Core Viewpoint - The article discusses the impact of the U.S.-China trade war and tariff policies on American consumers, particularly those who frequently purchase goods from China. It highlights how recent changes in tariff regulations and shipping costs have led to a significant shift in consumer behavior, with many buyers becoming more cautious and selective in their purchases [1][35]. Group 1: Consumer Behavior Changes - American consumers, like Mary, have become more hesitant to make purchases from China due to increased shipping costs and tariffs, leading to a more calculated approach to shopping [3][25]. - The cancellation of the small package tax exemption has resulted in higher costs for consumers, making previously affordable items significantly more expensive [5][6]. - Consumers are now more inclined to compare prices and seek alternatives, reflecting a shift from impulsive buying to a more restrained shopping mentality [25][26]. Group 2: Impact on E-commerce and Trade - The trade war has prompted a surge in cross-border e-commerce activities, with platforms like Taobao experiencing a significant increase in downloads and usage among American consumers during the initial phases of the tariff announcements [13][14]. - Despite the promotional efforts during events like "618," many small and medium-sized businesses are struggling to attract consumers due to the adverse effects of tariffs and rising shipping costs [35][36]. - The overall volume of business for companies involved in cross-border e-commerce has declined, with some reporting a drop of 15%-20% in sales due to the increased costs associated with tariffs and shipping [37][38]. Group 3: Shipping and Logistics Challenges - The rising shipping costs have led to a reevaluation of logistics strategies among consumers, with many seeking alternative shipping methods or reconsidering their purchasing decisions altogether [9][29]. - Consumers are increasingly sharing information about shipping costs and strategies on forums, indicating a community-driven approach to navigating the complexities of international shipping [26][28]. - The logistics challenges have also affected sellers, who are now required to absorb additional costs related to tariffs and shipping, impacting their profit margins significantly [36][38].

每日晨报 2025年6月16日 银河观点集萃 责任编辑 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 从日本经验看,如果经济一旦陷入通缩陷阱,会极大压制居民和企业的消费和投资意愿,并 导致货币和财政政策的传导机制有效性下降,政策效果由此也会大打折扣。去年以来,决策层反 复强调当前面临的困难之一是国内有效需求不足,明确提出要全面提振内需。针对由于需求不足 导致的物价低迷问题,今年两会工作报告中把 CPI 的目标值从 3%下调至 2%,这意味着 CPI 目 标已经从约束性目标变为成果性目标,从之前防止 CPI 突破 3%,变为推动物价水平回归 2%的 正常水平。对此,央行在一季度货币政策报告中也明确表示"把促进物价合理回升作为把握货币 政策的重要考量，推动物价保持在合理水平"。 前五个月社融资增量累计为 18.63 万亿元 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 宏观:"新"供给侧改革的"加减乘除"。未来十年,国内经济在 AI 驱动下, ...

Investment Rating - The report maintains an "Outperform" rating for the home appliance sector [7]. Core Insights - The U.S. has imposed a 50% import tariff on certain steel-based home appliances, effective June 23, which includes washing machines, dishwashers, refrigerators, ovens, dryers, freezers, kitchen garbage disposers, and welding racks. This tariff applies globally, with the exception of the UK, which faces a 25% additional tax. Companies using domestically sourced steel can benefit from exemptions [3][11][17]. - The tariff aims to protect the U.S. steel industry, potentially benefiting companies with domestic production capabilities, such as Haier, while having a limited impact on overall global production capacity in the short term [3][17]. Summary by Sections 1. Tariff Impact - The tariff will be assessed based on the value of steel components in appliances rather than the total product price, affecting products with higher steel content more significantly. For example, refrigerators may see an estimated total tariff of about 65% due to various tariffs combined [11][12][13]. 2. Market Trends - The home appliance sector experienced a decline of 1.4% this week, with specific segments like white goods and kitchen appliances seeing drops of 0.8% and 2.8%, respectively. Meanwhile, raw material prices for copper and aluminum changed by -1.4% and +2.2% respectively [4][24]. 3. Investment Recommendations - The report suggests focusing on several areas for investment: 1. Major appliances benefiting from trade-in programs, recommending companies like Midea Group, Haier, Gree Electric, Hisense, and TCL [18]. 2. The pet industry, which is expected to remain resilient, with recommendations for companies like Guibao Pet and Zhongchong Co [18]. 3. Small appliances and branded apparel, which may see a rebound in demand, with a focus on leading brands like Bear Electric and Supor [18]. 4. Electric two-wheelers, which are expected to improve in domestic sales, with recommendations for companies like Ninebot and Yadea [18]. 4. Global Manufacturing Dynamics - The report highlights that Chinese manufacturers maintain a significant advantage in global production, particularly in major appliances and tools, with recommendations for Midea, Haier, and others [19][23]. 5. Company Performance - The report tracks the performance of key companies in the home appliance sector, noting that Haier has substantial domestic production capacity in the U.S., which may mitigate the impact of tariffs compared to competitors with lower U.S. exposure [13][17].

