Group 1 - The report indicates that the domestic stock indices experienced mixed performance, with the CSI 300, SSE 50, and SSE Composite Index showing declines of -1.08%, -1.22%, and -0.03% respectively, while the CSI 500 and CSI 1000 saw increases of 0.32% and 0.62% respectively [2][9] - The trading volume of comprehensive ETFs increased to 50.728 billion yuan, up by 10.269 billion yuan from the previous week, with large-cap style ETFs accounting for 27.055 billion yuan and small-cap style ETFs for 23.914 billion yuan [2][29] - The average weekly performance of 32 thematic ETFs was -0.32%, with large-cap style ETFs averaging -0.45% and small-cap style ETFs averaging -0.22% [3][30] Group 2 - The report highlights that the top three performing comprehensive ETFs were the 1000ETF, 500ETF, and 800ETF, with returns of 0.87%, 0.57%, and -0.50% respectively, while the bottom three were the ChiNext 50, Deep 100ETF, and ChiNext, with returns of -1.89%, -1.56%, and -1.10% [4][35] - In the thematic ETF category, the leading performers were in the biopharmaceutical and military sectors, with returns of 2.11%, 1.96%, and 1.85%, while the new energy vehicle and non-ferrous ETFs lagged with returns of -4.70%, -4.68%, and -2.34% [4][35] - The report notes that there was a net outflow of funds from major index ETFs in the comprehensive category, while the ChiNext-related ETFs saw inflows, indicating a shift in investor sentiment [4][35] Group 3 - The report provides insights into the trading activity of domestic stock ETFs, indicating that the trading hotspots were concentrated in the ChiNext 50, 1000ETF, and various sector ETFs such as banking and military [27][28] - The report also tracks the changes in market capitalization and trading volumes of comprehensive and thematic ETFs, noting that the total trading volume for thematic ETFs was 31.48 billion yuan, down by 4.192 billion yuan from the previous week [30][29] - The report emphasizes the importance of monitoring the trading activity and fund flows in ETFs as indicators of market sentiment and potential investment opportunities [26][29] Group 4 - The report indicates that the bond market showed mixed performance, with the Shanghai Stock Exchange convertible bonds experiencing a slight increase of 0.26%, while the main stock index futures had varied results [16][19] - In the commodity market, the report notes that the CRB poultry and edible oil indices saw slight increases, while the overall commodity market experienced mixed results [20][24] - The report also highlights the performance of overseas ETFs, with the NASDAQ ETF showing a gain of 1.74%, while the H-share and Hang Seng ETFs experienced declines [41][41]

导读：2020年至今，我们和东方红资产管理的周云做过三次访谈，每一次都能感受到他价值体系的进步。 2020年3月第一次访谈，周云展现了他对低估值投资的长期信心。这一套投资框架，在之后的这些年中一直未变，是他最底层的投资逻 辑。 2022年12月第二次访谈，周云提出了成功的投资不仅需要理解估值，也要倾向市场的声音，价值和市场并不矛盾，都有自己的内在规 律。 2025年5月第三次访谈，周云谈到了用质量做排除法，大家一致认可的高质量未必能带来好的长期回报，但可以把市场后50%到60%的 低质量公司剔除。 在最新的这一次访谈中，我们剔除了周云此前提过的投资框架部分，更多展现了他的一些新思考： 第一层思考：为什么独立是一种很强的竞争优势？因为人性的底层就会从众，即便是在显而易见的事实面前。周云用著名的"阿希实 验"为例，阐述了人性的弱点。从以小为美，到只买龙头，资本市场没有永恒的真相，只有新的共识替代旧的共识。拉长看，周云能不断 战胜沪深300，很重要的部分就是没有追涨杀跌。 第二层思考：如何把质量和估值结合在一起。即便好公司和好价格难以同时出现，但买好公司依然是周云追求的。他把质量作为一种排 除法，剔除一大批低质量的 ...

