption and promote the night economy [2]. Group 4: Future Plans for Consumption Enhancement - Jining High-tech Zone plans to introduce more consumption activities in the second half of the year, focusing on seasonal characteristics and aiming for over 20 promotional events [3]. - The government will increase funding for consumer vouchers to boost spending in sectors like automobiles and home appliances [3]. - The old-for-new program will be further expanded, with efforts to secure additional central and provincial funding [3]. Group 5: Commercial District Development - There will be a focus on enhancing urban pedestrian streets, smart business circles, and convenient living areas to improve consumer experiences [4]. - Projects will be developed around ecological landscapes to create integrated leisure and cultural experiences [4]. - Nighttime economy initiatives will be introduced to create a one-stop shopping destination [4].

成交活跃度上升,小盘估值领涨 ■ -- 情绪与估值7月第2期 本报告导读: 上周(2025/7/14-2025/7/18)成交活跃度回落,小盘估值领涨。指数估值:估值涨多 跌少,中证 1000 领涨。行业估值:PE 估值机械,PB 估值石油石化领涨。情绪:交 易活跃度上升,换手率降多升少,成交额升多降少。ERP:环比下降。 相关报告 | 烽火再起:特朗普新关税或冲击风险偏好 | | --- | | 2025.07.15 | | 牛市歇歇脚: 横盘整固,蓄力新高 2025.07.06 | | 偃旗息鼓:全球风险偏好反弹上行 2025.06.30 | | 突破之后:进入成长时刻 2025.06.29 | | 声暂歇处,趋势未央 2025.06.22 | 参研究报 请务必阅读正文之后的免责条款部分 策略研究 / 2025.07.21 指数估值:估值全面上涨,中证1000领涨。宽基指数:估值全面上 0 涨,中证 1000 领涨。PE-TTM 历史分位:各指数全面上涨,中证 1000 领涨,涨 2.5 个 pct。PB-LF 历史分位:各指数全面上涨,万得 全 A 领涨,涨 3.8个 pct。风格指数:估值涨多跌少,小 ...

今年6月以来，一场极端热浪席卷东北大地。持续的高温炙烤下，空调市场迎来前所未有的抢购狂 潮，清凉成为千家万户的刚性需求。在这场与酷暑的赛跑中，格力凭借强大的产品力、供应链韧性及高 效的安装服务体系，交出了一份亮眼答卷：短短半个月内，格力空调在东北三省安装上墙数量逼近10万 台大关，京东平台东北区域成交额更是同比激增超700%，黑龙江、吉林、辽宁三省份齐齐挺进全国成 交额前十榜单。 为确保东北市场在极端需求下的稳定供应，格力展现出强大的统筹调度能力。内销排产计划迅速向 东北倾斜，生产线开足马力，物流通道高效运转，全力保障货源充足稳定。然而，货源充足只是第一 步，如何解决安装力量不足的"最后一公里"难题，才是真正的考验。 格力打出了一套强有力的服务保障组合拳，联合苏宁等渠道商增设200人安装团队，迅速壮大本地 服务力量。同时启动应急预案，从安装资源相对充裕的华南、华东地区，火速抽调逾500名经验丰富的 安装工程师，星夜兼程驰援东北战场，加之格力成熟的"送装一体"服务模式，努力缓解安装时效性问 题。 随着高温天气持续，东北空调市场增量空间仍在释放。这场消费热潮，不仅显著拉升了区域家电零 售数据，更深刻重塑了东北消费 ...