Group 1 - Alibaba's internal discussions on "big company syndrome" have intensified, highlighting challenges in organizational transformation and the need for new growth drivers in the AI era [1] - Nvidia's CEO Jensen Huang responded to Ren Zhengfei's comments, emphasizing that while Nvidia's technology is advanced, China's capabilities are sufficient for its market needs [2] - The acquisition of Ximalaya by Tencent Music for approximately $201 billion reflects a shift in investor sentiment towards more rational valuations amid challenges faced by Ximalaya [4] Group 2 - Tencent Music's market capitalization briefly surpassed Baidu's, indicating a significant shift in the internet traffic landscape and a recognition of profitability in vertical sectors [5][6] - The U.S. Department of Commerce announced tariffs on various steel household appliances, which will impact the export of Chinese appliances to the U.S. starting June 23 [7] - Some regions in China have temporarily suspended or limited the national subsidy for appliance trade-ins, affecting consumer behavior during the peak shopping season [8] Group 3 - Volcano Engine has reduced the cost of its large model usage to nearly one-third, positioning itself competitively in the AI market [9] - Hisense and Gree are shifting their focus from price competition to technology competition in the air conditioning sector, emphasizing self-developed chips and AI technologies [10] - 360 launched a Nano AI Super Search Intelligent Agent, which enhances search capabilities across multiple platforms, marking a significant advancement in search technology [11] Group 4 - 3D model company VAST secured tens of millions in Pre-A+ funding, indicating strong investor interest in the 3D generation sector as it transitions from technology validation to product scaling [12]

Group 1 - The company plans to globally offer 360 million shares, with 25.22 million shares available in Hong Kong and 335 million shares internationally, along with an overallotment option of 54.05 million shares [1] - The subscription period for the shares is from June 13 to June 18, with a maximum offer price of HKD 22.53 per share and an entry fee of approximately HKD 2,275.72 for 100 shares [1] - The total expected fundraising amount is HKD 7.88 billion, with a net amount of HKD 7.74 billion, which will be used for ongoing global R&D and innovation, factory expansion in China, enhancing production automation, and strengthening digital infrastructure [1] Group 2 - The company's main business includes the research and development of household appliances, manufacturing of refrigeration and air conditioning equipment, and various types of valves and pumps [2] - The net profits for the years 2023, 2024, and the first quarter of 2025 (ending March 31) are projected to be CNY 2.92 billion, CNY 3.10 billion, and CNY 903 million, reflecting year-on-year changes of 13.51%, 6.10%, and 39.47% respectively [2]

Group 1: Israel's Attack on Iran - Israel launched an attack on Iran, with explosions reported in Tehran [2][3] - Iranian state media confirmed explosions in northeastern Tehran [4] Group 2: Indian Plane Crash - An Indian Boeing 787 passenger plane crashed shortly after takeoff, resulting in at least 265 fatalities [6][7] - The plane, which was headed to London, lost signal at an altitude of approximately 190 meters [10] - This incident marks the first total loss of a Boeing 787 due to an accident, leading to a nearly 5% drop in Boeing's stock price [10] Group 3: Medical Corruption Case - A medical intern reported corruption in a hospital, leading to the intern's death, which was initially ruled a suicide [12][15] - The intern had gathered evidence of malpractice, including unnecessary surgeries and potential money laundering [15] - The implicated doctor received a 17-year prison sentence for serious violations [15] Group 4: U.S. Tariffs on Steel Appliances - The U.S. Department of Commerce announced a 50% tariff on various steel household appliances starting June 23 [17] - This tariff is expected to increase consumer prices and impact imports significantly [17] - The tariff adjustment is justified by the U.S. government on national security grounds [18] Group 5: Changes in Gree's Chip Company Leadership - Dong Mingzhu stepped down as chairman of Zhuhai Zero Boundary Integrated Circuit Co., which is wholly owned by Gree Electric [20][21] - Li Shaobin has been appointed as the new legal representative and chairman of the company [20][23] - Zhuhai Zero Boundary was established in 2018 with a registered capital of 1 billion yuan, focusing on integrated circuit design and sales [22]