Group 1: Growth Strategy - The company aims to enhance growth through a strategy of "stable pricing, price increases, and structural improvement" while implementing direct sales transformation in certain regions [2] - Short-term focus includes improving efficiency, cost management, and cash flow through detailed management practices [2] - Mid-term goals involve operational innovation and industry upgrades to enhance overall efficiency and effectiveness [3] - Long-term strategy emphasizes increasing R&D investment and technological development to build core competitiveness [3] Group 2: Profitability and Risk Management - The company prioritizes stable and sustainable profitability as a core strategic goal, supported by a systematic operational planning framework [2] - Cost control measures include strategic partnerships with suppliers and optimizing production processes to mitigate risks from tariff fluctuations [4] - The company maintains close communication with clients regarding tariff strategies to maximize mutual benefits [4] Group 3: Shareholder Returns and Dividends - The company is committed to balancing shareholder returns with long-term development needs, evaluating dividend policies based on multiple factors [5] - Future adjustments to dividend ratios will be assessed carefully, ensuring compliance with information disclosure obligations [5] Group 4: Online Strategy and Market Position - The company plans to clarify its online strategy for 2025, focusing on enhancing internal marketing capabilities to drive online business growth [6] - The competitive landscape in the online market is characterized by a focus on cost and efficiency [6] Group 5: Mergers and Acquisitions - The company does not rule out potential mergers and acquisitions, which will depend on strategic alignment with existing business operations [8] - Evaluation of potential targets will focus on their synergy with current operations and their ability to enhance market share and core competitiveness [8] Group 6: Internal Goals and Market Challenges - The company recognizes the shift from an incremental to a stock market in the home appliance industry, necessitating a focus on enhancing core competitiveness [8] - Emphasis is placed on stable profitability driving growth, with a priority on cash flow over profit and scale [8]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 25.04 CNY and a target price of 35.54 CNY [1] Core Insights - The air conditioning business is significantly improving, and digital transformation is accelerating [1] - The company is experiencing strong growth in both domestic and international markets, with a notable increase in market share [5][6] - The digital marketing and inventory reforms are enhancing operational efficiency and brand recognition [6] - The company continues to implement a high dividend policy, with a cash dividend ratio of 48.0% for 2024, expected to remain above 50% in 2025-2026 [7] Summary by Sections Financial Performance - Revenue for 2025 is projected at 307.31 billion CNY, with a growth rate of 7.46% [10] - The net profit for 2025 is estimated to be 21.52 billion CNY, reflecting a growth rate of 14.82% [10] - The expected earnings per share (EPS) for 2025 is 2.29 CNY [10] Market Position - Haier's air conditioning retail sales significantly outperformed the industry, with online and offline retail volumes increasing by 76% and 25% respectively in the first four months of 2025 [5] - The company's market share in air conditioning has strengthened, with a year-on-year increase of 3.6% in online sales and 1.0 percentage points in offline sales [5] Digital Transformation - The launch of the Haier Smart Home AI Data Cloud in Q1 2025 has improved customer interaction and product offerings [6] - The digital inventory model has reduced operational costs for clients, with over 60 new clients introduced to the POP model, resulting in a retail sales increase of over 100% [6] Management and Governance - A new board of directors and executive team has been established, with key appointments including Kevin Nolan for North America and Song Yujun for air conditioning [5][11] - The board has been authorized to repurchase up to 10% of H shares and 30% of D shares [5] Valuation and Forecast - The report maintains profit forecasts for 2025-2027 at 215 billion CNY, 243 billion CNY, and 273 billion CNY respectively, with corresponding price-to-earnings (PE) ratios of 11, 10, and 9 [7][10]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 25.04 CNY and a target price of 35.54 CNY [1] Core Insights - The air conditioning business is significantly improving, and digital transformation is accelerating [1] - The company has seen substantial growth in both domestic and international markets, with a notable increase in retail sales and market share in the air conditioning sector [5][6] - The digital marketing and inventory reforms have enhanced operational efficiency and brand recognition [6] - The company continues to implement a high dividend policy, with a cash dividend ratio of 48.0% for 2024, expected to remain above 50% in the coming years [7] Summary by Sections Company Overview - Haier Smart Home has appointed a new board and executive team, with key positions filled to enhance operational focus across various regions and product lines [5][11] Financial Performance - The company reported a significant increase in air conditioning retail sales, outperforming the industry average [5] - The expected net profit for 2025 is projected at 21.5 billion CNY, with a consistent growth trajectory in subsequent years [7][10] Digital Transformation - The launch of AI data cloud has improved customer interaction and product offerings, leading to successful new product launches [6] - The digital inventory model has reduced operational costs for clients, resulting in a substantial increase in retail sales through new channels [6] Dividend Policy - The company maintains a high dividend payout, with a projected dividend yield of 4.8% for 2025, supported by a robust cash flow [7][10] Valuation Metrics - The report forecasts a price-to-earnings (P/E) ratio of 11 for 2025, indicating a favorable valuation compared to historical performance [7][10][14]

