证券之星消息，9月4日白色家电板块较上一交易日下跌0.54%，海尔智家领跌。当日上证指数报收于 3765.88，下跌1.25%。深证成指报收于12118.7，下跌2.83%。白色家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 001387 | 雪祺电气 | 13.43 | 1.28% | 4.13万 | 5563.19万 | | 000521 | 长虹美菱 | 7.41 | 1.09% | 24.17万 | 1.79亿 | | 600983 | 惠而浦 | 10.69 | 0.66% | 4.07万 | 4348.27万 | | 000016 | 深康佳A | 5.43 | 0.37% | 1 66.45万 | 3.64Z | | 000333 | 美的集团 | 75.59 | -0.04% | 44.35万 | 33.29亿 | | 000921 | 海信家电 | 24.60 | -0.28% | 12.33万 | 3.03亿 | | 600336 | 澳柯玛 | 6 ...

Investment Rating - The investment rating for the company is "Increase" [4] Core Views - The company's performance in H1 2025 is under pressure, with a revenue of 97.6 billion (down 3%) and a net profit of 14.4 billion (up 2%) [6] - The report indicates a downward adjustment in the annual profit forecast, expecting net profit for 2025 and 2026 to be 32.1 billion and 33.6 billion respectively, with a year-on-year growth of 0% and 5% [11] Financial Performance Summary - For H1 2025, the revenue from consumer electronics, primarily air conditioners, accounted for nearly 80% of total revenue, showing a decline of 5% [7] - The industrial products and green energy segment, mainly from Shieldan and Gree Titanium, saw a revenue increase of 17% in H1 2025 [8] - The gross profit margin for H1 2025 was 29% (down 1 percentage point), with domestic sales gross margin at 34.56% [10] - The net profit margin for Q2 2025 was 15.2%, benefiting from effective measures to recover channel profits [10] Revenue and Profit Forecast - The company's revenue is projected to decline to 190.04 billion in 2024, followed by a slight recovery to 203.50 billion by 2027 [4] - The earnings per share (EPS) is expected to be 5.75 in 2024 and increase to 6.31 by 2027 [4] Market and Competitive Landscape - The report highlights that the company is facing intensified market competition, particularly in the low-end air conditioning segment, which has affected its growth [11] - The company is restructuring its sales channels to adapt to market conditions, indicating a strategic shift to enhance competitiveness [11]

Core Viewpoint - The AI Fund Zhongtai Hongli Value One-Year Holding Mixed Fund (014772) reported a profit of 47.4459 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.0881 yuan and a net asset value growth rate of 6.66% [3] Group 1: Fund Performance - As of September 3, the fund's unit net value was 1.454 yuan, with a one-year cumulative net value growth rate of 30.04%, ranking 192 out of 256 comparable funds [3][6] - The fund's net value growth rate over the past three months was 7.25%, and over the past six months, it was 10.42%, ranking 232 out of 256 and 214 out of 256 respectively [6] - The fund's three-year cumulative net value growth rate was 48.02%, ranking 13 out of 241 comparable funds [6] Group 2: Fund Management and Strategy - The fund manager indicated that there was little change in the types of holdings during the reporting period, but the overall position was slightly reduced due to an assessment of reinvestment risks and opportunity costs [3] - The fund's stock holdings have a high concentration, with the top ten holdings consistently exceeding 60% over the past two years [39] Group 3: Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 1.96 times, significantly lower than the industry average of 26.16 times [12] - The weighted average price-to-book (P/B) ratio was about 0.16 times, compared to the industry average of 2.38 times, and the weighted average price-to-sales (P/S) ratio was approximately 0.09 times, against an industry average of 2.05 times [12] Group 4: Growth Metrics - For the first half of 2025, the weighted average revenue growth rate of the fund's stock holdings was -0.06%, and the weighted average net profit growth rate was -0.05% [18] - The weighted annualized return on equity was 0.08% [18] Group 5: Fund Size and Shareholder Composition - As of June 30, 2025, the fund's total size was 751 million yuan, with 1,861 holders collectively owning 535 million shares [30][33] - Management personnel held 3.9159 million shares, accounting for 0.73% of the total, while individual investors held 100% of the shares [33]

【白电三巨头"第二曲线"对决：美的B端强势，海尔多元布局，格力何时破局？】 ...

