1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The overall performance of the main contracts of Treasury bond futures this week was a volatile upward trend, with the 30 - year variety showing a relatively strong trend. The overall environment is favorable for the bond market, and Treasury bond futures may experience a slightly more volatile trend. For trading - type investments, a band - operation strategy is recommended [5][37][38] 3. Summary by Related Catalogs Treasury Bond Futures Market - This week, the main contracts of Treasury bond futures showed a volatile upward trend. By the end of the week, the 30 - year Treasury bond rose 0.71%, the 10 - year Treasury bond rose 0.14%, the 5 - year Treasury bond rose 0.12%, and the 2 - year Treasury bond rose 0.09% [5] Consumption Data - In May, the total retail sales of consumer goods reached 41326 billion yuan, a year - on - year increase of 6.4%, exceeding the market expectation of 4.9%. From January to May, the total retail sales of consumer goods increased by 5.0% year - on - year. The retail sales of consumer goods excluding automobiles were 184324 billion yuan, an increase of 5.6% [8] - In May, driven by the trade - in policy, the retail sales of household appliances and audio - visual equipment, communication equipment, cultural and office supplies, and furniture in units above the designated size increased by 53.0%, 33.0%, 30.5%, and 25.6% respectively. The sales of basic daily necessities and some upgraded consumer goods also showed good growth momentum. The retail sales of automobiles in units above the designated size increased by 1.1% year - on - year [10] Investment Data - From January to May, the national fixed - asset investment increased by 3.7% year - on - year, lower than the market expectation of 4.0%. Among them, the broad - based infrastructure investment (including electricity) increased by 10.42%, the narrow - based infrastructure investment (excluding electricity) increased by 5.6%, the manufacturing investment increased by 8.5%, and the real estate development investment decreased by 10.7% [13] Real Estate Market - From January to May, the sales area of newly - built commercial housing nationwide was 35315 million square meters, a year - on - year decrease of 2.9%, and the sales volume was 34091 billion yuan, a decrease of 3.8% [15] - In the first half of June, the average daily transaction area of commercial housing in 30 large - and medium - sized cities was 220,000 square meters, a year - on - year decrease of 10% [17] - In May, the sales prices of second - hand residential properties in first - tier cities decreased by 0.7% month - on - month, with the decline rate expanding by 0.5 percentage points compared to the previous month. The sales prices of second - hand residential properties in second - and third - tier cities decreased by 0.5% month - on - month, with the decline rate expanding by 0.1 percentage points [21] Service Industry and Industrial Production - In May, the national service industry production index increased by 6.2% year - on - year. Among them, the production indexes of information transmission, software and information technology services, leasing and business services, and wholesale and retail industries showed relatively fast growth [23] - In May, the added value of industrial enterprises above the designated size increased by 5.8% year - on - year, slightly exceeding the market expectation of 5.7%. The product sales rate of industrial enterprises above the designated size was 95.9%, a year - on - year decrease of 0.7 percentage points [26][28] Unemployment Rate - In May, the national urban surveyed unemployment rate was 5.0%, a decrease of 0.1 percentage points compared to the previous month, and the same as the same period last year [31] Capital Market Interest Rates - This week, the capital market interest rates remained stable. The weighted average of DR001 was 1.37%, and the weighted average of DR007 was 1.52%. The average issuance rate of one - year AAA inter - bank certificates of deposit was 1.65%, a slight decline. The loan prime rate (LPR) announced on June 20 was the same as last month [34] Market Logic and Trading Strategy - The market logic is that from January to May, the fixed - asset investment growth rate was lower than market expectations, while May's consumption growth was significantly better than expected. Exports maintained a relatively high positive growth, industrial production grew steadily and rapidly, the unemployment rate decreased slightly, and the social financing scale and credit data were close to market expectations. The overall environment is favorable for the bond market [37] - The trading strategy is that trading - type investments should adopt a band - operation strategy [38]