Core Viewpoint - Midea Group has completed the repurchase and cancellation of certain restricted stock incentives from 2021, 2022, and 2023, involving a total of 1,493,543 shares, which represents a reduction in the company's total share capital [1][28]. Group 1: 2021 Restricted Stock Incentive Plan - The company repurchased and canceled 258,668 shares from 18 incentive recipients, with a repurchase price of 32.75 CNY per share [1][23]. - A total of 681,500 shares were repurchased from 22 recipients at a price of 20.97 CNY per share [1][25]. - The total amount paid for the repurchase of restricted stocks was 35,429,185.75 CNY [1][28]. Group 2: 2022 Restricted Stock Incentive Plan - The company repurchased 1,052,500 shares from 24 recipients due to reasons such as job changes and performance issues, with a repurchase price adjusted to 23.97 CNY per share [14][26]. - The total number of shares granted was adjusted from 12,630,000 to 12,450,000 due to changes in the list of incentive recipients [11][12]. - The repurchase of 681,500 shares from 22 recipients was also completed [25][17]. Group 3: 2023 Restricted Stock Incentive Plan - The company planned to grant 1,837,500 shares to 416 recipients at a price of 28.39 CNY per share, later adjusted to 25.89 CNY per share [18][19]. - A total of 553,375 shares were repurchased from 29 recipients due to job changes and performance issues [22][20]. - The total amount received from the incentive recipients for the restricted stock was 474,434,250 CNY [19][28].

Core Viewpoint - The legal opinion issued by the law firm confirms that the 2024 annual general meeting of Midea Group was convened and conducted in accordance with relevant laws and regulations, ensuring the legitimacy of the meeting and the qualifications of attendees [2][4]. Group 1: Meeting Procedures - The annual general meeting was convened by the company's board of directors and held on May 30, 2025, at the Midea headquarters in Shunde, Guangdong [3][4]. - The meeting notification included details such as the time, location, agenda items, voting procedures, and registration methods for shareholders [3][4]. Group 2: Attendance and Voting - A total of 3,211 participants attended the meeting, representing 4,722,973,222 shares, which accounted for 61.87% of the total voting shares [5][6]. - Voting was conducted both in-person and online, with specific time slots allocated for each method [3][6]. Group 3: Voting Results - The voting results showed overwhelming support for the proposals, with the majority of resolutions receiving over 99% approval from both A-share and H-share holders [7][10]. - For instance, the proposal for the 2024 annual financial settlement received 99.50% approval from A-share investors [7][10]. Group 4: Legal Compliance - The law firm confirmed that the meeting's convening and voting procedures complied with the Company Law, Shareholders' Meeting Rules, and the company's articles of association [4][6]. - The qualifications of attendees, including A-share and H-share holders, were verified according to the relevant regulations [5][6].

