Meeting Information - The third extraordinary general meeting of shareholders for 2025 will be held on July 28, 2025, at 10:30 AM [1] - The meeting will take place at Meike Building, 6th Floor, No. 506 Beijing South Road, Urumqi, Xinjiang [1] - Shareholders are encouraged to participate via the Shanghai Stock Exchange's online voting system [1] Voting Procedures - Voting will be conducted through a combination of on-site and online methods, with specific time slots for online voting on the day of the meeting [1][2] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts for the same class of shares [3][4] - The first voting result will be considered valid if the same voting right is exercised multiple times [4] Agenda Items - The meeting will review a proposal to change the company's registered address, abolish the supervisory board, and amend the company's articles of association [2] - The proposal has already been approved by the company's board and supervisory board in previous meetings [2] Attendance Requirements - Shareholders registered by the close of trading on July 21, 2025, are eligible to attend the meeting [5] - Specific registration procedures are outlined for both corporate and individual shareholders [5] Contact Information - For inquiries, shareholders can contact Huang Xin or Sun Sihao at the provided phone number and fax [5]

Core Points - Meike International Home Products Co., Ltd. has announced changes to its registered address, the cancellation of its supervisory board, and amendments to its articles of association [1][2][3] - The registered address will be changed to Meike Digital Creative Park, Economic Development Zone, Nankang District, Ganzhou City, Jiangxi Province [1][2] - The supervisory board will be abolished, and its functions will be transferred to the audit committee of the board of directors [1][2] Summary by Sections Change of Registered Address - The company aims to enhance its brand image and influence by relocating its registered address to a new location in Jiangxi Province [1][2] Cancellation of Supervisory Board - In accordance with new regulations from the China Securities Regulatory Commission, the company will no longer maintain a supervisory board, with its powers being assumed by the audit committee of the board of directors [1][2] Amendments to Articles of Association - The articles of association will be revised to reflect the changes in the registered address and the cancellation of the supervisory board [2][3] - Specific amendments include the new registered address and the legal representative's designation [2][3]

Core Viewpoint - The Zhejiang Youli Selection Center mini-program is set to launch by the end of July 2025, aiming to stimulate consumption and stabilize growth through a multi-faceted approach involving government subsidies, platform empowerment, and public participation [1] Merchant Side: Tiered Subsidies to Strengthen Market Foundation - A "Development Safeguard Plan" is introduced for small and medium-sized merchants, offering tiered subsidies based on the duration of their participation in the mini-program, with 2,000 yuan available after one year and a cumulative total of 20,000 yuan after two years [3] - The subsidy funds are directed towards supply chain upgrades and service quality improvements, particularly in key sectors such as catering, retail, and cultural tourism, aiming to create a cluster of "reassuring consumption demonstration merchants" [3] Consumer Side: Targeted Subsidy Coupons to Activate Consumption - The program will launch "benefit subsidy consumption coupons" covering various consumer categories, allowing users to receive a direct 30% subsidy based on their spending through the mini-program, which can be combined with other platform discounts [5] - This cash-based incentive model is designed to directly enhance residents' purchasing power and boost consumer confidence [5] Agent Side: Nationwide Recruitment for Promotion Agents - A "Consumption Promotion Agent" recruitment plan is initiated, allowing individuals from all sectors to apply as promotion agents, earning 100 yuan for each merchant they successfully refer to the platform [6] - The agent mechanism includes professional training and data monitoring support, aiming to create a vibrant atmosphere of public participation in consumption promotion, with expectations to onboard over 5,000 merchants within the year [6] Policy Closure: Transition from Short-term Stimulus to Long-term Ecological Consumption Upgrade - The policy represents an innovative practice by the Zhejiang Youli Selection Center to implement consumption stimulation strategies, forming a complete loop from supply to demand through the three-dimensional linkage of merchant stability, consumer confidence, and channel expansion [6] - The application process for merchant entry, coupon collection, and agent registration is currently in preparation and will soon be available on the official mini-program platform [6]

Summary of Key Points Core Viewpoint - The announcement details the results of a share reduction plan by a major shareholder of Chahua Modern Home Products Co., Ltd, indicating a partial execution of the planned share reduction and the current holding status of the shareholder [1][2]. Shareholder Holding Situation - Before the reduction plan, Shenzhen Hanjinliang Private Securities Investment Fund Management Co., Ltd held 12,775,600 shares, accounting for 5.28% of the total share capital of the company [1][3]. Reduction Plan Implementation Results - The reduction plan was announced on March 14, 2025, with a target to reduce up to 7,254,600 shares (3.00% of total shares) within three months [2]. - During the reduction period from April 8, 2025, to July 7, 2025, the shareholder reduced 2,397,000 shares through centralized bidding, representing 0.99% of the total share capital [3][4]. - The reduction price ranged from 20.58 to 23.13 CNY per share, totaling approximately 52,230,395 CNY [3][4]. Current Shareholding Status - After the reduction, the shareholder currently holds 10,378,600 shares, which is 4.29% of the total share capital [4]. - The actual reduction achieved was less than the initially planned reduction, with 4,857,600 shares remaining unexecuted from the original plan [3][4].

