Investment Rating - The report initiates coverage with a "Buy" rating for Midea Group [2][10][55] Core Views - Midea Group's revenue and net profit are steadily growing, with a projected revenue of CNY 447.46 billion, CNY 478.36 billion, and CNY 506.80 billion for 2025-2027, representing year-on-year growth rates of 9.4%, 6.9%, and 5.9% respectively [9][10][54] - The company is expected to achieve net profits of CNY 42.48 billion, CNY 46.70 billion, and CNY 50.41 billion for the same period, with growth rates of 10.2%, 9.9%, and 7.9% [10][54] - Midea Group's business segments include To C (consumer) and To B (business) operations, with significant growth potential in both areas [9][10][54] Financial Data and Profit Forecast - Revenue for 2023 is projected at CNY 373.71 billion, with a year-on-year growth of 8% [8] - The company anticipates a gross margin of 26.33% in 2023, slightly increasing to 26.82% by 2027 [8] - Return on equity (ROE) is expected to be 20.70% in 2023, declining to 18.84% by 2027 [8] Business Segments Overview To C Segment - The air conditioning sector is expected to see a total shipment of 201 million units in 2024, with a market share of 31.90% [27][29] - Midea's consumer appliances segment, including air conditioners, refrigerators, and washing machines, is projected to maintain steady growth [29] To B Segment - The New Energy and Industrial Technology segment is expected to grow significantly, with revenue projections of CNY 38.65 billion, CNY 43.29 billion, and CNY 47.62 billion for 2025-2027, reflecting growth rates of 15%, 12%, and 10% respectively [49][52] - The Smart Building Technology segment is also anticipated to grow, with revenue projections of CNY 30.75 billion, CNY 32.59 billion, and CNY 34.55 billion for the same period [49][52] Market Position and Competitive Advantage - Midea Group holds a leading position in various product categories, with a significant market share in both domestic and international markets [22][27] - The company has established a comprehensive brand matrix to cater to different market segments, enhancing its competitive edge [17][22] Valuation and Price Target - The report assigns a price-to-earnings (PE) ratio of 16x for 2025, indicating a potential upside of 27% from the current market value [10][55] - Midea Group's valuation is supported by its strong market position and diversified business operations [55]

Core Points - The Trump administration is advancing another round of tariffs, which trade experts believe have stronger legal grounds than previous tariffs imposed on various countries [1] - The U.S. Department of Commerce is expected to announce results of investigations into industries deemed critical to national security, including semiconductors, pharmaceuticals, and key minerals, likely leading to tariffs on foreign-made products in these sectors [1][2] - The current 50% tariffs on steel and aluminum are impacting nearly $200 billion worth of goods, which is almost four times the amount during Trump's first term [1] - The expansion of tariffs under Section 232 of the Trade Expansion Act is seen as a potential move towards near-global tariffs, affecting a wide range of imported goods [2] Industry Impact - The anticipated tariffs on pharmaceuticals are expected to encourage companies to relocate production back to the U.S. [2] - The scope of the Section 232 tariffs has broadened to include consumer goods such as dishwashers and washing machines, which are now classified as critical to national security [2] - Ongoing investigations under Section 232 are injecting uncertainty into trade negotiations, as countries are wary of committing to agreements while these investigations are pending [5] Economic Implications - The current approach to tariffs may lead to increased inflation risks, as the range of products affected has expanded significantly compared to previous tariffs focused on upstream metals [6] - The Producer Price Index (PPI) for manufactured steel cans and tin products has already risen by 8.7% this year, indicating potential inflationary pressures from the new tariffs [6] - The potential outcomes of the expanded tariffs could include reduced product variety, inflation, or disrupted demand due to reliance on imported raw materials [6]

以下文章来源于e公司 ，作者证券时报 李映泉 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价 的主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 大手笔。 6月16日晚间，美的集团(000333)发布回购股份方案，公司拟以集中竞价交易方式回购部分A股股票，回购金额不超过100亿元且不低于50亿元，回购价格不超过 100元/股，回购资金来源为自有资金或股票回购专项贷款。 按美的集团本次回购金额上限100亿元测算，预计回购股份数量不低于1亿股，约占公司目前已发行总股本的1.30%；按回购金额下限50亿元测算，预计回购股份数 量不低于5000万股，约占公司目前已发行总股本的0.65%。 本次回购股份的用途系用于注销并减少注册资本及实施股权激励计划或员工持股计划，其中70%及以上回购股份将用于注销并减少注册资本。 | 分时 | 5日 ▲ | 更多周 十 | - | 复权 ▼ | 叠加▼ | 筹码 | 画线 | 显示▼ | 简约 | 隐藏 ▶▶ | ש צ | | 000333 ...