Core Viewpoint - Midea Group has been expanding its B2B business, which now accounts for 25.67% of total revenue in 2024, up from 18.5% in 2020, indicating significant growth in this segment [1][3]. Group 1: B2B Business Expansion - Midea's B2B business includes areas such as new energy and industrial technology, robotics and automation, and smart building technology, with respective revenue contributions of 8.26%, 7.05%, 6.99%, and 3.37% as of 2024 [3]. - The company employs a strategy of "point-to-surface" to create a closed-loop system, enhancing customer loyalty by cross-selling products within building scenarios [3][9]. - Midea has made strategic acquisitions, such as HeKang New Energy and Kelu Electronics, to complete its full industry chain in solar energy, storage, and smart grids, with the new energy business currently contributing about 10% to overall revenue [9][10]. Group 2: Competitive Landscape and Strategy - The energy sector is dominated by state-owned enterprises, making it challenging for most companies to reach the end-user; however, Midea's focus on solar and storage allows direct access to both B2B and B2C markets [4][6]. - Midea's dual-brand strategy, utilizing both Midea and Kelu, aims to enhance competitiveness in the large storage market, focusing on historical bidding volume, warranty, after-sales capabilities, and safety management [13][14]. - The company is adapting to changes in the commercial storage market, where clients are increasingly interested in the actual benefits of storage solutions rather than just hardware specifications [16][17]. Group 3: Technological Integration and Future Outlook - Midea plans to integrate heat pump technology into its storage systems, leveraging its position as one of the largest heat pump manufacturers globally, which could disrupt the current dominance of electrochemical storage solutions [19]. - The company is also exploring AI-driven operational technologies for virtual power plants and electricity trading, which are becoming key selling points in the commercial storage sector [17][18].

云南省商务厅副厅长浩一山表示，云南不仅自然风光秀丽，历史文化悠久，区位、资源等优势明显，发 展潜力巨大。希望两省企业借此契机找到商机，拓展市场，实现优势互补，共同发展。"我们将以云南 效率、云南服务、云南诚信，为企业提供优质的营商环境，用心用情服务企业发展。" 现场，粤滇企业面对面开展对接洽谈。(完) （文章来源：中国新闻网） 中新网昆明6月19日电 (蒲锦琦)由广东省商务厅、云南省商务厅共同主办的粤贸全国·粤滇经贸交流对接 活动19日在昆明举行。近百家粤滇企业齐聚"春城"昆明，共拓合作商机。 位于中国西南的云南省拥有丰富的自然资源和独特的民族文化。地处华南沿海的广东省则是改革开放的 前沿。近年来，在泛珠三角区域合作框架下，粤滇交往日益频繁，合作越来越密切，成效越来越明显。 "粤贸全国"是广东省推进贸易高质量发展的重要载体和抓手，旨在搭建常态化经贸对接平台，助力企业 开拓国内市场。自2021年4月启动以来，每年组织粤企参加百场以上展会活动，带动企业拓市场、拿订 单。4年来，该平台累计撬动超2100亿元意向成交，15万家广东企业参与。 "此次参会的35家广东企业涵盖智能制造、家用电器、消费电子等领域，既有生产商 ...

从市场驱动逻辑来看，A股市场当前的调整更多受到内部技术面与地缘政治风险的拖累，而 港股市场则在一定程度上受到全球市场流动性和投资者情绪的影响。 A股中，银行、电子、家用电器等蓝筹或周期性较强的板块表现相对抗跌，跌幅集中在0.23%至0.56%之 间，显示出市场在结构性调整中，对基本面稳健、估值合理的行业仍有一定支撑。与此同时，部分科技 成长板块逆势表现活跃，如受第五届中国国际固态电池科技大会即将举行等消息催化，固态电池相关领 域呈现强势；受益于AI需求拉动的PCB概念，以及因国际人形机器人专业展即将举办而走强的机器人板 块均有良好表现。相反，国防军工、美容护理、有色金属等板块跌幅较大，尤其是国防军工板块，跌幅 达2.58%；可控核聚变、减肥药等题材则调整明显，表明这些受政策预期和外部环境影响较大的行业在 当前阶段面临一定压力。 港股方面，日常消费品经销与零售、生物科技等板块跌幅较大，其中日常消费品经销与零售板块跌 3.67%，生物科技板块跌3.96%，显示出在当前市场环境下，投资者对高估值的成长型行业信心有所减 弱。医疗保健业、原材料业、工业等指数跌幅亦较为显著；而金融服务和房地产相关板块也出现了不同 程度的 ...

Core Viewpoint - The recent rebalancing of the CSI Dividend Quality Index is a significant departure from traditional index rebalancing methods, focusing on a more strategic approach that emphasizes quality and lower valuations in the selected stocks [1][20]. Group 1: Industry Changes - The rebalancing involved a complete exit from coal and financial sectors, with strong additions from consumer and manufacturing sectors [2][10]. - A total of 21 constituent stocks were adjusted, with both the number and weight of changes around 42% [2][3]. Group 2: Stock Exclusions - Notably, no major bank stocks were retained, and traditional high-dividend sectors like coal and oil were also excluded [5][9]. - The only two financial stocks, China Ping An and China Pacific Insurance, were removed, marking a shift to a "non-financial dividend index" [8][7]. Group 3: Stock Inclusions - New inclusions are primarily from consumer healthcare, machinery manufacturing, and non-ferrous chemicals, establishing a foundation for the index [10]. Group 4: Valuation and Quality Improvements - The rebalancing resulted in a decrease in average price-to-earnings (PE) ratio from 20 to 18, and the median from 21 to 17 [14]. - The average price-to-book (PB) ratio decreased from 3.5 to 3.3, while the median remained at 3.1 [14]. - The average return on equity (ROE) increased from below 17% to above 18% [15]. Group 5: Retained Stocks Performance - The retained stocks in the index showed superior metrics, with average dividend yield and ROE both exceeding those of the newly added and removed stocks [18]. - The average PE ratio of retained stocks was below 0.9, indicating a more favorable valuation compared to the new inclusions [18]. Group 6: Conclusion - The CSI Dividend Quality Index aims to combine low valuations with high-quality companies, making it a benchmark for value investors [23][26]. - The strategy emphasizes the importance of buying into a logical framework rather than relying solely on past performance [25].

