Group 1 - The article highlights that on July 31, several listed companies received target price upgrades from brokerages, with notable increases for Ningde Times, Su Shi Testing, and Yonghui Supermarket, showing target price increases of 66.28%, 48.13%, and 47.99% respectively [1][3] - Ningde Times received a "Buy" rating from Dongwu Securities with a target price of 440.00 yuan, indicating a significant potential upside [3] - Su Shi Testing was rated "Strong Buy" by Huachuang Securities with a target price of 24.22 yuan, reflecting a robust growth outlook [3] Group 2 - A total of 26 listed companies were recommended by brokerages on July 31, with Hisense Home Appliances receiving the most recommendations at four, followed by Su Shi Testing with three, and Yonghui Supermarket with two [4][5] - Hisense Home Appliances closed at 25.69 yuan and was recommended by four brokerages, indicating strong market interest in the white goods sector [5] - The article also mentions that Hunan Haili received its first coverage with a "Buy" rating from Great Wall Securities, indicating a positive outlook for the agricultural chemical products industry [7]

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with significant growth potential identified for Ningde Times, Su Shi Testing, and Yonghui Supermarket, showing target price increases of 66.28%, 48.13%, and 47.99% respectively [1][3] - Ningde Times is rated as "Buy" by Dongwu Securities with a high target price of 440.00 yuan, indicating a strong bullish sentiment in the battery industry [3] - Su Shi Testing received a "Strong Buy" rating from Huachuang Securities with a target price of 24.22 yuan, reflecting optimism in the professional services sector [3] Group 2 - Yonghui Supermarket is rated to "Outperform Industry" by China International Capital Corporation with a target price of 7.00 yuan, showcasing positive expectations in the general retail sector [3] - Haier Smart Home received four recommendations from different brokerages, indicating strong interest in the white goods industry, while Su Shi Testing and Yonghui Supermarket received three and two recommendations respectively [4][5] - On July 31, a total of 26 listed companies received brokerage recommendations, with the highest number of recommendations going to Haier Smart Home [4][5] Group 3 - The article mentions that on July 31, there was one instance of initial coverage, where Hunan Haili was given a "Buy" rating by Great Wall Securities, indicating potential interest in the agricultural chemical products sector [7]

Investment Rating - The investment rating for Hisense Home Appliances is "Buy" (maintained) [6] Core Views - Despite short-term pressure on revenue and profitability in Q2 2025, primarily due to a decrease in central air conditioning business share, intense competition in the home air conditioning sector, and adjustments in the three-electric business, the company is expected to achieve significant growth through its proactive overseas expansion, steady growth in overseas revenue, continuous upgrading of domestic and international product structures, and improved profitability in the ice-washing business. There is a considerable probability that the company will meet the performance assessment targets of its employee stock ownership plan, and recent personnel adjustments may bring new opportunities for the HVAC business [4][14]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 49.34 billion, a year-on-year increase of 1.4%, and a net profit attributable to the parent company of 2.077 billion, up 3.0%. In Q2 2025, revenue was 24.502 billion, down 2.6%, with a net profit of 949 million, down 8.3% [12]. - The Q2 revenue decline was attributed to a decrease in central air conditioning sales amid real estate pressures, while external sales continued to grow rapidly, supported by brand expansion. The home air conditioning business faced fierce domestic competition, leading to slight fluctuations in sales [12][14]. Business Segments - The HVAC segment's profit margin decreased by 1.3 percentage points in H1 2025, while the ice-washing segment's profit margin improved by 0.8 percentage points to 4.2%. The three-electric segment experienced losses in Q2 2025, primarily due to personnel optimization and currency exchange impacts [13][18]. Future Outlook - The company is projected to achieve net profits of 3.594 billion and 4.116 billion in 2025 and 2026, respectively, corresponding to a current PE ratio of approximately 9.9 and 8.6, indicating a favorable valuation. The "Buy" rating is maintained based on these projections [14][15].

