方正证券研报认为，预计未来A股上市公司回购力度将进一步加大。一方面，随着经济转向高质量发展，企业发展进入新阶段，对公司内部 治理的优化和股东回报的重视程度在不断提升，通过股票回购进行市值管理和回馈股东的重要性日益凸显。另一方面，政策支持下上市公司 进行股票回购的积极性也将持续提升，A股上市公司回购规模预计将会持续提升。 重要股东拟增持的上市公司中，110家公司披露了重要股东拟增持金额范围（上限或下限）。以拟增持金额最高值计算（未披露上限的按下限 计算），14家公司拟增持金额有望达到10亿元或以上，中国石油、中国海油、中国石化拟增持金额上限居前，分别为56亿元、40亿元、30亿 元，合计达到126亿元。 自2024年10月18日《关于设立股票回购增持再贷款有关事宜的通知》发布以来，回购增持贷款已成为上市公司或股东筹集资金的重要来源。 2025年5月7日，国务院新闻发布会上宣布，将回购增持再贷款最长期限由1年延长到3年，鼓励银行发放信用贷款，将上市公司回购增持股票 的自有资金比例要求从30%降至10%。政策支持力度继续加大。 据统计，截至5月21日，去年10月以来上市公司获得回购增持贷款上限达到1217.79亿元 ...

Group 1 - The recent reduction in "reciprocal tariffs" has led to a surge in demand for shipping containers among home appliance companies, with reports of container prices increasing by 20,000 to 40,000 yuan [2][3] - Companies are experiencing a situation where the demand for containers exceeds supply, leading to a competitive environment for securing shipping space [2][3] - The logistics sector has seen a significant increase in shipping volumes to the U.S., with container booking volumes from China to the U.S. rising nearly 300% following the tariff adjustments [5][6] Group 2 - Despite the tariff reductions, some companies are facing logistical challenges that hinder smooth trade, as they struggle to secure shipping containers and vessels [3][4] - The overall shipping rates have increased, with the Shanghai-New York container freight index rising to 4,350 USD, reflecting a 19.31% increase [6] - The current shipping situation is characterized by a mismatch in supply and demand, with many shipping routes being adjusted due to previous tariff policies [7] Group 3 - Home appliance companies have mixed feelings about the tariff reductions; while some clients are eager to place orders, others remain cautious and are reassessing their strategies [8][9] - The impact of tariff changes has led to operational disruptions, requiring companies to reallocate production capacity and manage increased workloads [9][10] - Some companies report that their orders to the U.S. have recovered to about 60% of last year's levels, driven by clients needing to replenish low inventories [9][10] Group 4 - The sudden drop in tariffs has created challenges for cross-border e-commerce, particularly for new entrants in highly concentrated product categories like electric pressure cookers [12] - Companies are facing difficulties in hiring due to the fluctuating demand for labor, with many workers seeking alternative employment during periods of low orders [13][14] - Digital transformation initiatives in the home appliance sector are helping companies manage production scheduling and capacity issues more effectively [14][15]

Core Viewpoint - The competition in the home appliance market during the "6.18" shopping festival is intensifying, with companies leveraging social media and live streaming to engage younger consumers and build personal brands for their executives [3][4][6][8] Group 1: Company Strategies - Gree Electric Appliances announced a live streaming event featuring its chairman Dong Mingzhu and former secretary Meng Yutong, aiming to attract younger audiences [3][4] - Haier Group's executives are directly engaging in live streaming to connect with consumers, marking a shift from previous strategies that relied on celebrity endorsements [6][7] - The trend of executives building personal brands is becoming prevalent, with many leaders from various companies, including Midea and Xiaomi, establishing their presence on social media platforms [7][8] Group 2: Market Dynamics - The home appliance market is experiencing fierce competition, particularly in air conditioning, with companies employing various tactics to drive traffic and sales [4][6] - The rise of live streaming on platforms like Douyin, WeChat Video, and Xiaohongshu is reshaping consumer purchasing behavior, with influencers playing a significant role in driving sales [8] - The shift towards digital marketing and user interaction is prompting companies to innovate their product offerings based on direct consumer feedback [7][8] Group 3: Challenges and Considerations - While engaging directly with consumers can yield benefits, it also poses risks, as negative feedback can quickly escalate and impact brand reputation [8] - The balance between maintaining a vibrant social media presence and focusing on product quality and internal operations is a critical challenge for executives building personal brands [8]