Meeting Overview - The meeting was held with no proposals for addition, modification, or rejection [1] - The specific time for online voting was set for May 30, 2025, from 9:15 to 9:25, 9:30 to 11:30, and 13:00 to 15:00 [1] Attendance - The total number of shares represented at the meeting was 7,633,752,670, with 650,848,500 shares in total [1] - The number of shares held by the A-share repurchase account was 38,992,509 [1] Proposal Review and Voting Results - The voting results showed that 99.7657% of A-shares and 99.8438% of H-shares voted in favor of the proposals [2][3] - The total number of A-shares was 4,349,488,947, while the total number of H-shares was 362,704,014 [2] Shareholder Return Plan - A proposal regarding the shareholder return plan for the next three years received overwhelming support, with 99.8460% of H-shares and 99.9800% of A-shares voting in favor [4][5] Share Repurchase Authorization - The proposal for the board to be authorized to repurchase shares was approved with 99.9688% of H-shares and 99.9892% of A-shares in favor [4][5] Amendments to Company Articles - The proposal to amend the company’s articles of association was supported by 99.4516% of the total votes [6][7] - The proposal to revise the rules for board meetings received 99.9864% approval [5][6] Spin-off Proposal - The proposal for the spin-off of a subsidiary, An De Zhi Lian Supply Chain Technology Co., Ltd., was approved with 100% support from H-shares [6][7] - The spin-off aims to comply with relevant laws and regulations, ensuring the protection of shareholder and creditor rights [6][7]

Core Viewpoint - Midea Group is implementing a 2025 A-share employee stock ownership plan, which has been reviewed and deemed compliant with relevant laws and regulations [1][5][9]. Group 1: Legal Compliance and Qualifications - Midea Group has been verified as a legally established and effectively existing joint-stock company, meeting the qualifications to implement the 2025 stock ownership plan [5][9]. - The company has provided all necessary original documents and oral testimonies, ensuring the authenticity and completeness of the materials reviewed [2][3]. - The 2025 stock ownership plan has been approved by the board of directors and complies with the guidelines set forth by the regulatory authorities [5][9]. Group 2: Plan Structure and Participation - The plan is designed for 601 key management and technical personnel, including 13 senior executives, ensuring that it targets individuals crucial to the company's long-term performance [6][9]. - The funding for the plan will come from a special incentive fund, which will be used to acquire shares from the company's repurchase account [6][7]. - The stock transfer price for the plan is set at 76.67 yuan per share, with a total of 17,361,485 shares to be acquired through non-trading transfers [7][8]. Group 3: Governance and Management - The plan includes a management committee elected by the participants to oversee daily management and represent the interests of the stockholders [8][11]. - The plan has a lock-up period of 24 months, starting from the completion of the stock acquisition [8][9]. - The plan ensures that no single participant can exert significant influence over decision-making, maintaining a balanced governance structure [11][12]. Group 4: Disclosure and Approval Process - Midea Group has fulfilled the necessary disclosure obligations regarding the plan, including announcements of board resolutions and related documents [10][12]. - The plan is subject to approval by the company's shareholders' meeting, ensuring that all stakeholders have a say in its implementation [9][12]. - The plan's execution will not harm the interests of the company or its shareholders, adhering to the principles of voluntary participation and risk-sharing [5][9].

Core Points - The document outlines the rules for the board of directors of Haier Smart Home Co., Ltd, aiming to enhance governance structure and ensure effective board operations [1][2][3] Group 1: General Principles - The rules are established in accordance with various laws and regulations, including the Company Law of the People's Republic of China and the Corporate Governance Guidelines [1] - The board consists of 8 to 13 directors, including 3 to 5 independent directors and 1 employee representative [1][2] Group 2: Board Authority - The board has the authority to make decisions on significant matters such as share acquisitions, external guarantees, financial assistance, and related party transactions [2][4] - A two-thirds majority is required for certain resolutions, while others can be passed with a simple majority [2] Group 3: Chairman and Vice Chairman - The chairman and vice chairman are elected by the board for a term of three years, with the possibility of re-election [3] - The chairman has special disposal rights and must report to the board and shareholders on significant matters [3][4] Group 4: Board Secretary - The board secretary is a senior management position responsible for coordinating information disclosure and managing investor relations [4][5] - The secretary must possess necessary professional knowledge and experience, and is appointed by the board [4][5] Group 5: Board Meetings - The board must hold at least four meetings annually, with notifications sent at least 14 days in advance for regular meetings [9][10] - Decisions require a majority presence of directors, and voting can be conducted through various means including teleconferencing [11][12] Group 6: Decision-Making and Accountability - Board resolutions must be recorded, and directors are accountable for decisions that violate laws or regulations [12][13] - The rules allow for modifications based on legal requirements and company circumstances, subject to shareholder approval [13]