Investment Rating - The report recommends investment in the home appliance sector, particularly in companies with stable performance and increasing dividend rates [8]. Core Viewpoints - The home appliance industry is expected to benefit from long-term stability due to its essential nature and competitive advantages globally, despite facing short-term pressures from market competition and external factors like tariffs [7][8]. - The report highlights the importance of government subsidy policies, particularly the "old-for-new" program, which is anticipated to continue supporting consumer demand in 2024 and 2025 [7][8]. - The report identifies key investment opportunities in the white goods sector, emphasizing the significance of companies' performance stability and dividend yield in the current low-risk interest rate environment [7][8]. Summary by Sections 1. Industry Performance Review - The home appliance sector has outperformed the market since 2023, with the SW home appliance index showing increases of 3.8% in 2023, 25.4% in 2024, and 1.93% in 2025 YTD [7][12]. - The sector's performance is attributed to the essential nature of large appliances and the benefits from government subsidy policies [7][12]. 2. Domestic Sales Supported by Policies - The "old-for-new" policy has effectively stimulated the market, with retail sales expected to grow significantly due to government support [42][44]. - The retail market for home appliances is projected to reach CNY 1,030.7 billion in 2024, a year-on-year increase of 12.3% [42]. 3. Overseas Market Dynamics - The report notes a shift in the global supply chain, with Chinese home appliance companies expected to benefit from increased order concentration in the U.S. market by 2026 [7][8]. - Exports of home appliances are projected to grow by 3.8% in 2023 and 14.1% in 2024, with significant increases in air conditioning exports [7][8]. 4. White Goods Market Insights - The air conditioning market is expected to remain strong in 2024, driven by government subsidies, although competition in the online market is intensifying [7][8]. - The report emphasizes the importance of product upgrades in the refrigerator and washing machine segments, which are expected to maintain stable sales due to their essential nature [7][8]. 5. Investment Recommendations - The report recommends investing in leading companies such as Midea Group, Haier Smart Home, Hisense Visual, and Gree Electric, focusing on their stable earnings and high dividend yields [8]. - The black goods sector presents opportunities due to improved global competitiveness, while the cleaning appliance segment is highlighted for its growth potential following industry consolidation [7][8].

中共中央政治局常委、国务院总理李强6月16日至18日在江苏调研。他强调，要深入贯彻习近平总书记关于做 好经济工作的重要指示精神，坚持创新驱动发展，着力扩大有效需求，进一步营造干事创业浓厚氛围，在深化 改革开放中激发高质量发展动力活力，推动经济运行持续向好。 李强先后来到徐州市、南京市，走进企业、科研院所、工程现场、贸易合作平台等，深入了解经济运行情况。 在江苏汇智高端工程机械创新中心有限公司，李强听取实验项目等汇报，察看核心零部件和产品。他指出，工 程机械行业高端化、智能化、绿色化发展是大势所趋。要对标国际先进水平，积极运用人工智能、清洁能源等 技术，推动产业转型升级。要聚合行业资源，搭建大中小企业协同创新平台，促进企业优势互补、相互赋能。 在深地科学与工程云龙湖实验室，李强听取相关技术装备研发进展等介绍，希望大家把科技创新和产业需求有 效结合，推进重大原始创新和技术突破，加快产业化落地和市场应用推广。在南京原子制造研究所，李强了解 原子级制造技术发展等情况，勉励他们锚定新领域新赛道，加强前瞻性布局，深入开展基础研究，推动跨学科 交叉融合创新和开放合作，抢占未来科技和产业发展制高点。 李强来到南京北站项目现场 ...