只有同时重视人才和知识资产，才有机会将AI的技术势能转化为持续的商业动能。 2025年，被看作是AI智能体的元年。 尤其是在制造业，数字化系统的泛滥和大多数企业未能实现数字化转型的落差背后，折射出了一个结构性矛盾：企业部署了新的数字化应用，却没有人会 用。 据e-workers Research统计，制造业现有从业人员里，仅有2%的企业具有AI专业技能和知识的人才。但AI又必须生长在产业实践的土壤里，而不是飘在技术 架构的云端。而在AI+人才培养体系有缺陷的情况下，制造业数字化转型中对于人员能力重塑的隐性投入比技术成本还要高。 "不管什么时代，真正的竞争还是人才的竞争。"美的集团美云智数魏晓刚告诉36氪。 几天前在沈阳，美云智数首次发起制造业数字化转型ME20+论坛(Manufacturing Education20+论坛，简称ME20+论坛)，并发布联ME Agent共创计划 Manufacturing Education Agent，这也揭示了制造业数字化转型的"新规则"——人才即服务。 而随着智能体的想象空间已经从"助手"到了一个切实岗位和"数字员工"，AI对制造业数字化转型的意义也就开始被予以更高的期 ...

实习记者 | 林柳含 编辑 | 汤威 编者语：本周Sporty & Rich限时空间「Wellness Club」落地上海，Meridiani亮相2025年米兰国际家具展，CASETiFY TRAVEL"韧性出发，由我定义"快闪活 动登陆上海，CASETiFY携手韩国插画师推出Maltese线条小狗艺术家合作系列CASETiFY TRAVEL系列全面发售，小仙炖携手非遗绒花技艺打造母亲节限定 「萱草花」礼盒，丹麦奢华视听品牌B&O推出Beoplay H100头戴式耳机Charles Leclerc限量版，利普赫尔Monolith典藏系列焕新升级，谱写高端厨居保鲜交响 诗，Saint-Louis圣路易水晶Twist 1586品酒系列推出全新烈酒类酒杯，"优雅宇宙"Ron Rocco个展在上海南希画廊隆重开幕，"回响：宝龙美术馆美育系列 展"正式开展。 1、Sporty & Rich限时空间「Wellness Club」落地上海，开启中国首秀 5月1日，生活时尚品牌Sporty & Rich正式登陆中国上海新天地，限时打造「Wellness Club」生活方式空间。Sporty & Rich由前Kith女装创意总 ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 05 21 年 月 日 朝闻国盛 2024 开发房企年报综述：行业全面亏损，头部房企依然具备显 著竞争优势 今日概览 ◼ 重磅研报 【宏观】4 月财政有喜有忧，年内大概率会扩赤字——20250520 【固定收益】存贷款利率再调降，影响几何？——20250520 【纺织服饰】新消费趋势下，如何寻找服饰板块投资机会？—— 20250520 【煤炭】有效供应环降，需求望迎改善，煤炭终迎年初至今配置良机— —20250520 【钢铁】4 月数据跟踪：粗钢产量同比持平，需求预期有望改善—— 20250520 【家用电器】倍轻松（688793.SH）-24 年盈利水平转正，海外增速更快 ——20250520 | 作者 | | --- | 分析师 夏君 执业证书编号：S0680519100004 邮箱：xiajun@gszq.com | 行业表现前五名 | | | | | --- | --- | --- | --- | | 行业 | 1 月 | 3 月 | 1 年 | | 美容护理 | 13.0% | 18.1% | 5.4% | | 汽车 | 8.9% | ...