证券代码：000333 证券简称：美的集团 公告编号：2025-054 美的集团股份有限公司 关于以集中竞价方式回购公司 A 股股份方案的报告书 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 源于公司自有资金及/或股票回购专项贷款。 股本的1.30%；按回购金额下限50亿元测算，预计回购股份数量不低于50,000,000 股，约占公司目前已发行总股本的0.65%，具体回购股份的数量以回购期满时实 际回购的股份数量为准。 划及/或员工持股计划，其中70%及以上回购股份将用于注销并减少注册资本。 以上股东及其一致行动人在回购股份实施期间、在未来六个月暂无增减持计划。 若未来上述主体拟实施股份增减持计划，公司将严格按照相关法律法规的规定 及时履行信息披露义务。 根据《中华人民共和国公司法》（以下简称"《公司法》"）《上市公司股 份回购规则》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律 监管指引第9号—回购股份》等法律法规、规范性文件及《公司章程》的有关规 定，美的集团股份有限公司（以下简称"美的集团"或"公司"）于2025年3月 过了 ...

Group 1 - The company, Midea Group, plans to repurchase shares through a centralized bidding method with a total amount not exceeding 10 billion yuan and not less than 5 billion yuan [1] - The source of funds for the repurchase will be from self-owned funds and/or special loans for stock repurchase [1] - The repurchase price will not exceed 100 yuan per share, with an expected number of shares to be repurchased between 50 million and 100 million, accounting for approximately 0.65%-1.30% of the company's currently issued total share capital [1] Group 2 - More than 70% of the repurchased shares will be used for cancellation and reduction of registered capital [1] - The repurchase period will last no more than twelve months from the date the shareholders' meeting approves the repurchase plan [1]

Core Viewpoint - The "National Subsidy" policy for home appliances has faced sudden interruptions during the "618" shopping festival, leading to widespread concerns and confusion among consumers and stakeholders [3][4]. Group 1: Current Status of National Subsidy - Various regions, including Heilongjiang, Sichuan, Dalian, Jinan, and Guangzhou, have exhausted their National Subsidy quotas [2]. - In Chongqing, the subsidy page indicates that the activity is "upgrading," preventing users from claiming or using the subsidies [2]. - Hubei's subsidy program is set to continue until December 31, 2025, with a daily limit on the number of subsidies to ensure broader consumer access [5]. Group 2: Regional Responses and Adjustments - Jiangsu has implemented a quota management system for subsidies, which will be in effect until the end of the year [7]. - In Sichuan, the subsidy policy has shifted to a "quota management" phase, with daily limits on the issuance of subsidy vouchers [8]. - Guangzhou's online subsidy funds have been depleted, with expectations for a new round of subsidies in the third quarter, albeit at a reduced amount [9]. Group 3: Consumer Participation and Impact - Data from the Ministry of Commerce indicates that over 34 million consumers participated in the home appliance replacement program from January to April, resulting in sales exceeding 174.5 billion yuan [12]. - The National Subsidy program has not only provided financial benefits to consumers but has also stimulated overall consumption, suggesting that the likelihood of its termination is low [13].