Group 1: Stablecoin Regulation in Hong Kong - Hong Kong plans to issue limited stablecoin licenses by the end of 2025, with the initial number expected to be in the "single digits" [1] - The regulatory sandbox initially focused on stablecoins pegged to the Hong Kong dollar, but there is growing interest in offshore stablecoins pegged to the Chinese yuan, driven by major tech companies like JD.com and Ant Group [1] - The Hong Kong Monetary Authority (HKMA) has established new regulations requiring stablecoin issuers to maintain sufficient asset reserves and segregate customer assets [1] - The new stablecoin policy in Hong Kong sets a global benchmark through full reserve backing, strict redemption guarantees, and oversight by the HKMA, reinforcing its status as a regulated digital finance hub [1] Group 2: Tariff Impact on Supply Chains - The U.S. has reduced tariffs on Vietnam from 46% to 20%, although this remains significantly higher than historical levels [2] - Tariff options are still not fully eliminated for key industries such as pharmaceuticals, automotive, and semiconductors, affecting various Asian economies reliant on exports [2] - China is shifting its policy focus towards stimulating domestic demand through reforms and regulatory adjustments, rather than large-scale interventions [2] Group 3: Home Furnishing Sector Valuation - The home furnishing sector's price-to-earnings (PE) ratio is at 22.39, which is at the 34.82% percentile of the past five years, indicating significant room for valuation recovery [3] - Major home furnishing companies like Sophia and Oppein are at historical low valuations, with potential for upward valuation adjustments and high safety margins [3] - The market share of leading custom home furnishing companies is expected to increase due to the inability of white-label brands to participate in subsidies, with companies like Oppein and Sophia showing substantial growth potential [3] - The rise in smart home penetration, driven by technology and policy incentives, is expected to promote industry growth, with companies like Mousse, Haotaitai, and Qushui Technology showing potential [3] Group 4: Electric Vehicle Industry Insights - Despite claims of "zero emissions," the production and recycling of batteries for electric vehicles pose significant environmental challenges, highlighting battery pollution as a future concern [4] - The competition between traditional automotive companies and emerging electric vehicle firms is not on the same track, as their goals and rules differ, making the notion of "overtaking" misleading [4] Group 5: Power Outage in Europe - A large-scale power outage occurred in the Czech Republic on July 4, 2025, lasting approximately nine hours, revealing structural vulnerabilities in modern power systems [5] - The outage led to severe consequences, including the paralysis of railway systems, subway operations, public transport, and communication networks [5] - Increasing extreme weather events add pressure to power systems, particularly affecting transmission lines and increasing grid vulnerability [5] - Historical power outages have demonstrated the risks of single faults leading to widespread system failures, emphasizing the need for upgrades and better monitoring systems in core transmission channels [5]

Core Viewpoint - Henglin Co., Ltd. (603661) has shown a positive stock performance, with a closing price of 29.48 yuan as of July 4, 2025, reflecting a 3.19% increase from the previous week [1] Company Announcements - Henglin Co., Ltd. has announced an increase in guarantee amounts for its subsidiaries totaling over 200 million yuan, specifically adjusting 19.4 million Swiss francs for Lista Office Group AG [1] - The company provided a progress announcement regarding guarantees for its wholly-owned subsidiaries, with new guarantee amounts of 20 million yuan for Huzhou Hengxin Metal Products Co., Ltd., 10 million yuan for Nanjing Hengning Home Furnishing Co., Ltd., and 19.4 million Swiss francs (approximately 17 million yuan) for Lista Office Group AG [1] - The total amount of external guarantees overdue is 0 yuan, and as of July 2, 2025, the balance of external guarantees provided by the listed company and its controlling subsidiaries is 684.98 million yuan, accounting for 18.53% of the latest audited net assets [1] - The company has highlighted that it provides guarantees for units with a debt-to-asset ratio exceeding 70% and has adjusted the guarantee amount for Lista Office Group AG within the approved limit by the shareholders' meeting [1] - The adjustment amount for Lista Office Group AG accounts for 4.60% of the latest audited net assets, and the company has received approval for a total guarantee limit of up to 1.02389 billion yuan for its subsidiaries [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][17]. Core Insights - The company is redefining its growth logic through continuous systemic innovation, particularly in the electric sofa segment, which is evolving beyond traditional uses to cater to modern consumer demands for functionality, comfort, and technology [1][2]. - The high-end market presents structural opportunities for growth, with increasing brand concentration and consumer loyalty towards quality and service [2]. - The company is well-positioned to expand its market presence globally, particularly in North America and other regions, leveraging its technological barriers, supply chain advantages, and brand effects [2][3]. Financial Projections - The company forecasts a net profit attributable to the parent company of 0.91 billion, 1.11 billion, and 1.38 billion for the years 2025 to 2027, respectively, with corresponding EPS of 4.16, 5.10, and 6.33 [4][10]. - Revenue is projected to grow significantly, with estimates of 1.92 billion in 2023, increasing to 5.07 billion by 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.90% [10][12]. Operational Capacity - The company's manufacturing base in Vietnam is currently handling a significant portion of export orders, ensuring a flexible response to order fluctuations through modular capacity configurations [3]. - The company emphasizes sustainable capacity strategies to avoid wasteful expansions while ensuring quick market responsiveness [3]. Market Position - The company has established itself as one of the few manufacturers with comprehensive capabilities in smart functional furniture, combining core components, software control, and complete product design [3]. - The report highlights the company's commitment to enhancing its brand power and product differentiation, which are crucial for long-term competitiveness [3].

