证券研究报告 固收定期报告 hyzqdatemark 2025 年 07 月 07 日 高票息信用债行情兑现 ——信用分析周报（2025/6/30-2025/7/4） 投资要点： 本周（6/30-7/4）市场概览： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 3）负面舆情。主体负面：本周潍坊公信国有资产经营有限公司、联储证券股份有限 公司、登封市建设投资集团有限公司、聊城市安泰城乡投资开发有限责任公司列入 主体观察名单；黑龙江创达集团有限公司主体评级调低。债项负面：中燃投资有限 公司所发行的 10 只银行间债项隐含评级调低；康佳集团股份有限公司所发行的 6 只 公司债隐含评级调低；其他债项负面包括"融茂优 B"隐含评级调低，"H20 方圆 1" 展期，"23 创 01EB"债项评级调低，"23 联储一"列入债项观察名单。转债负面： 双良节能系统股份有限公司主体评级调低，其所发行的"双良转债"债项评级调低。 本周市场分析：本周公开市场共有 20275 亿元逆回购到期，本周央行累计开展 6522 亿元逆回购操作，实现全周净回笼 13753 亿 ...

Group 1: Market Overview - Southeast Asia, particularly Thailand, is experiencing robust growth in the white goods market due to a large population and increasing consumer spending power, making it a competitive landscape for global appliance companies [1] - Samsung and LG have historically dominated the Thai market, holding over 60% market share in washing machines, but this is changing with the entry of Chinese brands [1] Group 2: Chinese Brands' Investment - In 2024, approximately 2,700 companies are expected to invest in Thailand, with major Chinese appliance manufacturers like Haier, Midea, and TCL announcing new investment plans for 2025 [1] - Midea established a new regional headquarters in Thailand, while TCL plans to invest 680 million yuan to build a refrigerator production line [1] - Haier's market share in Thailand's white goods sector reached the top position by early 2025, with a 72% year-on-year increase in washing machine retail sales by May [1] Group 3: Product Innovation and Localization - Haier launched three high-end washing machine series in Thailand, focusing on local user needs and incorporating innovative technologies to address specific challenges [2] - The L+ series features AI heat pump technology for large item care, while the X series offers rapid drying capabilities to combat humidity [2] - Local designers showcased how Haier's products solve everyday problems, enhancing market acceptance and demonstrating the company's commitment to localized innovation [2] Group 4: Future Growth Potential - The core strategy for sustained growth is to create user demand rather than merely follow existing trends, which is crucial for Haier's continued success in the Thai washing machine market [3] - The ongoing expansion of Haier's product lines raises expectations for a potential shift in market share dynamics, challenging the long-standing dominance of Japanese and Korean brands [3]

Group 1 - The core point of the article is that Changhong Meiling plans to repurchase shares using its own and self-raised funds, with a total amount between RMB 150 million and RMB 300 million, and a maximum repurchase price of RMB 10.67 per share [2][4] - The estimated number of shares to be repurchased ranges from approximately 14,058,107 shares (1.36% of total share capital) to 28,116,213 shares (2.73% of total share capital) [2][4] - The repurchase period is set to be no more than 12 months from the date of the board's approval of the repurchase plan [2][4] Group 2 - On July 4, the stock closed at RMB 7.15, with a slight increase of 0.28%, and a trading volume of 150,000 shares, resulting in a total transaction amount of RMB 108 million [1] - The fund flow on the same day showed a net outflow of RMB 7.2859 million from main funds (6.76% of total transaction amount) and a net outflow of RMB 3.7046 million from speculative funds (3.44% of total transaction amount), while retail investors had a net inflow of RMB 10.9904 million (10.2% of total transaction amount) [2][4]

Core Insights - The construction industry is actively transitioning towards a green, low-carbon, and intelligent development model, supported by policies such as the "14th Five-Year Plan for Building Energy Conservation and Green Building Development" [1] - The integration of AI technology with HVAC systems is emphasized as a key driver for innovation in energy efficiency and smart operations within the building sector [2][3] - Existing buildings are increasingly targeted for energy-efficient retrofitting, with a focus on enhancing the performance of HVAC systems to meet the "dual carbon" goals [1][3] Industry Trends - The shift towards intelligent buildings is seen as a crucial engine for industrial ecosystem prosperity, with a strong emphasis on the dual approach of green smart buildings and financial support [1] - AI's rapid development is significantly accelerating its application in smart buildings, enabling data-driven decision-making and dynamic optimization of building management systems [2] - The demand for energy efficiency improvements, particularly in HVAC systems, is highlighted as a major trend in the building sector, with immediate visible results from retrofitting efforts [3] Company Initiatives - Midea Building Technology has been focusing on digital transformation through its iBUILDING platform, which enables energy consumption monitoring and management of various mechanical and electrical equipment [3] - The company is committed to integrating smart technology into its core business lines, aiming to enhance operational efficiency and support the green upgrade of existing buildings [4][5] - Recent product launches at the "Fourth Building Technology TRUE Conference" showcase Midea's comprehensive solutions for smart buildings, emphasizing low-carbon and intelligent features [5] Future Directions - Midea Group is positioning "digital intelligence" as a core strategic focus, aiming to transition from manufacturing to intelligent manufacturing and technology services [4] - The establishment of the Shanghai Midea Global Innovation Center is part of the company's strategy to enhance its global R&D network and support comprehensive digital and intelligent development [6]