7月21日，深交所发布关于深港通下的港股通标的证券名单调整的公告，调入港股三花智控，名单调整 于今日生效。 今年6月，三花智控成功在港交所上市，成为今年第七家"A+H"公司，随着公司在香港市场价格稳定期 结束且相应A股上市满10个交易日，符合《深圳证券交易所深港通业务实施办法》的有关规定并被纳入 港股通标的。 据记者统计，今年以来，已经有赤峰黄金、钧达股份、宁德时代、恒瑞医药、吉宏股份、海天味业等多 家"A+H"公司先后被纳入港股通。 又有"A+H"公司被纳入港股通 7月21日，深交所公告，因三花智控（02050）在香港市场价格稳定期结束且相应A股上市满10个交易 日，根据《深圳证券交易所深港通业务实施办法》的有关规定，港股通标的证券名单发生调整并自2025 年7月21日起生效。 来源：证券时报 统计数据显示，截至目前，160家"A+H"公司中，共计156家公司已经被纳入港股通标的，占全部港股通 标的的28%。 | 代码 | 简称 | 调整方向 | | --- | --- | --- | | 02050 | 三花智控 | 调 | AI识股 记者梳理发现，除了三花智控以外，今年以来，已经有多家"A+H"公司被纳 ...

Core Viewpoint - Sichuan Changhong Electric Co., Ltd. is involved in a legal dispute with Suning.com regarding unpaid debts exceeding 890 million yuan, with the case now in the second instance of the judicial process [2][4]. Group 1: Legal Proceedings - The subsidiary of Sichuan Changhong, Changhong Jiahua Digital Technology Co., Ltd., filed a lawsuit against Suning Procurement Center for a principal amount of 722 million yuan and an additional 173 million yuan in funds occupation fees [2][4]. - The initial contract was signed on July 31, 2020, with subsequent agreements outlining payment terms and penalties for late payments, including an annual interest rate of 6.5% on overdue amounts [4]. - As of April 21, 2024, Suning Procurement Center owed 722 million yuan in principal and 173 million yuan in occupation fees, with total collateral guarantees provided amounting to 1.258 billion yuan [4]. Group 2: Court Rulings and Appeals - On May 26, 2025, a civil judgment ordered Suning Procurement Center to pay the principal amount and occupation losses, calculated based on a base of 706 million yuan [5]. - Suning Procurement Center appealed the judgment, disputing the basis for the occupation losses and seeking to overturn the ruling [5]. - The case is currently in the second instance, with the court date yet to be determined, and the outcome remains uncertain [5]. Group 3: Industry Implications - The resolution of this dispute could positively impact Sichuan Changhong's cash flow, aiding in business expansion and competitiveness [6]. - Suning.com is undergoing business adjustments, and the case's outcome may affect its financial status and commercial reputation [6]. - The case serves as a reference for other companies in the industry regarding commercial cooperation, accounts management, and dispute resolution [6].

7月21日，深交所发布关于深港通下的港股通标的证券名单调整的公告，调入港股三花智控，名单调整于今日生效。 今年6月，三花智控成功在港交所上市，成为今年第七家"A+H"公司，随着公司在香港市场价格稳定期结束且相应A股上市满10个交易日，符合《深圳证券交易所深 港通业务实施办法》的有关规定并被纳入港股通标的。 据记者统计，今年以来，已经有赤峰黄金、钧达股份、宁德时代、恒瑞医药、吉宏股份、海天味业等多家"A+H"公司先后被纳入港股通。 又有"A+H"公司被纳入港股通 7月21日，深交所公告，因三花智控（02050）在香港市场价格稳定期结束且相应A股上市满10个交易日，根据《深圳证券交易所深港通业务实施办法》的有关规 定，港股通标的证券名单发生调整并自2025年7月21日起生效。 | 代码 | 简称 | 调整方向 | | --- | --- | --- | | 02050 | 三花智控 | 调) | 记者梳理发现，除了三花智控以外，今年以来，已经有多家"A+H"公司被纳入港股通标的。 7月以来，A股公司赴港上市再度迎来了一波小高峰。中国证监会网站最新数据显示，7月1日至11日，已有11家A股公司递交港股上市备案申请。 ...