Investment Rating - The report maintains an "Accumulate" rating for the company [7][24]. Core Views - The company reported a total revenue of 49.34 billion yuan for the first half of 2025, a year-on-year increase of 1.44%, while the net profit attributable to the parent company was 2.077 billion yuan, up 3.01% year-on-year. However, the second quarter saw a decline in revenue and net profit, with a year-on-year decrease of 2.6% and 8.25%, respectively, primarily due to weak performance in the central air conditioning segment and increased asset impairment [1][2][3]. Summary by Sections Financial Performance - In the first half of 2025, the company's central air conditioning business faced pressure, with revenue from the subsidiary Hisense Hitachi declining by 6% year-on-year to 10.66 billion yuan, and net profit down by 4.9% to 1.86 billion yuan. Domestic sales of central air conditioning dropped by 15.9%, while external sales showed a growth of 24.9% [2][3]. - The home air conditioning segment performed positively, with a revenue increase of approximately 14% year-on-year. The company’s ice washing business also saw a modest revenue growth of 4.8% [3][4]. Profitability and Margins - The gross margin for the first half of 2025 was reported at 21.48%, an increase of 0.69 percentage points year-on-year, driven by improved overseas margins and rising margins in the ice washing segment [4][5]. - The report indicates a slight increase in expense ratios due to sports marketing and foreign exchange fluctuations, with the expense ratio rising by 0.51 percentage points year-on-year [4]. Future Outlook - The company forecasts net profits attributable to the parent company of 3.75 billion yuan, 4.20 billion yuan, and 4.70 billion yuan for 2025, 2026, and 2027, respectively. The report suggests that the company will benefit from the release of replacement demand and its strong brand presence [5][21]. - The target market capitalization is set at 490.98 billion yuan, with a target price of 35.42 yuan for A-shares and 30.62 HKD for H-shares, reflecting a valuation discount due to exchange rate and market volatility risks [5][24].

Market Overview - The white goods sector increased by 0.94% on July 30, with Shenzhen Konka A leading the gains [1] - The Shanghai Composite Index closed at 3615.72, up 0.17%, while the Shenzhen Component Index closed at 11203.03, down 0.77% [1] Stock Performance - Shenzhen Konka A (000016) closed at 5.00, up 1.83% with a trading volume of 819,900 shares [1] - Hisense Home Appliances (000921) closed at 27.20, up 1.64% with a trading volume of 179,800 shares [1] - Midea Group (000333) closed at 72.11, up 1.22% with a trading volume of 411,300 shares [1] - TCL Smart Home (002668) closed at 10.35, up 0.98% with a trading volume of 148,100 shares [1] - Haier Smart Home (600690) closed at 25.58, up 0.67% with a trading volume of 313,400 shares [1] - Gree Electric Appliances (000651) closed at 46.37, up 0.54% with a trading volume of 320,200 shares [1] Capital Flow - The white goods sector saw a net inflow of 307 million yuan from institutional investors, while retail investors experienced a net outflow of 189 million yuan [1] - Midea Group had a net inflow of 14.5 million yuan from institutional investors, but retail investors had a net outflow of 82 million yuan [2] - Gree Electric Appliances experienced a net inflow of 68.42 million yuan from institutional investors, with retail investors also seeing a net outflow of 18.42 million yuan [2] - Haier Smart Home had a net inflow of 32.30 million yuan from institutional investors, while retail investors had a net outflow of 21.02 million yuan [2]

Group 1 - The core viewpoint of the article highlights that the National Development and Reform Commission has allocated a third batch of national subsidy funds amounting to 69 billion yuan, which is expected to positively impact the air conditioning business of Haier, particularly in northern regions and the European and American markets [1] Group 2 - The report indicates that the recent high-temperature weather in various domestic and international locations is likely to boost the demand for air conditioning products, thereby enhancing Haier's revenue and profit from its air conditioning segment [1]

Core Insights - The white goods sector experienced a decline of 0.98% on July 29, with Changhong Meiling leading the drop [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Company Performance - Hisense Home Appliances (000921) closed at 26.76, with a slight increase of 0.04% and a trading volume of 86,100 shares [1] - Deep Blue Technology (000016) closed at 4.91, down 0.61%, with a trading volume of 309,400 shares [1] - Whirlpool (600983) closed at 10.87, down 0.82%, with a trading volume of 36,600 shares [1] - Haier Smart Home (600690) closed at 25.41, down 0.94%, with a trading volume of 316,000 shares [1] - Midea Group (000333) closed at 71.24, down 0.97%, with a trading volume of 398,400 shares [1] - Gree Electric Appliances (000651) closed at 46.12, down 1.09%, with a trading volume of 427,600 shares [1] - TCL Smart Home (002668) closed at 10.25, down 1.16%, with a trading volume of 140,900 shares [1] - Xuqiqi Electric (001387) closed at 14.35, down 1.17%, with a trading volume of 45,700 shares [1] - Aucma (600336) closed at 7.09, down 1.25%, with a trading volume of 207,300 shares [1] - Changhong Meiling (000521) closed at 7.45, down 1.59%, with a trading volume of 161,200 shares [1] Capital Flow - The white goods sector saw a net outflow of 727 million yuan from institutional investors, while retail investors contributed a net inflow of 681 million yuan [1] - The table of capital flow indicates varying levels of net inflow and outflow among individual stocks, with Haier Smart Home experiencing a net inflow of 9.97 million yuan from institutional investors [2] - Changhong Meiling had the highest net outflow from institutional investors at 19.80 million yuan, indicating significant selling pressure [2]