Core Viewpoint - The article discusses the current economic situation in China, highlighting the mixed performance of consumption, industrial production, and investment, indicating a potential lack of sustainability in the recent economic recovery [7]. Consumption - In May 2025, retail sales showed a cumulative year-on-year growth rate of 5.0%, up 0.3 percentage points from April, driven by government subsidies and increased consumer travel [7][18]. - The demand for gold and jewelry has increased due to rising gold prices, but this consumption is not stable and may not be sustainable if income does not improve [7]. - The overall consumer sentiment is cautious, with a preference for using savings over loans for consumption, reflecting a weak growth in new short-term loans [7]. Industrial Production - The cumulative year-on-year growth rate of industrial added value in May 2025 was 6.3%, a decrease of 0.1 percentage points from April, indicating a slowdown in industrial production [7]. - The Consumer Price Index (CPI) remained in negative territory at -0.1%, suggesting ongoing deflationary pressures [7]. Investment - Fixed asset investment showed a cumulative year-on-year growth rate of 3.7% in May 2025, down 0.3 percentage points from April, with real estate investment declining by 10.7% [7]. - Infrastructure investment grew by 10.42%, but this was also a decline of 0.43 percentage points from the previous period, indicating a weakening trend across various sectors [7]. - The article emphasizes that the real estate sector requires additional policy support to stabilize [7]. Market Outlook - The bond market is expected to remain in a favorable position due to a loose monetary policy and weak real financing, with a recommendation to maintain duration and wait for positive developments [7]. - The recent strong performance in credit bonds is attributed more to expectations rather than actual capital movement from deposits to non-banking sectors [7].

Market Overview - The oil prices continued to rise significantly due to geopolitical conflicts, while the domestic equity market showed mixed performance, with the ChiNext Index increasing by 0.22% [3] - The sectors that performed well included non-ferrous metals, oil and petrochemicals, and agriculture, while food and beverage, home appliances, and building materials sectors saw declines [3] Fund Issuance - A total of 16 new funds were established in the domestic market this week, with a total issuance of 8.934 billion units. This included 5 bond funds, 6 mixed funds, 4 equity funds, and 1 FOF fund [4] - Overall, 34 new funds were issued across the market, comprising 19 equity funds, 5 mixed funds, 4 FOF funds, 3 bond funds, 2 REITs, and 1 international (QDII) fund [4] Fund Performance Tracking - The medical theme funds continued to show an advantage, increasing by 3.75%, while TMT theme funds experienced a net value decline. As of June 13, 2025, the performance of various thematic funds was as follows: medical (3.75%), cyclical (2.44%), financial real estate (1.01%), industry rotation (0.37%), national defense and military industry (0.20%), industry balance (0.08%), new energy (-0.02%), consumption (-1.01%), and TMT (-1.26%) [5] ETF Market Tracking - Stock ETFs experienced continued outflows, with significant net outflows from large-cap broad-based ETFs. Conversely, Hong Kong stock and commodity ETFs saw inflows. The median return for stock ETFs was -0.10%, with a net outflow of 15.42 billion yuan [6][7] - The median return for Hong Kong ETFs was 0.65%, with a net inflow of 1.866 billion yuan, while cross-border ETFs had a median return of 0.63% and a net outflow of 2.278 billion yuan. Commodity ETFs had a median return of 1.54% and a net inflow of 2.039 billion yuan [7] Fund Positioning - The estimated position of actively managed equity funds decreased by 0.50 percentage points compared to the previous week. In terms of sector allocation, funds increased their positions in oil and petrochemicals, non-ferrous metals, and telecommunications, while reducing holdings in home appliances, food and beverage, and electronics [9] ESG Financial Products Tracking - The green bond issuance market was active this week, with 24 new green bonds issued, totaling 39.782 billion yuan. The cumulative issuance of green bonds in the domestic market reached 4.52 trillion yuan, with a total of 3,895 bonds issued [10] - In terms of fund performance, the median net value change for actively managed equity, passive index equity, and bond ESG funds was -0.16%, 0.21%, and 0.08%, respectively. Funds focused on carbon neutrality, sustainability, and the Belt and Road Initiative performed notably well. As of June 13, 2025, there were 213 ESG funds in the domestic market, with a total scale of 132.331 billion yuan [10]

沪指6月17日下跌0.04%，申万所属行业中，今日上涨的有14个，涨幅居前的行业为煤炭、公用事业， 涨幅分别为0.89%、0.82%。家用电器行业今日上涨0.48%。跌幅居前的行业为医药生物、美容护理，跌 幅分别为1.44%、1.24%。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 000333 | 美的集团 | 1.12 | 0.47 | 29092.48 | | 603215 | 比依股份 | 6.13 | 17.67 | 9597.08 | | 600690 | 海尔智家 | 2.01 | 0.68 | 8985.90 | | 603579 | 荣泰健康 | 10.01 | 6.24 | 4534.79 | | 300342 | 天银机电 | 2.99 | 8.92 | 4486.90 | | 002402 | 和而泰 | 1.63 | 4.33 | 3637.89 | | 300403 | 汉宇集团 | 1.06 | 5.44 | 1730.93 | | 300911 | 亿田智能 | ...