明珠耀金陵智启健康家，双店齐发引领生活变革 10月30日，格力电器（000651）在南京市场迎来重要布局，位于百家湖与新街口的两家"董明珠健康 家"体验店同时盛大开业。标志着格力深耕华东市场、推进全屋智能健康生态战略迈出关键一步。 "搭载国际领先分布式送风技术的格力·国风空调，真正做到冷风不吹人，热风暖全身；洗衣机则搭载AI 天时智判系统，能根据天气和时间匹配合适的洗涤脱水节奏。"门店人员详细介绍道，"所有这些设备都 围绕'健康'这个核心，为家庭成员提供全方位的保护。" 在厨房体验区，格力风神i7吸油烟机集顶侧双吸、挥手智控、智能定时等创新功能于一体，让下厨变得 更轻松、更健康；鲸湃洗碗机则支持高温灭菌与13套中式餐具的清洗，精准契合中国家庭需求。茶室书 吧区通过实时数据看板展示空气质量与水质状况，让消费者在品茗之余，亲身体验三管制空调带来的恒 温恒湿环境。阳台场景区展示的如悦热泵洗烘一体机，采用37℃柔烘技术，呵护衣物纤维，实现即洗即 穿。 全屋健康智能理念获认可，树立行业新标杆 开业当天，两家门店均推出了体验优惠活动，吸引了大量市民前来参观选购。在百家湖店，刚刚下单了 一套全屋智能解决方案的市民表示："我 ...

10月29日，知名百亿私募宁泉资产发布公告称，决定自2025年10月30日起，暂停接受旗下所有基金的新 投资者首次申购申请，存量投资者追加申购不受影响。 宁泉资产由知名"公奔私"基金经理杨东于2018年1月成立，根据公开资料，截至今年一季度末，公司管 理规模已经突破400亿元。 在"奔私"之前，杨东曾担任兴业证券证券投资部总经理、总裁助理、投资总监以及兴全基金总经理等， 曾因在2007年沪指站上6000点之际、以及2015年沪指站上4414点后两次精准地公开提示风险收获"业界 良心"的美誉。 "奔私"之后，杨东还曾在2018年年底时提示2600点左右市场已处于底部区域，并表示"世界将会迎来一 场以光伏、电动车和储能为代表的能源革命"。2021年初，他又预警了新能源板块的风险，在文章中明 确表示："大多数被爆炒的新能源股票恐怕未来只能以股价的大幅下跌来消化估值了。" 正因为多次精准预判市场走势，宁泉资产此次的"封盘"举动也尤其引人关注，智通财经注意到，有不少 网友将其解读为提示风险甚至是看空的信号。 智通财经致电宁泉资产，询问其决定"封盘"的相关原因，该公司相关人员回复称，一切以公司公告为 准。 智通财经记者 ...

C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 2025 年 10 月 30 日 | C0062@capital.com.tw | | | --- | --- | | 王睿哲 目标价(港元) | 95.0 | 公司基本资讯 | 产业别 | | 家用电器 | | --- | --- | --- | | H 股价(2025/10/29) | | 81.70 | | 恒生指数(2025/10/29) | | 26,346.1 | | 股价 12 个月高/低 | | 87.35/60.81 | | 总发行股数(百万) | | 7,683.64 | | H 股数(百万) | | 650.85 | | H 市值(亿元) | | 5,344.27 | | | | 美的控股有限 | | 主要股东 | | 公司(28.24%) | | 每股净值(元) | | 28.71 | | 股价/账面净值 | | 2.86 | | | | 一年 三个月 一个月 | | 股价涨跌(%) | 11.04% | 2.94% 0.55% | | 近期评等 | | | | ...

格隆汇10月30日丨海尔智家(06690.HK)公布2025年第三季度报告。营收约为人民币775.6亿元，同比上 升9.51%。净利润约为53.4亿元，同比上升12.69%。基本每股营收为0.59元。 前三季度营收约为2029.71亿元，同比上升9.98%。净利润约为173.73亿元，同比上升14.86%。 ...