Core Viewpoint - The article emphasizes the importance of understanding the root causes of "involution" in the context of declining investment returns and risk appetite in the capital market, suggesting that addressing these issues is crucial for effective countermeasures against involution [1]. Group 1: Declining Investment Returns - The operating profit margin of large-scale manufacturing enterprises has been on a downward trend, with figures of 5.35%, 5%, and 4.63% for 2022, 2023, and 2024 respectively, further declining to 4.25% in the first five months of this year [5]. - The revenue generated per 100 yuan of assets for large-scale manufacturing enterprises has decreased from 107 yuan in 2022 to 92.3 yuan in 2024, dropping to 85.2 yuan in the first five months of this year [5]. Group 2: Involution in Competition - Increased operational pressures have led to intensified competition among enterprises, characterized as "involutionary competition," where companies resort to price cuts to gain market share, resulting in "increased volume without increased revenue" [10]. - The Producer Price Index (PPI) has been in negative growth for 33 consecutive months since October 2022, despite the value-added growth of large-scale manufacturing enterprises being 3%, 5%, and 6.1% for 2022, 2023, and 2024 respectively, and accelerating to 7% in the first half of this year [10]. Group 3: Supply-Demand Imbalance - The root cause of "involutionary competition" is identified as an oversupply in certain industries, with capacity utilization rates for large-scale manufacturing enterprises at 75.8%, 75.28%, and 75.2% for 2022, 2023, and 2024, further declining to 74.2% in the first half of this year [18]. - Manufacturing investment growth has outpaced overall investment growth since 2021, with manufacturing investment growth rates exceeding overall investment growth by 8.6, 4, 3.5, and 6 percentage points from 2021 to 2024 [19]. Group 4: Government Influence on Investment - Local governments are incentivized to boost manufacturing investment to meet GDP targets, leading to increased investment in new industries, which has resulted in overcapacity in sectors like photovoltaics, lithium batteries, and electric vehicles [31]. - The financial support for manufacturing has increased, with long-term loans for manufacturing growing at rates exceeding 40%, providing substantial funding for investment expansion [28]. Group 5: Consumer Behavior and Economic Structure - Consumer confidence has declined, with the income confidence index dropping from 124.95 in 2019 to 95.42 in 2024, while the average wage growth for urban non-private units has slowed to 2.8% in 2024 [32]. - The high savings rate in China, at 42.49% in 2023, is attributed to a preference for low-risk assets over riskier investments, reflecting a cautious consumer sentiment [40]. Group 6: Comparison with Past Economic Reforms - The current "anti-involution" initiative is likened to the supply-side structural reforms of a decade ago, focusing on enhancing product quality and addressing low-price competition, while also emphasizing the need to stimulate consumer demand [61]. - The article suggests that the strategies for "anti-involution" should prioritize reducing excess capacity and inefficient investments while increasing household income to boost consumption [61].

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骄阳似火，外卖降温~ 外卖大战被动"降温" 据媒体报道，刚刚过去的周末，一些过度"内卷"的外卖补贴券正在消失，优惠券、"0元免单"的门槛变高。在此背景下，外卖大战正逐步"降温"。 7月19日，洛阳市餐饮与饭店行业协会、山东省烹饪协会相继发布倡议书，呼吁淘宝闪购（饿了么）、京东、美团三家外卖平台立即停止非理性补贴，转 向高质量发展，明确补贴上限与账期保障等。过去一周内，已有湖北省、陕西省、云南省以及北京、青岛、大连、大同、重庆、深圳等超10个省市的餐饮 行业协会陆续发布相关倡议书，呼吁外卖平台停止内卷式竞争。 此前，国家市场监管总局已经约谈饿了么、美团、京东三家平台企业，要求相关平台企业严格遵守《中华人民共和国电子商务法》《中华人民共和国反不 正当竞争法》《中华人民共和国食品安全法》等法律法规规定，严格落实主体责任，进一步规范促销行为，理性参与竞争，共同构建消费者、商家、外卖 骑手和平台企业等多方共赢的良好生态，促进餐饮服务行业规范健康持续发展。 近日，美团核心业务操盘人王莆中首次接受晚点访谈。这也是八年来美团核心管理层首次接受公开采访。"这场外卖大战泡沫是史无前例的多，潮水退去 以后才能知道谁在裸泳。"王莆中 ...