快查股权穿透数据显示，该公司由海尔智家、国信证券持股，出资比例为3.25%、1.17%。 （来源：快查一企业中标了） 快查APP显示，海尔智家、国信证券相关公司青岛银行股份有限公司于2025年9月3日发布一则招标信 息，项目名称为青岛银行新建外汇展业风险管理系统项目竞争性磋商公告，预算金额为158.00万元。 ...

Quantitative Models and Construction Methods Model Name: Quantitative Market Trend Analysis Framework - **Model Construction Idea**: The model aims to solve the systematic rotation problem of styles by conducting a bottom-up quantitative market trend analysis. It identifies the dominant asset characteristics that represent the future market's mainstream style through a comprehensive comparison of assets[1][5] - **Model Construction Process**: - The model considers five style stages based on the asset's industry lifecycle: external growth, quality growth, quality dividend, value dividend, and bankruptcy value[1][5] - The priority for asset comparison is based on the sequence: growth (g) > return on equity (ROE) > dividend (D)[1][5] - The model uses the spread of asset advantage differences to capture the trend changes of top assets, similar to factor timing[20] - **Model Evaluation**: The framework has shown good explanatory power for past A-share style rotations, achieving an annualized return of 27.25% since 2009[15] Model Backtesting Results - **Quantitative Market Trend Analysis Framework**: - 2009: Asset Comparison Strategy 133%, Wind All A 82%, Excess Return 51%[18] - 2010: Asset Comparison Strategy 7%, Wind All A -7%, Excess Return 14%[18] - 2011: Asset Comparison Strategy -33%, Wind All A -22%, Excess Return -11%[18] - 2012: Asset Comparison Strategy 5%, Wind All A 5%, Excess Return 0%[18] - 2013: Asset Comparison Strategy 41%, Wind All A 5%, Excess Return 36%[18] - 2014: Asset Comparison Strategy 48%, Wind All A 52%, Excess Return -4%[18] - 2015: Asset Comparison Strategy 55%, Wind All A 38%, Excess Return 16%[18] - 2016: Asset Comparison Strategy -14%, Wind All A -13%, Excess Return -1%[18] - 2017: Asset Comparison Strategy 32%, Wind All A 5%, Excess Return 27%[18] - 2018: Asset Comparison Strategy -21%, Wind All A -28%, Excess Return 7%[18] - 2019: Asset Comparison Strategy 41%, Wind All A 33%, Excess Return 8%[18] - 2020: Asset Comparison Strategy 69%, Wind All A 26%, Excess Return 44%[18] - 2021: Asset Comparison Strategy 47%, Wind All A 9%, Excess Return 38%[18] - 2022: Asset Comparison Strategy 44%, Wind All A -19%, Excess Return 62%[18] - 2023: Asset Comparison Strategy 5%, Wind All A -5%, Excess Return 10%[18] - 2024: Asset Comparison Strategy 62%, Wind All A 10%, Excess Return 52%[18] - 2025 (Aug): Asset Comparison Strategy 27%, Wind All A 23%, Excess Return 4%[18] Quantitative Factors and Construction Methods Factor Name: Expected Growth (gf) - **Factor Construction Idea**: The factor focuses on the highest analyst forecasted growth rates, regardless of the cycle stage[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with the highest expected growth rates as forecasted by analysts[6] - The spread of expected growth advantage differences (Δgf) is used to capture the trend changes in top assets[20] - **Factor Evaluation**: The factor has shown significant excess returns since 2019, with notable performance in 2014-2015[34] Factor Name: Actual Growth (g) - **Factor Construction Idea**: The factor focuses on industries with the highest actual growth rates, particularly during transition and growth periods[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with the highest actual growth rates (Δg)[6] - The spread of actual growth advantage differences (Δg) is used to capture the trend changes in top assets[24] - **Factor Evaluation**: The factor has shown significant excess returns in growth-dominant environments[36] Factor Name: Profitability (ROE) - **Factor Construction Idea**: The factor focuses on industries with high ROE and low valuation under the PB-ROE framework, concentrated in mature periods[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with high ROE