Core Points - The Shenzhen Leading Index (399653) closed at 3133.91 points, down 0.66%, with a trading volume of 143.46 billion yuan and a turnover rate of 1.42% [1] - Among the index constituents, 11 stocks rose while 39 stocks fell, with Huali Group leading the gainers at 2.75% and Ruida Futures leading the decliners at 7.39% [1] Index Constituents Summary - The top ten constituents of the Shenzhen Leading Index include: - Ningde Times (21.12% weight) at 398.29 yuan, down 0.43%, with a market cap of 181.73 billion yuan [1] - Midea Group (7.29% weight) at 75.30 yuan, up 1.21%, with a market cap of 57.86 billion yuan [1] - Zhongji Xuchuang (7.12% weight) at 514.74 yuan, down 1.15%, with a market cap of 57.19 billion yuan [1] - Luxshare Precision (6.18% weight) at 65.04 yuan, down 3.33%, with a market cap of 47.36 billion yuan [1] - BYD (5.69% weight) at 103.61 yuan, down 0.87%, with a market cap of 94.46 billion yuan [1] - Sungrow Power Supply (4.83% weight) at 194.68 yuan, up 1.67%, with a market cap of 40.36 billion yuan [1] - Wrigley (4.50% weight) at 118.47 yuan, down 0.30%, with a market cap of 45.99 billion yuan [1] - Gree Electric Appliances (3.53% weight) at 40.47 yuan, down 0.54%, with a market cap of 22.67 billion yuan [1] - ZTE Corporation (2.97% weight) at 44.83 yuan, down 2.97%, with a market cap of 21.44 billion yuan [1] - Xianlefang A (2.81% weight) at 4.09 yuan, up 0.49%, with a market cap of 15.30 billion yuan [1] Capital Flow Summary - The net outflow of main funds from the Shenzhen Leading Index constituents totaled 8.84 billion yuan, while retail investors saw a net inflow of 6.18 billion yuan [3] - Notable capital flows include: - Ningde Times with a net inflow of 94.67 million yuan from main funds and a net outflow of 38.40 million yuan from retail investors [3] - SF Holding with a net inflow of 93.43 million yuan from main funds and a net outflow of 61.70 million yuan from retail investors [3] - Other companies like Fenzhong Media and Luzhou Laojiao also experienced varying degrees of net inflows and outflows [3]

2025 年 10 月 30 日 美的集团 (000333) ——穿越周期的韧性，ToB 引擎动力强劲 报告原因：有业绩公布需要点评 买入（维持） 上 市 公 司 家用电器 | 市场数据： | 2025 年 10 月 29 日 | | --- | --- | | 收盘价（元） | 74.40 | | 一年内最高/最低（元） | 80.50/66.02 | | 市净率 | 2.6 | | 股息率%（分红/股价） | 4.70 | | 流通 A 股市值（百万元） | 515,669 | | 上证指数/深证成指 | 4,016.33/13,691.38 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 28.71 | | 资产负债率% | 60.54 | | 总股本/流通 A 股（百万） | 7,684/6,931 | | 流通 B 股/H 股（百万） | -/651 | 一年内股价与大盘对比走势： 10-29 11-29 12-29 01-29 02-28 03-31 04-30 05-31 06 ...

以旧换新政策不仅拉动消费，更推动节能产品普及。姜风认为，消费理念的转变倒逼企业重视节能技 术、绿色设计，为市场提供更多节能产品。这要求企业从"价格竞争"转向"价值竞争"，用更先进的技 术、更优质的产品满足消费者需求，同时通过产品升级实现企业高质量发展。在以旧换新政策带动下， 企业将聚焦创新、研发精品，进一步丰富消费市场。 党的二十届四中全会提出"十五五"时期经济社会发展必须遵循坚持有效市场和有为政府相结合的原则。 中国家用电器协会执行理事长姜风表示，我国经济稳步前行，新质生产力加快培育，高质量发展取得新 成效，这一良好局面的背后，离不开有效市场和有为政府的共同作用。"两重""两新"政策加力扩围，扩 大内需、活跃资本市场等一系列政策发力显效，既为当前经济运行"稳底盘"，也为长远发展"蓄势增 能"。 "以旧换新政策效果及时有力、导向明确，精准激活市场。"姜风表示。今年我国分4批向地方下达了 3000亿元超长期特别国债资金支持消费品以旧换新加力扩围，以"真金白银"助力居民消费需求释放。以 家电市场为例，以旧换新政策实施后，中高端产品需求回升，这背后是品质消费和人民对美好生活的追 求被政策"点亮"。 （文章来源：经济 ...