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。 央视记者当地时间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"。 ...

金十数据6月13日讯，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。 （央视） 美国宣布23日起对钢制家电加征关税 洗衣机冰箱在列 ...

Core Viewpoint - The recent management changes at Zhuhai Zero Boundary Integrated Circuit Co., Ltd. reflect a strategic shift in the company's leadership as it continues to develop its semiconductor business, which has become a significant revenue source for Gree Electric Appliances. Group 1: Management Changes - Dong Mingzhu has stepped down as the legal representative and chairman of Zhuhai Zero Boundary, with Li Shaobin taking over these roles [1][4] - The company has also seen changes in its executive team, with Tan Jianming exiting the board and Li Shaobin now serving as the executive director and manager [1][4] - The management changes occurred alongside a relocation of the company's registered address [2] Group 2: Business Performance - Gree Electric Appliances reported that its semiconductor business generated revenue of 15 billion yuan in 2024, marking a 50% year-on-year increase, with a net profit of 3.5 billion yuan, up 75% [3] - The semiconductor division has become the second-largest profit contributor for Gree, following air conditioning [3] Group 3: Strategic Developments - Gree has been actively investing in its chip production capabilities, with plans for a SiC chip factory expected to start production in June 2024, aiming to become the second-largest automated compound chip factory globally [5] - Since entering the chip sector in 2015, Gree has achieved a production capacity of 240,000 pieces per year, with self-developed chips being used in various products, including home and commercial air conditioning [5]

Group 1 - The automotive industry is facing supply chain pressures, prompting 16 major car manufacturers to limit payment terms to suppliers within 60 days, coinciding with the implementation of a new regulation aimed at protecting small and medium-sized enterprises (SMEs) [2] - The automotive sector is experiencing a competitive environment similar to that seen in the home appliance and mobile phone industries, where aggressive pricing strategies have led to market instability and only a few companies with core technologies and brand value have survived [2][4] - The need for industries to balance scale expansion with quality upgrades is critical, with brand building becoming a key focus for high-quality development [2] Group 2 - Former Sinopec Chairman Fu Chengyu emphasized the importance of not sacrificing long-term benefits for short-term gains, warning against practices that could harm SMEs, such as prolonged payment terms and price reductions [3] - The home appliance industry, particularly in Guangdong Shunde, is under pressure despite its mature supply chain, with ODM factories facing order uncertainty and profit compression due to aggressive pricing competition [4][5] Group 3 - The home appliance industry's supply chain is characterized by a "pyramid" structure, where brand owners exert pricing power, leading to cost pressures on suppliers and ultimately resulting in product homogenization and quality risks [5][6] - The dominance of leading brands in the home appliance sector has resulted in a significant profit squeeze for many SMEs, with net profit margins declining over the years [6] Group 4 - The restructuring of the supply chain is urgent, requiring collaboration between large enterprises and SMEs to break the cycle of exploitation and promote high-quality development driven by both brand and technology [7] - Major companies are encouraged to adopt a role as enablers rather than exploiters, fostering innovation and resilience within the supply chain [7] Group 5 - Companies like Midea and Haier are taking steps to empower SMEs through platforms that provide resources and support for brand development and innovation [8] - The acquisition of brands by SMEs, such as Jiahe Intelligent's purchase of the German audio brand Beyerdynamic, represents a strategic move towards establishing a presence in high-end markets [9] Group 6 - The Chinese government is implementing policies to support the growth of specialized SMEs, including financial incentives and resources for technology upgrades [11] - The internationalization of supply chains is seen as a way to alleviate domestic pressures, with companies like BYD and CATL establishing production bases in Europe to enhance local service and reduce costs [13]