and low PB-ROE residuals[6] - The spread of ROE advantage differences is used to capture the trend changes in top assets[26] - **Factor Evaluation**: The factor has shown significant excess returns from 2016 to 2020, with weaker performance since 2021[39] Factor Name: Quality Dividend (DP+ROE) - **Factor Construction Idea**: The factor focuses on industries with the highest DP+ROE scores, concentrated in mature periods[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with the highest DP+ROE scores[6] - The spread of DP+ROE advantage differences is used to capture the trend changes in top assets[42] - **Factor Evaluation**: The factor has shown significant excess returns in 2016, 2017, and 2023[43] Factor Name: Value Dividend (DP+BP) - **Factor Construction Idea**: The factor focuses on industries with the highest DP+BP scores, concentrated in mature periods[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with the highest DP+BP scores[6] - The spread of DP+BP advantage differences is used to capture the trend changes in top assets[45] - **Factor Evaluation**: The factor has shown significant excess returns in 2009, 2017, and 2021-2023[46] Factor Name: Bankruptcy Value (PB+SIZE) - **Factor Construction Idea**: The factor focuses on industries with the lowest PB+SIZE scores, concentrated in stagnation and recession periods[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with the lowest PB+SIZE scores[6] - The spread of PB+SIZE advantage differences is used to capture the trend changes in top assets[48] - **Factor Evaluation**: The factor has shown significant excess returns in 2015-2016 and 2021-2023[49] Factor Backtesting Results - **Expected Growth (gf)**: - Cable: 12 stocks, largest weight stock Zhongtian Technology, average market cap 21.791 billion yuan, 3-month performance 49.62%[34] - Cement: 19 stocks, largest weight stock Conch Cement, average market cap 17.929 billion yuan, 3-month performance 12.71%[34] - Glass Fiber: 6 stocks, largest weight stock China Jushi, average market cap 26.657 billion yuan, 3-month performance 63.67%[34] - Rare Earth and Magnetic Materials: 17 stocks, largest weight stock Northern Rare Earth, average market cap 31.018 billion yuan, 3-month performance 98.77%[34] - White Goods III: 10 stocks, largest weight stock Midea Group, average market cap 113.675 billion yuan, 3-month performance -1.21%[34] - **Actual Growth (g)**: - Integrated Circuits: 104 stocks, largest weight stock Cambricon-U, average market cap 45.058 billion yuan, 3-month performance 42.93%[37] - PCB: 38 stocks, largest weight stock Shenghong Technology, average market cap 27.163 billion yuan, 3-month performance 112.10%[37] - Tungsten: 4 stocks, largest weight stock Xiamen Tungsten, average market cap 30.523 billion yuan, 3-month performance 69.26%[37] - Lithium Battery Equipment: 12 stocks, largest weight stock Lead Intelligent, average market cap 11.731 billion yuan, 3-month performance 60.15%[37] - Weapons and Equipment III: 12 stocks, largest weight stock Great Wall Military Industry, average market cap 21.307 billion yuan, 3-month performance 80.22%[37] - **Profitability (ROE)**: - Beer: 7 stocks, largest weight stock Tsingtao Brewery, average market cap 26.758 billion yuan, 3-month performance -3.94%[39] - Liquor: 20 stocks, largest weight stock Kweichow Moutai, average market cap 162.722 billion yuan, 3-month performance 4.12%[39] - Non-dairy Beverages: 7 stocks, largest weight stock Eastroc Beverage, average market cap 32.754 billion yuan, 3-month performance -4.45%[39] - Network Connection and Tower Setup: 19 stocks, largest weight stock Zhongji Xuchuang, average market cap 64.299 billion yuan, 3-month performance 202.29%[39] - Building Decoration III: 28 stocks, largest weight stock Gold Mantis, average market cap 3.436 billion yuan, 3-month performance 4.42%[39] - **Quality Dividend (DP+ROE)**: - Automotive Motor Control: 15

