要闻提示 NEWS REMIND 1. 传京东外卖上线前刘强东曾约美团王兴等人共进晚餐，前年已规划外卖业务 2.美的、格力隔空打架，财报都称自己去年是"家用空调第一名" 3. 保时捷或将在华停售电动汽车，CEO放话：不会把小米当对手，太便宜 4.传极越汽车「大概率」不会破产：集度董事会「已同意重组」 5. 腾讯、阿里、字节跳动抢购算力资源，DeepSeek导致算力需求激增 6.吉利重大人事调整！ 极氪系高管 安聪慧、姜军获关键任命 7.Shein美国市场"价格地震"：最高涨幅377% 8.印度将中国电子投资压股至10%，且要求"技术转让" 今日头条 HEADLINE NEWS 传京东外卖上线前刘强东曾约美团王兴等人共进晚餐，前年已规划外卖业务 4月27日晚间，国内家电行业两大巨头美的集团和格力电器先后发布了2024年度财报，却上演了一出耐人 寻味的"数据罗生门"。两家企业均引用奥维云网数据，却得出了截然不同的"行业第一"结论，引发市场热 议。 财报显示，美的集团2024年实现营业总收入4091亿元，同比增长9.5%，净利润385亿元，同比增长 14.3%。格力电器营业收入1892亿元，同比下降7.26%，但净 ...

【宏观】高频半月观—关税落地三周，出口变差了多少？——20250428 【固定收益】基金增持了哪些转债——25Q1 基金转债持仓分析—— 20250428 【固定收益】出口价格尚无明显反应——20250428 证券研究报告 | 朝闻国盛 gszqdatemark 2025 04 29 年 月 日 朝闻国盛 关税落地三周，出口变差了多少？ 今日概览 ◼ 重磅研报 ◼ 研究视点 【机械】峰岹科技（688279.SH）-25Q1 业绩略超预期，下游多点开花未 来可期——20250428 【食品饮料】海天味业（603288.SH）-成本红利释放，利润超预期增长 ——20250428 【机械】苏试试验（300416.SZ）-25Q1 业绩同比小幅下降，期待公司后 续拐点往上——20250428 【建筑装饰】中国建筑（601668.SH）-业绩逆势稳增凸显韧性，基建订 单亮眼房建结构优化——20250428 【电力设备】天顺风能（002531.SZ）-短期业绩承压，静待海风归来— —20250428 【电力】青达环保（688501.SH）-项目交付贡献增量，主营有望持续高 增——20250428 【家用电器】海信家电（0 ...

Core Viewpoint - The article highlights the challenges and opportunities faced by a Guangdong-based kitchen appliance manufacturer as it expands its global presence amidst a complex international trade environment [1][2]. Group 1: Company Overview - The company is a national high-tech enterprise and one of China's top ten kitchen appliance exporters, with products sold in over 100 countries and regions, including Southeast Asia and the United States [1]. - The company is actively expanding its global footprint by investing in a manufacturing facility in Thailand [1]. Group 2: Financial Support and Services - The company faced challenges such as difficulties in cross-border fund transfers and limited overseas financing channels, which were addressed by the Bank of Communications in Foshan [1]. - The bank successfully opened the first Thai baht FTN account for the company, facilitating baht settlement and improving fund utilization efficiency [1]. - In July 2024, the bank helped the company establish a cross-border fund pool for liquidity and exchange rate risk management [1][2]. Group 3: Investment and Growth - The company has successfully remitted nearly 50 million yuan for overseas investment, enabling the timely establishment of its production line in Southeast Asia [2]. - The company's leadership expressed increased confidence in future development due to the comprehensive financial services provided by the bank, viewing finance as a catalyst for growth rather than just a protective measure [2].