Core Insights - The project "Development and Application of Thermoelectric Pile Infrared Array Sensors Based on Wideband Enhanced Metamaterials" led by Haier has been successfully launched, marking Haier's first undertaking in the "Smart Sensor" key special project and the first of its kind in the industry [1][2] - The project aims to address the urgent need for high-precision, long-distance array sensors in smart manufacturing, industrial inspection, and smart agriculture, aligning with national strategies for manufacturing and technological advancement [1] Group 1 - The project is a collaborative effort between Haier and the Institute of Microelectronics of the Chinese Academy of Sciences, forming a synergistic innovation consortium [1] - The expert group has reviewed the project implementation plan and provided constructive feedback on potential technical challenges, pathways for realization, and risk management [1] - The project outcomes are expected to provide essential technical support for the domestic thermoelectric pile infrared array sensor industry, promoting independent and controllable R&D of high-performance sensor products [2] Group 2 - From the "13th Five-Year Plan" to the "14th Five-Year Plan," Haier has led a total of 15 national key R&D projects, ranking first in the industry [2] - Haier has established over 20 national-level research platforms, including the National High-end Intelligent Home Appliance Innovation Center and the National Engineering Research Center for Digital Home Networks, the highest number in the industry [2] - The active leadership in national-level research projects and platforms demonstrates Haier's commitment to breakthroughs in "hard technology," aiming to enhance the core competitiveness of the national industry and support China's leading position in global innovation [2]

Core Viewpoint - The article discusses the acquisition of Konka Group by China Resources Group, highlighting the strategic move to optimize resource allocation among state-owned enterprises and the subsequent changes in ownership and control of Konka [1][2][3]. Group 1: Acquisition Details - On July 3, the State Administration for Market Regulation announced the unconditional approval of the acquisition of Konka Group by China Resources Group [1]. - The transfer agreement was signed on April 29, 2025, between the controlling shareholder of Konka, Overseas Chinese Town Group, and the subsidiaries of China Resources [1]. - The acquisition was approved by the State Council on June 30, 2025, allowing for the transfer of shares without compensation [2]. Group 2: Ownership Changes - Following the completion of the share transfer, the controlling shareholder of Konka will change to Panshi Run Chuang, with China Resources becoming the actual controller [3]. - After the transfer, Panshi Run Chuang will hold 524.022432 million A-shares, accounting for 21.76% of the total share capital, while Hehua Company will hold 198.361110 million B-shares, accounting for 8.24% [4]. Group 3: Company Performance - Konka primarily engages in the research, manufacturing, and sales of color TVs, mobile phones, white goods, kitchen appliances, water purification products, daily consumer electronics, LED products, set-top boxes, and related items [5]. - In 2024, Konka reported a revenue of 11.115 billion yuan, a year-on-year decline of 37.73%, with a net profit attributable to shareholders of -3.296 billion yuan [5]. - In the first quarter of 2025, Konka achieved a revenue of 2.544 billion yuan, a year-on-year increase of 3.32%, and a net profit of 94.8107 million yuan, marking a successful turnaround [5].

Group 1: Macro Economic Insights - The U.S. Senate passed the modified "Big Beautiful Act" with a narrow margin, which will increase the deficit to 7% during Trump's term [2][3][4] - The updated version of the fiscal bill is projected to increase the deficit by $4 trillion over the next ten years, with long-term implications potentially raising it to $5.5 trillion if tax cuts are made permanent [3][4] - The long-term debt-to-GDP ratio is expected to rise to 126% by 2034, indicating increasing fiscal pressure [4][7] Group 2: Marine Economy and Communication - The Chinese government has prioritized the development of the marine economy, with policies aimed at enhancing marine industries such as marine electronic information and offshore wind power [9][10] - The domestic marine production value is projected to reach 10.54 trillion yuan in 2024, with a growth rate of 5.9%, indicating significant potential in the marine sector [10] - The global submarine cable market is expected to grow from $21 billion in 2024 to $68 billion by 2032, with a CAGR of approximately 15.8% [10] Group 3: Company-Specific Developments - Kangtai Biological's PCV13 vaccine has received GMP certification from Turkey, marking a significant step in its overseas expansion [15][16] - The company has established partnerships in over ten countries for the registration and commercialization of various vaccines, with overseas revenue expected to grow significantly [16][18] - Midea Group's revenue for Q1 2025 was 127.8 billion yuan, a year-on-year increase of 20.5%, with expectations of maintaining steady growth despite industry headwinds [21][24] Group 4: Industry Trends and Challenges - The home appliance industry is facing a downturn, but Midea Group is expected to maintain growth due to its competitive advantages and high dividend yield [21][24] - The company is adapting to U.S. tariff policies, which have negatively impacted exports, but it is expected to gradually adjust its global production capacity [22][23] - The industrial business, particularly in HVAC and related fields, is showing strong growth potential, supported by strategic acquisitions [23][24]