证券代码：600690 证券简称：海尔智家 编号：临2025-050 海尔智家股份有限公司 核心员工持股计划权益归属的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 海尔智家股份有限公司（以下简称"公司"或"海尔智家"）于近期办理了公 司2023年A股/H股核心员工持股计划、2024年A股/H股核心员工持股计划（合称 "核心员工持股计划"）权益归属相关事宜，具体如下： 一、核心员工持股计划情况介绍 （一）2023年A股/H股核心员工持股计划 公司于2023年4月27日召开第十一届董事会第五次会议和第十一届监事会第 五次会议，于2023年6月26日召开2022年年度股东大会，审议通过了《海尔智家股 份有限公司2023年度A股核心员工持股计划（草案）及摘要》（以下简称"2023年 A股核心员工持股计划"）、 《海尔智家股份有限公司2023年度H股核心员工持股计 划（草案）及摘要》（以下简称"2023年H股核心员工持股计划"）等相关议案， 同意实施公司2023年A股核心员工持股计划和2023年H股核心员工持股计划。2023 年 ...

Investment Rating - The report maintains a "Strong Buy" rating for Haier Smart Home (600690) with a target price of 34.5 CNY [2][8]. Core Views - The recent allocation of 69 billion CNY in national subsidies is expected to positively impact Haier's air conditioning business, particularly in northern China and the European and American markets, leading to improved revenue and profit [2][8]. - The company is anticipated to benefit from high temperatures in major cities, which have reached an average maximum of 31.1°C, the highest in five years, driving demand for air conditioning [8]. - The report highlights that Haier's air conditioning sales in the northeast region have seen a significant increase, with retail sales growth exceeding 300% in early July due to the heat [8]. - The U.S. real estate market is expected to improve, which may positively influence demand for home appliances, as there is a strong correlation between real estate and appliance sales [8]. - The report emphasizes that Haier's management has shown confidence in the company's future by increasing their shareholdings, indicating a positive outlook for the second half of the year [8]. Financial Summary - Total revenue is projected to grow from 285,981 million CNY in 2024 to 354,115 million CNY in 2027, with year-on-year growth rates of 9.4%, 8.4%, 7.2%, and 6.5% respectively [4]. - Net profit attributable to shareholders is expected to increase from 18,741 million CNY in 2024 to 26,426 million CNY in 2027, with growth rates of 12.9%, 13.0%, 12.2%, and 11.3% [4]. - Earnings per share (EPS) are forecasted to rise from 2.00 CNY in 2024 to 2.82 CNY in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 13 to 9 [4][8].

Market Overview - The equity market continued to strengthen from July 21-25, with the Wind All A closing at 5620.73, up 2.21% from July 18, and the China Convertible Bond Index rising 2.14% during the same period[1][8]. - Year-to-date, the Wind All A has increased by 11.93%, while the China Convertible Bond Index has risen by 11.82%[1][8]. Sector Rotation - The dominant sectors shifted from infrastructure to technology, driven by the commencement of the Yajiang Hydropower Station, which boosted market sentiment and funding participation[1][11]. - From July 21-25, the infrastructure narrative experienced three phases: a significant rise, a narrowing focus, and subsequent pressure, indicating a short-term adjustment in funding logic[1][18]. Investment Strategy - As the market approaches a period of macro events, including the Political Bureau meeting and US-China trade negotiations, maintaining a bullish mindset while employing a rotation strategy is crucial[2][41]. - The technology sector's declining heat and the strengthening of industrial narratives present ongoing investment opportunities, particularly in semiconductors and AI, which are expected to benefit from low-level rebounds[2][46]. Convertible Bond Valuation - As of July 25, the valuation of convertible bonds has reached historical highs, with the median price nearing 130 RMB, supported by strong market conditions despite the high valuation levels[2][52]. - The valuation centers for convertible bonds at various price points have increased, with the 80 RMB parity corresponding to a valuation center of 51.63%, up 1.82 percentage points from July 18[2][31]. Risk Factors - The rapid rotation of equity market styles and potential unexpected adjustments in the convertible bond market rules pose risks that investors should monitor closely[3][3].