Core Viewpoint - The article discusses the classification of the consumer industry, its representative indices, and investment opportunities within the sector, highlighting the performance of essential and discretionary consumption categories [1][12][128]. Group 1: Common Indices in A-shares and H-shares - The consumer industry indices are categorized into four main types: broad-based indices, strategy indices, industry indices, and thematic indices [6][8][10]. - The consumer index falls under the industry index category, which specifically covers stocks within the consumer sector [11]. Group 2: Essential Consumption Industry - Essential consumption includes daily necessities such as food and beverages, which are crucial regardless of economic conditions [12][17]. - The representative index for essential consumption in A-shares is the CSI Consumer Index (000932.SH), established on July 3, 2009, with a base point of 1000 [18][21]. - The top ten holdings in the CSI Consumer Index are predominantly from the liquor sector, with over 50% of the weight attributed to liquor companies [22][23]. Group 3: Performance and Valuation of Essential Consumption - The annualized return of the CSI Consumer Index from December 31, 2009, to April 29, 2025, is 6.78%, increasing to 8.52% when considering dividends [23][26]. - The maximum drawdown for the index reached 58.69% during the period from February 10, 2021, to September 18, 2024 [24][26]. - Historical valuation metrics indicate that both the price-to-earnings (P/E) and price-to-book (P/B) ratios are currently at relatively low levels [27][42]. Group 4: Discretionary Consumption Industry - Discretionary consumption refers to non-essential goods that enhance quality of life, such as automobiles and home appliances [55]. - The representative index for discretionary consumption is the CSI Discretionary Consumption Index (000989.SH), which includes stocks from the discretionary consumption sector [56][57]. Group 5: Performance and Valuation of Discretionary Consumption - The annualized return of the CSI Discretionary Consumption Index from August 19, 2011, to April 29, 2025, is 2.23%, rising to 3.98% when including dividends [62]. - The maximum drawdown for this index was 62.65%, occurring between June 12, 2015, and January 3, 2019 [64]. - Valuation metrics for the discretionary consumption index suggest it is not particularly expensive but does not represent a low valuation either [67]. Group 6: Investment Cases and Strategies - Investment strategies in the consumer sector emphasize buying undervalued assets and holding them until they reach overvaluation [50][52]. - A notable case involved investing in the CSI Consumer Index during a low valuation period, resulting in a 64.05% return by the time of selling at a high valuation [115]. Group 7: Portfolios and Index Funds - The article outlines various index funds related to essential and discretionary consumption indices, highlighting the concentration of holdings in certain sectors [29][45][82]. - The CSI White Wine Index, due to its high concentration of holdings, has limited new fund issuance opportunities, making existing funds significant in size [46]. Group 8: Conclusion - The consumer industry is divided into essential and discretionary consumption, with corresponding representative indices available in A-shares and a combined index in H-shares [128]. - Historical returns in the consumer sector have been strong, but investment should focus on undervalued periods and maintain a balanced portfolio [128].

智通财经APP获悉，中国机电商会低压电器分会发文称，从月度趋势看，2025年1月份，受春节前集中 交货影响，我低压电器单月出口额创下22.1亿美元的历史新高，同比增幅达11.3%；2月份因节后复工延 迟，出口额回落至13.2亿美元，但仍高于近三年同期均值;3月出口量快速回升至20.8亿美元，环比增长 57.6%，形成明显的季度"V型"反弹态势，2025年第一季度行业出口整体曲线显著高于前三年同期水 平。 据我国海关统计，2025年第一季度中国低压电器行业出口额达56亿美元，同比增长13.6%，延续了2024 年全年223.2亿美元(增速7.2%)的增长势头。 1 行业出口整体增势良好，企业自主品牌意识持续提升 从出口市场看，区域市场分布呈现"新兴市场崛起"与"传统市场分化"的双重特征。第一季度对中国香港 出口8.6亿美元，占比15.4%，同比增长30.8%，中国香港作为重要的贸易中转枢纽，对其增长表明我国 低压电器产品对全球市场的辐射能力持续提升;对美国出口表现暂时稳定，出口额6.2亿美元，占比 11%，同比增长2.6%，美国是我国低压电器出口第二大市场，主要出口产品涵盖插头及插座、开关、接 插件等。受加征关 ...

