Core Insights - The home appliance industry is expected to benefit from the "old-for-new" policy, which is anticipated to drive significant sales growth in Q4 2024 and continue into 2025, supported by the gradual release of special bond quotas [1][2] - The real estate sector's post-cycle recovery is expected to bolster demand for appliance upgrades, with a notable increase in second-hand home transactions contributing to sales support [1][2] - Despite challenges from tariff wars, China's home appliance exports are projected to maintain growth due to the country's position as the world's largest producer and seller, with a low dependency on the U.S. market [1][2] Market Review - In H1 2025, the home appliance sector experienced a decline of 3.2%, underperforming compared to the Shanghai and Shenzhen 300 index, which fell by 1.55% [14] - The total market capitalization of public funds in the home appliance sector was approximately 120.37 billion yuan at the end of Q1 2025, remaining stable compared to Q4 2024, but showing a slight decrease in allocation ratio [15] - The current price-to-earnings (P/E) ratio for the home appliance index is at 13.58, indicating a historically low valuation level, suggesting a high cost-performance ratio for investors [19] Domestic Sales - The demand for new appliance configurations is expected to weaken due to a decline in housing completions, while upgrade demand is anticipated to drive domestic sales growth [26][29] - The real estate market is showing signs of stabilization, with policies aimed at supporting the sector expected to positively impact downstream demand for home appliances [29] - The penetration rate of major appliances is high, with many units entering their replacement cycle, further supporting sales [39] Export Market - In 2024, the export volume and value of home appliances increased by 20.8% and 14.1% year-on-year, respectively, with a continued upward trend in early 2025 due to the "export rush" effect [9] - The export growth is expected to remain resilient despite tariff uncertainties, as China's home appliance exports have a low dependency on the U.S. market and are supported by rising demand in emerging markets [9][42] Investment Recommendations - The report suggests focusing on leading white goods companies with stable operations and global layouts, as well as opportunities for valuation recovery in companies related to the real estate sector as risks ease [1][2]

Core Viewpoint - Midea Group has completed the cancellation of repurchased shares, resulting in changes to its total share capital and the number of circulating shares, in accordance with relevant regulations [1][2]. Group 1: Share Repurchase and Cancellation - The company approved a share repurchase plan to buy back shares for an amount not exceeding RMB 50 billion and not less than RMB 25 billion, with a maximum price of RMB 70 per share, within a 12-month period [1]. - As of March 10, 2023, the company had repurchased a total of 48,558,888 shares, which accounted for a certain percentage of the total share capital [2]. - The board approved a change in the purpose of the remaining repurchased shares, totaling 11,090,741 shares, to be used for cancellation and reduction of registered capital [2]. Group 2: Share Capital Structure Changes - After the cancellation of the repurchased shares, the company's share capital structure changed as follows: - Ordinary shares (A shares) decreased from 7,026,396,324 shares (91.52%) to 7,015,305,583 shares (91.51%) [2]. - The number of circulating shares with restrictions remained at 111,134,294 shares (1.45%) [2]. - The total share capital decreased from 7,677,244,824 shares to 7,666,154,083 shares [2]. Group 3: Future Arrangements - Following the cancellation of the repurchased shares, the company will amend its articles of association regarding registered capital and total shares, and will carry out necessary business registration and filing procedures [2].

美的集团（000333）公告，公司于2025年6月24日在中国证券登记结算有限责任公司深圳分公司办理完 毕上述1109.07万股回购股份注销手续。本次注销所回购的股份不会对公司财务状况和经营成果产生实 质性影响。股份注销完成后，公司总股本从76.77亿股减少至76.66亿股。 ...

Group 1 - The company successfully completed a non-public issuance of corporate bonds amounting to 410 million yuan, with a final coupon rate of 3.50% [1][2] - The bond issuance period was from June 20, 2025, to June 23, 2025, and the bonds have a maturity of three years [1] - A total of 11 investors participated in the bond issuance, complying with relevant regulations and guidelines [2] Group 2 - The underwriting institution, Industrial Securities Co., Ltd., was allocated 60 million yuan, ensuring fair pricing and compliance with legal requirements [2] - No directors, supervisors, senior management, or significant shareholders participated in the bond subscription [2]

2025.06. 24 本文字数：1891，阅读时长大约4分钟 作者 | 第一财 经 程程 据央视新闻报道，美国商务部宣布自6月23日起对多种钢制家用电器加征关税，包括洗碗机、洗衣机和冰箱 等"钢铁衍生产品"。 根据美国商务部工业与安全局（BIS）的公告，新增为"钢铁衍生产品"的家用电器及相关产品将统一适用 50%的税率。征税金额将根据各类产品中所含钢铁组件的价值进行核算。 这八类产品具体包括组合式冰箱、冷冻柜；小型和大型干衣机；洗衣机；洗碗机；卧式和立式冷冻柜；烹 饪炉、灶具和烤箱；食物垃圾处理器和焊接金属架等。 新规适用于美国东部时间2025年6月23日凌晨00:01或之后入境或从仓库提取的商品。新规同时规定，如果 产品使用的是在美国本土的铸铁熔炼原料，即便在海外完成加工，也可以享受免税待遇。 影响将在数月后显现 尽管美国5月消费者价格指数（CPI）涨幅低于预期，但经济学家警告称，对钢铁和铝制品加征关税的影响 或将在数月后显现。 曾在拜登总统任期内担任美国国家经济委员会副主任、现任麻省理工学院高级研究员的霍纳（Daniel Hornung）表示，5月CPI低于预期 "主要是由租金和机票等短期内受关税影响不 ...