Core Viewpoint - The article emphasizes the transformation of Changhong Group towards a green development model, integrating digitalization and ESG management to achieve energy conservation and carbon reduction in manufacturing [1][5][14]. Group 1: Digital Transformation and Energy Management - Changhong Energy Power Center utilizes digital transformation for energy and carbon management, enabling precise monitoring of energy consumption anomalies [1]. - The company implements a "strategic planning - technological innovation - full-chain collaboration" model to navigate energy conservation and carbon reduction [1]. Group 2: ESG Management System - Changhong has established a comprehensive ESG management system that integrates strategy, governance, execution, and disclosure, with the board of directors overseeing ESG operations [5][6]. - The company’s green development strategy includes a focus on "green recycling and resource regeneration," supported by a smart recycling system covering 15 cities and 200 collection points [6]. Group 3: Technological Innovations - The company employs thousands of sensors in its smart manufacturing park to monitor energy efficiency, enabling a shift towards automated management and data-driven decision-making [9]. - Significant improvements in energy efficiency have been achieved, such as a 50% reduction in water usage in automated processes and a 39% increase in transmission efficiency from hydraulic motor upgrades [10][11]. Group 4: Circular Economy and Resource Reuse - Changhong's circular economy model integrates product lifecycle management, from design to recycling, achieving both environmental and economic benefits [13]. - The company aims to establish five national-level green factories and twelve provincial-level green factories by 2027, with a long-term goal of carbon neutrality by 2049 [14]. Group 5: Achievements and Future Goals - The company has reported a 0.09% decrease in annual comprehensive energy consumption intensity and a 7.94% reduction in greenhouse gas emissions intensity [6]. - Changhong plans to leverage the upcoming Chengdu World Sports Games to enhance its carbon reduction efforts and market carbon asset operations [14].

Core Insights - The establishment of the free trade zone in Manaus, Brazil, has attracted numerous Chinese companies, leading to a path of ecological and economic development in the Amazon rainforest [1][2] - Gree Electric Appliances, one of the first Chinese companies to enter the Brazilian market, has a factory in Manaus that produces environmentally friendly air conditioners, achieving an annual production capacity of 2 million units and a leading market share in Brazil [1][2] - The presence of Chinese enterprises in the Manaus free trade zone has significantly contributed to local employment and technological advancement, with companies like OPPO rapidly establishing production lines for smartphones [2][3] Company and Industry Summary - Gree Electric Appliances has been operating in Manaus since 2001, focusing on sustainable production practices with zero ozone depletion refrigerants [1] - The Manaus free trade zone has preserved 97% of the rainforest by providing job opportunities that reduce the need for local residents to engage in deforestation for agriculture [2] - OPPO's entry into the Brazilian market has been swift, with the first smartphone expected to roll off the production line in April 2024, showcasing the efficiency of Chinese manufacturing technology [2][3] - The local workforce has benefited from training and skill development, enhancing their technical and project management capabilities, which has led to increased production efficiency and product quality [3] - The Manaus free trade zone is projected to achieve its highest revenue in 58 years in 2024, indicating strong growth driven by Chinese investments and technology [3]

Group 1 - The core index of the CSI 300 Dividend Low Volatility Index has shown a slight increase of 0.03% as of July 3, 2025, with notable gains in constituent stocks such as Hu'nong Commercial Bank (up 1.62%) and CITIC Bank (up 1.53%) [1] - The CSI 300 Dividend Low Volatility ETF (515300) has undergone a downward adjustment [1] - The trading volume of the CSI 300 Dividend Low Volatility ETF reached 77.31 million yuan, with a turnover rate of 1.4% [3] Group 2 - As of July 2, 2025, the average daily trading volume of the CSI 300 Dividend Low Volatility ETF over the past month was 138 million yuan, and its latest scale reached 5.529 billion yuan [3] - The CSI 300 Dividend Low Volatility ETF has achieved a net value increase of 75.70% over the past five years, ranking 45th out of 993 index equity funds, placing it in the top 4.53% [3] - The ETF has recorded a maximum monthly return of 13.89% since its inception, with the longest consecutive monthly gains being five months and an average monthly return of 3.66% [3] Group 3 - The top ten weighted stocks in the CSI 300 Dividend Low Volatility Index include China Shenhua, Gree Electric, and Sinopec, collectively accounting for 35.21% of the index [3] - The performance of high-dividend sectors has shown internal differentiation, with banks and non-banks performing relatively well [6] - The ongoing policy support is expected to increase the scale of long-term funds entering the market, favoring dividend assets as stable low-risk investments [5]