Group 1: Gree Electric - Dong Mingzhu re-elected as chairman, Zhang Wei appointed as president, indicating a stable management transition and preparation for future leadership development [1] - The new board includes professionals like former vice president Shu Lizhi and chief engineer Zhong Chengbao, enhancing the company's governance [1] Group 2: JD and Meituan - JD accuses competitors of enforcing a "choose one" policy, impacting delivery riders' ability to accept orders from JD [2] - JD offers to waive delivery fees for orders delayed by over 20 minutes, highlighting the competitive pressure in the instant delivery market [2] Group 3: E-commerce Refund Policy - Major platforms like Taobao and Douyin announce the cancellation of the "refund only" policy, reflecting a shift towards empowering merchants [3] - The adjustment aims to balance the interests of consumers and businesses amid regulatory encouragement for improved business environments [3] Group 4: Xiaohongshu's Employee Policy Changes - Xiaohongshu cancels the "big and small week" work schedule and competitive agreements, promoting a trust-based relationship with employees [4] - The changes align with broader industry trends against "involution" and excessive work hours [4] Group 5: Tesla's Optimus Recruitment - Tesla's Optimus team initiates large-scale recruitment, focusing on R&D positions primarily in California [5] - The company aims to ramp up production of Optimus robots, with plans for significant output by the end of the year [6] Group 6: Midea's Humanoid Robot - Midea announces its humanoid robot will start operations in May, marking a significant step in the domestic humanoid robot industry [7] - The robot is expected to serve as a commercial guide in stores later this year [7] Group 7: Hisense's Q1 Performance - Hisense reports Q1 revenue of 13.375 billion yuan, a 5.31% increase, and a net profit of 554 million yuan, up 18.61% [8] - The introduction of new technologies and AI integration in TVs contributes to the growth [8] Group 8: Ecovacs' Recovery - Ecovacs reports a 6.7% increase in revenue to 16.542 billion yuan for 2024, with a net profit growth of 31.69% [9] - The company benefits from government incentives and new product launches in the cleaning appliance sector [9] Group 9: Vanward's Export Growth - Vanward Electric reports a 20.29% revenue increase to 7.342 billion yuan in 2024, with a 41.43% rise in export revenue [10] - The company focuses on smart and energy-efficient products while expanding its global market presence [10] Group 10: OPPO's Management Change - OPPO's China president Liu Bo steps down for a learning program, with senior vice president Duan Yaohui taking over [11][12] - The leadership change comes amid competitive pressures from Huawei and Apple, necessitating a proactive market strategy [12] Group 11: Domestic Smartphone Market Surge - Domestic smartphone shipments in February reach 19.662 million units, a 37.9% year-on-year increase, driven by government subsidies [13] - Local brands see a 43.8% increase in shipments, with many manufacturers lowering prices to capitalize on subsidy benefits [13] Group 12: Gaming Industry and Traditional Culture - Game companies like Youzu Network report revenue growth driven by themes from Chinese classical culture [14] - The integration of traditional cultural elements into games is gaining global popularity, enhancing market performance [14] Group 13: 360's AI Tool Launch - 360's Nano AI launches the "MCP Universal Toolbox," integrating over 110 tools for various applications [15] - The MCP protocol is expected to enhance AI capabilities, benefiting platforms with rich data and business experience [15] Group 14: Investment Trends - The biopharmaceutical sector sees a decrease in financing events, while the semiconductor and AI sectors maintain stable activity levels [16] - Notable financing includes a significant round for Shenzhen Zean Biopharmaceuticals and Nanjing Renxin Technology [16]

Economic Overview - China's economy is expected to enter a state of structural deflation by 2025, while prices of essential goods such as cooking oil, paper products, cigarettes, and toiletries are rising, leading to increased living costs for consumers [1] - Many individuals are experiencing stagnant or declining wages, exacerbating the perception of rising living expenses [1] Real Estate Market - The downward trend in housing prices is anticipated to continue, with a reported 1.51% cumulative decline in second-hand residential prices across 100 cities in Q1, and a year-on-year drop of 7.29% [4] - The average price of second-hand homes is currently at 13,988 yuan per square meter, with further declines expected as new and second-hand housing supply increases [4] - Factors contributing to the long-term adjustment in housing prices include oversupply in the market, reduced household incomes, and the loss of speculative investment appeal in real estate [4] Automotive Industry - A price war is emerging in the automotive sector, with significant discounts being offered across both domestic and imported brands, with reductions of 20,000 to 30,000 yuan for regular brands and 80,000 to 100,000 yuan for high-end brands [7][8] - The decline in consumer demand, driven by reduced incomes and job losses, is leading to increased inventory pressure in the automotive market [7] - The entry of technology companies into the automotive space has intensified competition, further pushing manufacturers to lower prices to clear stock [8] Small Appliances Market - The small appliance sector has been experiencing a price decline of 10% to 15% since last year, with expectations for further reductions as the market adjusts [10] - Rapid technological advancements and the introduction of new models are prompting manufacturers to discount older models to clear inventory [10] - Consumer behavior has shifted towards retaining existing appliances, leading to a decrease in demand for new purchases [10] Pork Market - Pork prices have significantly decreased, currently ranging from 17 to 20 yuan per kilogram, down from a peak of 40 yuan per kilogram in previous years [12] - The oversupply in the pork market is attributed to increased production following previous high prices, alongside changing consumer preferences towards healthier protein sources [12] - Reduced household incomes are also contributing to lower demand for pork, further driving down prices [12]