Group 1 - The U.S. Department of Commerce announced a 50% tariff on various steel-based household appliances, effective from June 23, 2025, impacting products like dishwashers, washing machines, and refrigerators [1] - The tariff will be calculated based on the value of steel components in the products, and items using domestically sourced iron materials may qualify for exemption [1] - The expansion of tariffs under the Trump administration has significantly increased the scope, affecting nearly $200 billion worth of steel and aluminum products, which is almost four times the impact of the previous term [5] Group 2 - Economists warn that the effects of the tariffs on steel and aluminum products may take months to manifest, with initial price increases expected for large appliances reliant on these materials [3][4] - Historical data indicates that a previous 50% tariff on washing machines led to a 12% price increase, with related products also experiencing similar price hikes [3] - The National Association of Home Builders reported that 60% of builders anticipate price increases from suppliers due to the tariffs, with average renovation costs rising by approximately $10,000 per household [5] Group 3 - The ongoing "232 investigations" by the U.S. Department of Commerce may add complexity to the tariff landscape, as they assess whether imports threaten national security [7] - The investigations could lead to further uncertainty in negotiations with trade partners, as the combination of different tariff measures complicates the standard tax rates [7] - Currently, the U.S. has only reached a trade agreement with the UK, which primarily addresses tariffs on automotive and aerospace products, leaving steel and pharmaceutical tariffs still under negotiation [8]

Group 1 - The article outlines a series of upcoming reports and discussions on various sectors, including home appliances, pharmaceuticals, local government debt, and electronics strategies [1][6][12][16] - Key speakers for the reports include industry analysts specializing in home appliances, pharmaceuticals, and chemicals, indicating a focus on in-depth analysis and investment strategies [1][12][16] - The scheduled discussions cover critical topics such as investment strategies in the pharmaceutical sector and the analysis of local government debt, which are relevant for understanding market dynamics [1][6][12] Group 2 - The report on Hisense home appliances is scheduled for June 24, highlighting the company's performance and market position [1] - A deep dive into Yunnan Baiyao is set for June 27, which may provide insights into the pharmaceutical industry's trends and challenges [1][12] - The electronic strategy session on June 27 will compare different investment approaches, emphasizing the importance of strategic decision-making in the electronics sector [1][16]

Core Viewpoint - The stock of Biyi Co., Ltd. (603215) experienced a significant decline of 7.85% on the trading day, with a turnover rate of 18.18% and a total transaction amount of 688 million yuan, indicating high volatility and selling pressure [2] Trading Activity - The stock was listed on the Shanghai Stock Exchange's "Dragon and Tiger List" due to a daily fluctuation of 15.88%, with a total net sell of 8.4849 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction amount of 108 million yuan, with buying amounting to 49.8633 million yuan and selling amounting to 58.3482 million yuan, resulting in a net sell of 8.4849 million yuan [2] - The largest buying brokerage was Huatai Securities Co., Ltd. Chengdu Shujin Road Securities Office, with a purchase amount of 18.3440 million yuan, while the largest selling brokerage was China Galaxy Securities Co., Ltd. Beijing Tongzhou Jiukeshu Securities Office, with a selling amount of 15.9066 million yuan [2] Financial Performance - In the first quarter, Biyi Co., Ltd. reported a revenue of 530 million yuan, representing a year-on-year growth of 65.68%, and a net profit of 15.0115 million yuan, reflecting a year-on-year increase of 47.96% [3] - Over the past six months, the stock has appeared on the "Dragon and Tiger List" 12 times, with an average price drop of 1.16% the day after being listed and an average decline of 5.45% over the following five days [2] Capital Flow - On the trading day, the stock saw a net outflow of 37.8058 million yuan in main funds, with a significant outflow of 23.5531 million yuan from large orders and 14.2527 million yuan from major funds [2] - In the last five days, the main funds experienced a net inflow of 91.0167 million yuan [2]

Core Viewpoint - The A-share market is experiencing a new wave of share buybacks, showcasing new characteristics and trends, particularly among companies listed on the Sci-Tech Innovation Board and leading enterprises like Midea Group [1] Group 1: Buyback Trends - Companies on the Sci-Tech Innovation Board are actively proposing share buybacks, indicating a growing trend in this segment [1] - Leading enterprises, such as Midea Group, are accelerating the implementation of their buyback plans, with significant buybacks exceeding 10 billion yuan re-emerging in the market [1] - A notable trend is the participation of some delisted companies in share buybacks during their delisting adjustment period, highlighting a shift in market behavior [1]

Group 1: Report Overview - The report is about a research on Feike Electric in the household appliance industry on June 18, 2025 [1][2][17] Group 2: Research Participants - The research was participated by investors and other institutions [2] Group 3: Company Representatives - The company's representatives include Chairman and President Li Gaiteng, Independent Director Lin Zhenxing, Financial Controller Hu Ying, and Board Secretary Guo Jiaguang [17] Group 4: Key Questions and Answers - **Dividend Policy**: The company has always implemented a stable and active cash - dividend policy to ensure the basic interests of all shareholders [24][25] - **Production Model**: In 2024, the proportion of outsourced production in the total production volume was 36.97% [25] - **Sales Structure**: In 2024, the sales proportion of mid - to high - end products reached 60.78%, a 9.83 - percentage - point increase from the previous year [26] - **Overseas Market**: In 2024, the company actively promoted overseas market layout, focusing on emerging markets such as Southeast Asia, Africa, and the Middle East, and continued to seek M&A and cooperation opportunities [26] - **Financial Performance**: In Q1 2025, the gross profit margin was 56.21% and the net profit margin was 15.64%, with a significant quarter - on - quarter increase [26] - **Competition**: The company improves competitiveness through R & D innovation, brand operation, and marketing management, and has developed many leading products [27] - **Performance Decline**: The performance in 2024 was under great pressure due to the dual - brand strategy adjustment and changes in the consumption environment, and the company will work to improve performance [28]