Group 1 - The core viewpoint of the article highlights Haier Smart Home's recognition as the "2025 ESG Model Enterprise" due to its comprehensive green development model and social value practices [1] - The company implements a "6-Green" strategy that covers the entire supply chain, transforming ESG concepts into tangible consumer experiences [3][4] - Haier Smart Home has established strict "green rules" for suppliers, prioritizing energy-efficient and environmentally friendly materials in procurement [3] Group 2 - In product design, Haier Smart Home has introduced energy-efficient appliances, such as the Mai Lang refrigerator, which consumes less than 1 kWh per day, and the Leader washing machine, which has become a top seller [4] - The company has built the largest home appliance recycling network in China, recovering nearly 8 million old appliances in 2024, and participates in recycling initiatives in Europe and the US [6] - Haier Smart Home's ESG practices extend to global social responsibility, including building over 400 Hope Schools in China and donating energy-efficient air conditioners in Thailand [6] Group 3 - The company promotes transparency in governance, with public executive compensation, traceable supply chain carbon emissions, and real-time updates on environmental data [6] - Haier Smart Home aims to make ESG principles a part of everyday life, continuing to innovate in sustainable development [6]

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry, indicating an expectation of returns exceeding the market benchmark by more than 5% [5]. Core Insights - Domestic home appliance sales are expected to benefit from policy support, with the air conditioning peak season anticipated to see high temperatures and low inventory, making the second quarter demand promising. Changes in national subsidy methods are expected to have limited disruption [3][8]. - The online retail performance in May was strong, with significant year-on-year growth in various categories, including a 31.7% increase in TV sales and a 46.0% increase in air conditioning sales [8]. - The report highlights the potential for emerging markets in exports, while concerns regarding exports to the U.S. due to global capacity layout are deemed manageable. The reshaping of the global supply chain presents new opportunities [3][8]. Summary by Sections Domestic Market Performance - In May, online retail sales for home appliances showed impressive growth, with air conditioning sales up 46.0% year-on-year and cumulative growth of 26.9% from January to May [8]. - The average price of air conditioning units decreased slightly by 0.7% in May, but the report predicts that price declines are nearing an end as the peak season approaches [8]. Policy and Subsidy Impact - The report discusses changes in national subsidy methods, suggesting that the new approach will likely alleviate price competition among mid-to-low-end brands. The expected shift to a dual-channel distribution for subsidies is anticipated to maintain consumer spending [8]. Investment Recommendations - The report recommends focusing on quality white goods leaders that benefit from domestic policy continuation and are actively expanding overseas, such as Midea Group and Haier Smart Home [3]. - It also suggests monitoring companies that are likely to benefit from the reshaping of market shares in mature overseas markets, such as Hisense Visual Technology and Ousheng Electric [3].

固 定 收 益 周四美国国债大涨，PPI 数据不及 预期，强劲的 30 年期国债标售，和 中东地区的地缘紧张局势，推动美 国国债上涨。亚洲债券市场呈现双 向交投，卖盘压力至债券利差走宽 2-3 个基点。 环球市场动态 全 球 贸 易 形 势 日 趋 复 杂 股 票 A 股周四小幅震荡，酒类板块低迷； 港股受全球市场情绪影响表现不 佳，医药板块继续获抱团；欧洲股 市表现疲软，中东局势升温令市场 担忧；美股小幅收高，PPI 数据低 于预期得到市场积极反映，金龙中 国指数下跌。 外 汇 / 商 品 以色列袭击伊朗，其官员证实袭击 目标是伊朗核设施，中东紧张局势 升温，今早亚洲时段原油期货曾大 涨超 8%、现货金涨超 1%、美元指 数微涨。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 6 月 13 日 123 ▪ 在全球贸易形势日趋复杂的背景下，出口企业商业模式在贸易规则制约下不断调整，理解贸易制度成为投资判 断的重要前提。从权力划分来看，美国贸易政策体系涵盖立法、执行与监督三个环节，总统在贸易政策上拥有 较大的裁量权。从执行体系来看， ...

据央视新闻报道，当地时间6月12日获悉，美国商务部宣布将 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"。 据悉， 对大多数国家设定50%的关税将影响这些钢铁制品的进口，可能导致消费价格上涨， 行业利益相关者正在密切关注事态发展。 来源丨央视新闻 本期编辑 黎雨桐 哪吒汽车通知：居家办公！办公室门禁已失效，董事长兼CEO被围堵讨薪 秒空！预约票溢价50000倍！百万天价Labubu"旧主"：30多万卖出，不后悔 飞天茅台持续跳水！单瓶跌破2000元 SFC 21君荐读 ...