Group 1: Core Initiatives - Qingdao is leveraging a "government platform + enterprise collaboration" model to support foreign trade enterprises in overcoming challenges in international trade [1][10] - The "Foreign Trade Quality Products Qingdao Event" aims to integrate domestic and foreign trade, with over 100 promotional activities planned [2][11] - The Qingdao Municipal Bureau of Commerce is focusing on expanding domestic demand through various initiatives, including organizing events and optimizing services for foreign trade enterprises [2][11] Group 2: E-commerce and Market Support - Major e-commerce platforms like JD.com, Tmall, and Douyin are providing comprehensive support to foreign trade enterprises, including zero commission and full-chain services to facilitate their transition to domestic sales [4][6] - JD.com has announced a special support fund of 200 billion yuan for foreign trade enterprises, with nearly 10 billion yuan already allocated [4] - Tmall is launching the "Foreign Trade Selection" project, targeting at least 10,000 foreign trade merchants and 100,000 foreign trade products [5] Group 3: Local Enterprises and Product Showcase - The event features over 50 local enterprises showcasing a variety of products, including electronics, sports goods, and local specialties, aimed at connecting with domestic consumers [8][9] - Local enterprises are adapting their product offerings to meet domestic market demands, with some already exploring new markets in the Middle East and Australia [9][10] - The event is designed to create a vibrant marketplace where foreign trade products can connect with domestic consumers, enhancing the visibility and sales of these products [10]

深汕特别合作区小漠国际物流港内，新能源汽车等待上船出海； 广州国际港站，中欧班列即将驰骋万里前往欧洲； 2024年，广东进出口总额首次站上9万亿元新台阶，连续39年居全国首位，贡献全国近四成的外贸增 量，有力支撑了全省经济大局和全国外贸大局。今年一季度，广东进出口规模创历史同期新高。 开放是中国式现代化的鲜明标识。今年全国两会期间，习近平总书记强调："要稳步扩大制度型开放， 不断拓展国际合作空间。"中央经济工作会议要求："扩大高水平对外开放，稳外贸、稳外资"。 大块头有大担当。面对外部环境变化带来的不利影响加深，广东把握好挑大梁的着力点，坚持稳中求 进、以进促稳，抓住用好一切有利条件，全力推动外贸稳量提质。 稳中求进、以进促稳，添新朋聚老友 第137届中国进出口商品交易会（以下简称"广交会"）万商云集。 港珠澳大桥珠海公路口岸西侧珠海洪湾，跨境包裹集中发往机场； ………… 南粤大地，外贸持续升温。 "广东是改革开放的排头兵、先行地、实验区，在中国式现代化建设的大局中地位重要、作用突 出。"2023年4月，习近平总书记在广东考察时强调，"中国的改革开放政策是长期不变的，一以贯之 的。中国是不会自己把大门关上的， ...

金融界2025年4月26日消息，国家知识产权局信息显示，佛山市顺德区美的电子科技有限公司;广东美的 制冷设备有限公司申请一项名为"辐射空调及其控制方法、室内主机、存储介质"的专利，公开号 CN119860583A，申请日期为2023年10月。 专利摘要显示，本发明公开了一种辐射空调及其控制方法、室内主机、存储介质，其中，辐射空调包括 顶部分集水器和底部分集水器，顶部分集水器适于向顶部辐射末端输出循环水，底部分集水器适于向底 部辐射末端输出循环水，方法包括：获取室内温度和室外温度；在确定室内温度与设定温度之间的温度 差值、以及室外温度满足预设条件，并持续预设时长的情况下，控制顶部分集水器和底部分集水器分别 向顶部辐射末端和底部辐射末端输出循环水，以使室内温度加速达到设定温度。该方法在室内温度和设 定温度长时间处于动态平衡的状态时，结合室外温度，控制顶部分集水器和底部分集水器开启，使室内 温度加速达到设定温度，减少了能量消耗，并且提升了用户的体验。 天眼查资料显示，佛山市顺德区美的电子科技有限公司，成立于2011年，位于佛山市，是一家以从事专 业技术服务业为主的企业。企业注册资本1000万人民币。通过天眼查大数据 ...

近期惠而浦（600983）发布2025年一季报，证券之星财报模型分析如下： 应收账款与有息负债 从盈利能力来看，公司的毛利率为16.29%，同比增加了13.09%；净利率为9.54%，同比大幅增长了 729.79%。每股收益为0.15元，同比增长1400.0%。这些数据显示公司在盈利能力方面有了显著改善。 成本控制与费用管理 公司在成本控制和费用管理方面表现出色。销售费用、管理费用、财务费用总计为2520.84万元，三费 占营收比为2.08%，同比下降了58.84%。这表明公司在费用控制方面取得了明显成效。 现金流与偿债能力 公司货币资金为17.63亿元，同比增加35.94%。尽管现金流状况良好，但每股经营性现金流为0.6元，同 比增加了267.07%，仍需关注其现金流状况，因为近3年经营性现金流均值与流动负债的比例仅为 10.35%。 财务概况 惠而浦在2025年一季度实现了显著的业绩增长。截至本报告期末，公司营业总收入达到12.15亿元，同 比上升36.07%；归母净利润为1.16亿元，同比大幅上升1029.06%；扣非净利润为1.11亿元，同比上升 1199.87%。 盈利能力分析 公司应收账款为16. ...