证券之星消息，9月3日白色家电板块较上一交易日下跌0.56%，深康佳Ａ领跌。当日上证指数报收于 3813.56，下跌1.16%。深证成指报收于12472.0，下跌0.65%。白色家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000651 | 格力电器 | 41.54 | 0.05% | 82.25万 | | 34.35 Z | | 600690 | 海尔智家 | 26.19 | -0.42% | 46.85万 | | 12.25 乙 | | 002668 | TCL智家 | 10.39 | -0.48% | 19.32万 | | 2666T | | 000333 | 美的集团 | 75.62 | -0.71% | 50.49万 | | 38.27亿 | | 000921 | 海信家电 | 24.67 | -1.87% | 12.32万 | | 3.07亿 | | 000521 | 长郎美泰 | 7.33 | -1.87% | 15.78万 | | 1. ...

Group 1: 恒瑞医药 - Company received approval for clinical trials of HRS-7172 tablets, a new anti-tumor small molecule inhibitor [1] - Subsidiary received approval for SHR-A2009, an antibody-drug conjugate targeting HER3 [1] - Company was established in April 1997, focusing on drug research, production, and sales [1] Group 2: 康德莱 - Controlling shareholder plans to transfer 5% of shares to strategic investor at a price of 10.81 yuan per share, totaling 236 million yuan [1] - Post-transfer, controlling shareholder's stake will decrease from 39.58% to 34.58% [1] - Company was established in July 1998, specializing in medical devices [2] Group 3: 中钢洛耐 - Shareholder plans to reduce holdings by up to 1% of total shares due to fund exit needs [3] - Company was established in August 2006, focusing on high-end refractory materials [3] Group 4: 瑞玛精密 - Subsidiary completed acquisition of land in Mexico for production operations, covering 52,300 square meters at a price of 3.4064 million USD [4] - Company was established in March 2012, specializing in precision metal stamping and related products [4] Group 5: 鸿博股份 - Company confirmed normal operations despite stock price fluctuations exceeding 20% over three trading days [5] - Company was established in June 1999, focusing on lottery services and high-end packaging [6] Group 6: 东芯股份 - Company completed stock trading risk investigation and resumed trading [7] - Company was established in November 2014, specializing in storage chip design and sales [7] Group 7: 凯迪股份 - Company stated that its robot products are still in development and will not generate revenue in the short term [8] - Company was established in August 1992, focusing on linear drive systems [8] Group 8: 诺唯赞 - Major shareholder plans to reduce holdings by up to 3% due to funding needs [9] - Company was established in March 2012, focusing on functional proteins and organic materials [9] Group 9: 君实生物 - Company received approval for clinical trials of JT118 injection, a "two-in-one" recombinant protein vaccine for monkeypox [10] - Company was established in December 2012, focusing on new drug research and related services [10] Group 10: 赛力斯 - Company reported August sales of 45,818 vehicles, with a 19.57% increase in new energy vehicle sales [11] - Company was established in September 2012, focusing on automotive research and sales [11] Group 11: 燕东微 - Major shareholder plans to reduce holdings by up to 1% due to management needs [13] - Company was established in October 1987, focusing on semiconductor products and services [13] Group 12: 中百集团 - Company reported cumulative litigation and arbitration amounts of approximately 262 million yuan over the past 12 months [14] - Company was established in January 1990, focusing on retail business [14] Group 13: 金开新能 - Company received 939 million yuan in renewable energy subsidies, with a 341.67% increase year-on-year [15] - Company was established in March 1997, focusing on renewable energy development and operation [15] Group 14: *ST天茂 - Company plans to terminate stock listing and initiate cash option mechanism for shareholders [16] - Company was established in November 1993, focusing on various insurance services [16] Group 15: 宁德时代 - Company repurchased 8.69 million A-shares for a total of 2.131 billion yuan [17] - Company was established in December 2011, focusing on battery research and production [17] Group 16: 山西高速 - Controlling shareholder plans to increase holdings by 30 to 60 million yuan [18] - Company was established in February 1996, focusing on highway management [18] Group 17: 青岛银行 - Major shareholder plans to increase holdings by 233 to 291 million shares [19] - Company was established in November 1996, focusing on banking services [19] Group 18: 格力电器 - Major shareholder completed share increase of 46.38 million shares for 2.099 billion yuan [20] - Company was established in December 1989, focusing on air conditioning production and sales [20] Group 19: 中国石油 - Company plans to transfer 541 million A-shares to China Mobile Group to enhance strategic cooperation [21] - Company was established in November 1999, focusing on oil and gas exploration and production [21] Group 20: 镇洋发展 - Company announced a merger plan with Zhejiang Huhangyong Highway Co., with a share exchange ratio of 1:1.08 [22] - Company was established in December 2004, focusing on chemical products [22]