Industry Overview - The domestic furniture industry showed significant growth in the first five months of 2025, with retail sales totaling 75.74 billion yuan, a year-on-year increase of 21.40% [2][19] - The furniture manufacturing sector experienced a revenue decline of 3.90%, totaling 248.87 billion yuan [19] - The "old-for-new" consumption policy has effectively stimulated consumer spending, leading to rapid sales growth in related products [19] Market Performance - From June 2 to June 30, the light industry manufacturing sector outperformed the CSI 300 index by 1.12 percentage points, with a return of 3.62% compared to the index's 2.50% [4][49] - The textile and apparel sector underperformed the CSI 300 index by 0.56 percentage points, achieving a return of 1.94% [4][53] Strategic Recommendations - The report recommends increasing holdings in several companies, including Oppein Home (增持), Sophia (增持), Semir Apparel (增持), Pathfinder (增持), and Guibao Pet (增持) [6][55] - The "old-for-new" policy is expected to continue driving growth in the home goods sector, with central government funding of 138 billion yuan allocated for the third and fourth quarters [6][57] Key Data Points - In May, furniture exports amounted to 5.637 billion USD, a year-on-year decrease of 9.40% [21][58] - The pet food industry saw a significant increase in sales during the "618" shopping festival, with total sales reaching 7.5 billion yuan, a year-on-year growth of 36.36% [6][57] - The retail sales of clothing, shoes, and textiles totaled 613.84 billion yuan in the first five months, reflecting a year-on-year increase of 3.30% [2][40]

高盛突然将美联储降息预期从12月提前至9月，这个看似简单的日期调整，实则暗藏玄机。作为深耕量 化领域多年的观察者，我注意到每次这样的重大预期调整，都会引发资本市场的连锁反应。但有趣的 是，当普通投资者还在争论降息幅度时，专业机构早已完成了战略布局。详细仔细讲 一，降息预期的蝴蝶效应 高盛这份报告像块石头砸进池塘，荡起的涟漪远比表面看到的复杂。当普通投资者还在争论"9月还是12 月降息"时，真正的老手早就开始翻检历史数据——2019年美联储转向宽松前夕，A股有47%的个股在政 策落地前三个月就走出独立行情。 但诡异的是，这些股票在启动前都呈现相似特征：日均换手率不足2%、波动率压缩至历史低位、甚至 财报季也毫无亮点。就像深夜便利店的值班员，明明货架在悄悄补货，却偏要装作打瞌睡的样子。 二、机构成本的暗箱游戏 这种行为模式在量化领域被称为"沙丁鱼策略"——就像罐头厂故意延迟捕捞让鱼群挤得更密，机构通过 反复震荡把浮动筹码清洗干净。等新闻出来时，他们手里攥着的已经是打折收购的带血筹码。 PS： 上文图中的橙色柱状，是我用系统观察的「机构交易特征」数据叫做「机构库存」。 如果「机构库存」数据越活跃，那就意味着参与交易 ...

Group 1 - The "Guangdong Activity Week" at the 2025 Osaka World Expo was inaugurated on June 27, showcasing various activities including intangible cultural heritage performances, ecological environment displays, and technology culture exhibitions from June 27 to 29 [1] - Yangjiang was highlighted as the only city participating under its name, presenting the "China Green Energy Capital" exhibit alongside models from Guangzhou Metro, UBTECH Robotics, and Fantawild Technology [3] - The event emphasized Yangjiang's energy advantages, showcasing its diverse energy sources including wind, solar, water, thermal, nuclear, and storage capabilities, enhancing its reputation as "Green Energy Capital" [4] Group 2 - The Guangdong Provincial Council for the Promotion of International Trade hosted an investment environment promotion meeting in Kobe, where Yangjiang promoted itself alongside five other cities [4] - Yangjiang's city officials presented the city's image, quality resources, industrial characteristics, and business environment, while local enterprises showcased products from food processing, outdoor camping, home goods, and apparel manufacturing [6] - Yangjiang's "Eighteen Sons Nail Clipper Gift Box" was selected as the only foreign affairs gift for the "Guangdong Activity Week," significantly enhancing the international visibility of local enterprises [6]