Group 1: Market Trends - In Q3 2025, the issuance of public funds for Hong Kong stocks saw a significant recovery, reaching the highest level since Q1 2021[4] - The stock position of actively managed public funds slightly decreased to 85.6%, with Hong Kong stock holdings at 18.7%[6] - Public funds mainly increased their positions in retail, pharmaceuticals, and non-ferrous sectors, while reducing exposure to communications, computing, and new energy vehicles[4] Group 2: Real Estate Insights - Only 19% of cities showed signs of bottoming out in the real estate market, with second-hand housing outperforming new housing in transaction volume[14] - New housing prices continued to decline, with a significant drop in transaction volumes in second-tier cities, reflecting ongoing inventory pressure[16] - The inventory clearance cycle for first-tier cities increased to 19.9-21.1 months, while second-tier cities reached a new high of 24.8 months[16] Group 3: Steel Industry Overview - Steel prices showed mixed trends, with rebar prices decreasing by 20 CNY/ton to 3190 CNY/ton, while hot-rolled coil prices increased by 20 CNY/ton to 3300 CNY/ton[18] - The operating rate of blast furnaces in 247 steel mills rose to 84.71%, indicating a slight increase in production activity[19] - The average gross profit for rebar production increased to 126.1 CNY/ton, while hot-rolled coil profits decreased to 16.1 CNY/ton[20] Group 4: Logistics and E-commerce Performance - In September 2025, the national express delivery volume increased by 12.7% year-on-year, with SF Express leading the growth at 31.8%[29] - The express delivery industry saw a revenue increase of 7.2% in September, despite a decline in single-ticket revenue by 4.9%[31] - The industry concentration continued to rise, with the CR8 market share increasing to 86.9%[30]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's revenue performance fell short of expectations, with a revenue of 7.31 billion yuan in 2025Q1-3, a year-on-year increase of 1%, and a net profit attributable to the parent company of 621 million yuan, a year-on-year decrease of 29% [6] - New business development is progressing smoothly, with over 400 million yuan in new orders for core components in the first half of 2025, and the company is diversifying into various fields including automotive motors and industrial motors [6] - The overseas production capacity layout is improving to mitigate trade friction, with the completion of production transfer for products exported to the US and new factories in Vietnam and Thailand expected to enhance production capacity [6] Financial Data and Profit Forecast - Total revenue (million yuan): 2024: 9,765; 2025E: 10,023; 2026E: 11,095; 2027E: 12,188 [2] - Net profit attributable to the parent company (million yuan): 2024: 1,230; 2025E: 955; 2026E: 1,275; 2027E: 1,364 [2] - Earnings per share (yuan/share): 2024: 2.14; 2025E: 1.67; 2026E: 2.22; 2027E: 2.38 [2] - Gross margin (%): 2024: 24.2; 2025E: 22.8; 2026E: 24.6; 2027E: 24.7 [2] - Return on equity (ROE, %): 2024: 24.8; 2025E: 19.3; 2026E: 22.2; 2027E: 21.1 [2] Market Data - Closing price (yuan): 26.96 [3] - Market capitalization (million yuan): 15,459 [3] - Dividend yield (%): 5.56 [3] - Price-to-book ratio: 2.9 [3] - One-year high/low (yuan): 31.00/18.99 [3]

策略专题报告 TMT 仓位逼近 40%！ 25Q3 公募基金持仓分析 核心结论 1、公募加仓资源+科技，仍是极致杠铃 风格方面，资金偏向大盘成长，创业板、科创板、沪深 300 等加仓较多。其中， 创业板仓位显著提升 4.66pct 至 23.7%，处于历史 95.2%的分位水平。 大类行业中，加仓 TMT/制造/资源，减仓消费/金融服务。TMT 仓位提升 11.20pct 至 39.85%，创历史新高水平；消费板块仓位继续下跌，可选消费仓位下降 3.74pct 至 8.77%；必需消费仓位下降 4.12%至 16.42%。 一级行业中，有色和科技的仓位显著提升。加仓最多的行业是电子（+6.85pct）、 通信（+3.95pct）、电力设备（+2.39pct）、有色金属（+1.31pct）；减仓最多的 行业是银行（-3.03pct）、食品饮料（-1.85pct）、家用电器（-1.63pct）、汽车 （-1.47pct）。 2、TMT 仓位已达四成 TMT 仓位达到历史高位，建议行业配置注重再均衡。我们在 8.31《看向新高》 中指出，历史上的基金抱团行情，较难维持在 30%以上的高位，而当前 TMT 基 金持仓 ...