Market Trends - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,858.13, down 0.45% [4] - The agricultural sector performed positively, with the agricultural and forestry sector index increasing by 2.02% during the week of August 25 to August 31, 2025 [5] Agricultural Sector Insights - The report suggests focusing on the recovery cycle of feed and marginal improvements in livestock farming [5] - The average price of live pigs in key provinces as of August 29 was 13.25, 14.84, and 13.73 CNY/kg for Sichuan, Guangdong, and Henan respectively, with an overall average pork price of 19.94 CNY/kg, reflecting a 0.80% decrease week-on-week [5] - The report highlights the potential for a recovery in the feed industry due to declining upstream raw material prices and improving conditions in the livestock sector, recommending investment in companies like Haida Group [5] AI Industry Development - The State Council issued an opinion on August 26, 2025, to implement "Artificial Intelligence+" actions, aiming for deep integration of AI with six key sectors by 2027 [7] - Shanxi Province has established a leading position in computing power resources, with a comprehensive computing power index ranking eighth nationally, and has built a robust AI application ecosystem [7][8] Company Performance: Midea Group - Midea Group reported a revenue of 252.33 billion CNY for H1 2025, a year-on-year increase of 15.68%, with a net profit of 26.01 billion CNY, up 25.04% [9] - The fastest growth was seen in the new energy and industrial technology sectors, with revenues of 21.96 billion CNY, reflecting a 28.61% increase [9] Company Performance: Walden Materials - Walden Materials achieved a revenue of 3.945 billion CNY in H1 2025, a 27.46% increase year-on-year, with a net profit of 558 million CNY, up 33.06% [12][14] - The company’s communication cable business performed well, with high-speed communication line products seeing a revenue increase of 397.80% [12] Company Performance: Aerospace Technology - Aerospace Technology reported a revenue of 914 million CNY for H1 2025, a decrease of 8.71%, but with a strong order backlog totaling 2.938 billion CNY [16][17] - The company’s new energy business grew by 26.26%, indicating a solid market position in the electric vehicle sector [17] Company Performance: Haier Smart Home - Haier Smart Home reported a total revenue of 156.49 billion CNY for H1 2025, a year-on-year increase of 10.22% [37] - The company’s global strategy has shown effectiveness, contributing to its robust performance [37] Company Performance: Anta Sports - Anta Sports achieved a revenue of 38.544 billion CNY in H1 2025, reflecting a 14.3% year-on-year growth [33] - The company’s e-commerce channel revenue grew by 17.6%, indicating a strong online presence [33]

Core Insights - The report highlights the profitability pressure faced by the North Exchange in Q2 2025, primarily due to overseas disturbances and high fixed asset growth, with a forecasted turning point in the second half of the year [3][8]. - The technology manufacturing sector is leading the growth, driven by a combination of cyclical recovery and AI industry trends, while consumer sectors show a mixed performance [3][8]. - The report suggests three strategies to identify high-growth opportunities: selecting companies with sustained revenue growth, those with upward revisions in profit forecasts, and those with high contract liabilities and advance payments [3][8]. Summary by Sections Profitability Analysis - As of Q2 2025, the North Exchange reported a revenue growth rate of +4.9% and a net profit growth rate of -16.6%, indicating significant profitability challenges [8]. - The decline in net profit is attributed to a sharp drop in export growth to the U.S., with over 50% of companies experiencing negative net profit growth [8]. - Fixed asset growth reached a historical high of +30.2%, contributing to the pressure on profitability, with a gross margin of 22.4% [8]. Industry Structure - The technology manufacturing sector is experiencing high growth, with key industries such as computing, telecommunications, and electrical equipment showing positive trends [8]. - The report notes a structural recovery in midstream manufacturing, particularly in traditional robotics and engineering machinery, alongside emerging industries [8]. - Consumer sectors are experiencing a mixed recovery, with agriculture and forestry showing potential for improvement [8]. Investment Strategies - The report recommends identifying companies with consistent upward trends in revenue and net profit growth over the past four quarters, highlighting specific companies like Kaiter and Fujida [3][8]. - It also suggests focusing on companies with upward revisions in profit forecasts, such as Shuguang Shuchuang and Naconoer, which have seen significant increases in expected net profit growth [3][8]. - Companies with high contract liabilities and advance payments, like Kangnong Agriculture and Kun工科技, are also highlighted as potential investment opportunities [3][8].