19日，粤港澳大湾区—非洲（埃及）经贸合作交流会在开罗举行，王伟中出席并作主题推介。他表示， 中国和埃及同为文明古国，两国人民友好交往源远流长。近年来广东与埃及经贸合作交流日益紧密，双 方进出口贸易额约占中埃贸易总额的1/5。建设粤港澳大湾区，是习近平主席亲自谋划、亲自部署、亲 自推动的重大国家战略。广东愿与包括埃及在内的非洲朋友一道，在共建"一带一路"倡议和中埃全面战 略伙伴关系框架下，共享发展机遇，深化投资贸易、先进制造、商业航天、绿色能源、数字经济、金融 投资、文化旅游等领域务实合作，努力为构建面向新时代的中埃命运共同体作出更大贡献。会上，香港 特区政府政制及内地事务局局长曾国卫、澳门招商投资促进局主席余雨生作推介发言；中国驻埃及大使 馆公参赵刘庆，埃奈因、贾迈勒丁、埃及投资和外贸部副部长穆罕默德·高扎基等致辞。交流会吸引了 当地政要、知名企业家、商协会代表等400多人参加，共达成合作项目30个、金额18.6亿美元，涉及农 业、新能源、电子信息等多个领域。 在埃期间，代表团前往友好省亚历山大省开展友好交流。在会见该省负责人时，王伟中表示，今年是广 东省与亚历山大省结好15周年，希望以友城为桥梁，进一步深 ...

美国政府的关税政策正在冲击美国社会的方方面面。日前，一名美国媒体记者邀请一名经济学家走进他家的厨房，看看那里有多少产品是中国制造的，加征 关税会给普通美国人带来哪些影响？ 美国布兰戴斯国际商学院副教授 丹尼尔·贝格斯特雷塞尔：那些勺子是哪里制造的 ？ 美媒记者 保罗·索尔曼：稍等，我看一下。勺子是中国制造的 。 美国布兰戴斯国际商学院副教授 丹尼尔·贝格斯特雷塞尔：中国制造的？ 美媒记者 保罗·索尔曼：没错，中国制造。 美国布兰戴斯国际商学院副教授 丹尼尔·贝格斯特雷塞尔：我不想你看的时候烫到自己，但这个烧水壶很可能也是中国制造的。 美媒记者 保罗·索尔曼：让我看一下。果然，是中国制造。 美国布兰戴斯国际商学院副教授 丹尼尔·贝格斯特雷塞尔：这些马克杯是哪里造的？ 美媒记者 保罗·索尔曼：同样是中国制造。 索尔曼介绍说，他家厨房里还有其他一些小家电也都是在中国制造的。 美国布兰戴斯国际商学院副教授 丹尼尔·贝格斯特雷塞尔：烤箱可能也是中国制造的。 美媒记者 保罗·索尔曼：是的，我们看这里。没错，中国制造。破壁机我们也看一下，也是中国制造。 "美关税政策令投资者裹足不前" 加征关税不仅意味着消费者要承受涨价的代 ...

编号：25-03 | | √特定对象调研 □分析师会议 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | □媒体采访 □业绩说明会 | | | | | | | | | | | 投资者关系活动 类别 | □新闻发布会 □路演活动 | | | | | | | | | | | | □现场参观 | | | | | | | | | | | | □其他（请文字说明其他活动内容） | | | | | | | | | | | | 银河证券、 宝盈基金、华夏基金、交银施罗德、新华基金、 | | | | | | | | | | | | 西部利得、 IGWT Investment、上海五地私募基金管理有限公司、 | | | | | | | | | | | | 香港沪光国际投资管理公司、湖南八零后资产管理有限公司、 | | | | | | | | | | | | 深圳中天汇富基金管理有限公司、上海富善投资有限公司、深 圳市尚诚资产管理有限责任公司、太平资产管理有限公司、爱 | | | | | | | ...

Group 1 - Xiaomi's founder Lei Jun emphasized the importance of mutual learning between Xiaomi and Midea to enhance home appliance products and drive industry development [2] - Midea's chairman Fang Hongbo acknowledged Xiaomi's entry into the home appliance market, viewing it positively as a catalyst for change in a previously stagnant industry [2] - Midea has conducted extensive research on Xiaomi, compiling reports totaling over 100,000 words, to identify its own competitive advantages in response to market changes [2] Group 2 - In the air conditioning segment, Xiaomi has rapidly gained market share online, achieving a 13.41% market share, ranking third behind Midea at 25.41% and Gree at 24.91% [2] - In the washing machine category, Xiaomi's brand Mijia lags significantly behind Midea's sub-brand Little Swan, which holds a 38.35% market share, while Mijia only accounts for 4.9% [3] - Despite the current gap in major home appliance products, Xiaomi's strong online sales performance suggests the potential to become a significant player alongside Midea and Gree in the future [3]