毕业生找工作，招聘会是重要的渠道之一。 《通知》明确提出，充分用好校园招聘主渠道。各高校要拓展实施"万企进校园"计划，主动邀请用人单位进校招聘，鼓励联合公共就业 创业服务机构开展校园招聘活动，在活动现场设置政策咨询、就业指导、直播带岗等专区，丰富校园招聘活动形式。 今年4月，由教育部、人力资源和社会保障部、上海市人民政府联合主办的"千行万业系列招聘会"春季专场暨长三角地区2025届高校毕业 生专场招聘会在上海财经大学举行，汇聚上海、江苏、浙江、安徽四地企业岗位资源，来自集成电路、人工智能、生物医药、金融科技等行 业的千家企业参加，提供岗位超2.1万个。 随着高校就业季迈入"百日冲刺"的关键阶段，长三角地区多地政府、高校与企业紧密联动，通过政策创新、精准帮扶与全链条扶持等举 措，为毕业生就业创业保驾护航。 近日，上海市12个委办局联合发布《关于做好2025年上海市高校毕业生就业创业工作的通知》（下称《通知》），以29项具体举措构建 起就业创业全周期支持体系，力度与温度并重，为高校毕业生就业创业提供坚实保障。 架起"沟通桥" 在科技成果转化方面，南京人才日发布《关于加快建设技术经理人队伍推动科技成果转化的若干措施 ...

证券代码：605333 证券简称：沪光股份 公告编号：2025-038 昆山沪光汽车电器股份有限公司 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。 昆山沪光汽车电器股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召 开公司第三届董事会第十二次会议，审议通过了《关于拟在香港投资设立全资子 公司的议案》，同意在香港投资设立全资子公司，注册资本为 200 万元人民币，公 司拥有该子公司 100%股权。具体内容详见公司 2025 年 4 月 26 日在上海证券交易 所网站（www.sse.com.cn）和指定媒体披露的《关于拟在香港投资设立全资子公 司的公告》（公告编号：2025-032）。 一、对外投资的进展情况 近日，公司已完成香港全资子公司的注册工作，并取得由香港特别行政区公 司注册处签发的《公司注册证明书》和《商业登记证》，具体信息如下： 公司中文名称：沪光香港国际有限公司 公司英文名称：Huguang (Hong Kong) International Company Limited 注册资本：200 万 ...

在此背景下，2025 第五届【ESG先锋60】评选应时而动，本次评选致力于在全行业范围内，精准筛选出那些积极投身 ESG 实践，以实际行动诠释经济与社 会双重价值的绿色企业与先锋人物。通过对这些优秀人物、企业、案例的表彰，为更多企业提供可借鉴的 ESG 实践样本，助力企业挖掘自身内生动力，实 现稳健、可持续发展，进而引领新时代经济社会的高质量前行。 评选过程中，组委会将秉持独立、客观、科学的原则，精心构建涵盖评选征集、市场指标评估、网络投票、专家评审等多环节的严谨评选体系，层层把关， 确保评选结果的公正性与社会价值。最终，脱颖而出的获奖企业将受邀出席荣誉盛典，共同见证 2025【ESG先锋60】年度大奖的荣耀揭晓时刻。 本次评选活动覆盖范围广泛，涵盖金融、石化、化工、建材、钢铁、有色、造纸、电力、航空、餐饮和住宿、教育、电器、服装等细分行业，无论企业所有 制类型、国别与规模大小，只要在 ESG 领域有突出表现，均有机会参与角逐。 奖项设置丰富多元，包括年度环境责任优秀奖、年度社会责任优秀奖、年度公司治理优秀奖、年度 ESG 绿色金融奖、年度企业 ESG 实践奖、年度 ESG 探 索人物奖等，从多个维度对企业与 ...

1. 情绪模型观点：市场情绪得分较稳定 根据《从结构化视角全新打造市场情绪择时模型》文中提到的构建思路，目前我们用于构建市场情绪结构指标所用到 的细分指标如下表。 在指标合成方法上，模型采用打分的方式，根据每个分项指标所提示的情绪方向和所处布林轨道位置计算各指标分 数，指标分数可分为（-1，0，1）三种情况，最终对各个指标分数等权求和。最终的情绪结构指标为求和后分数的20 日均线，如图1所示，指标整体围绕0轴在[-6,6]的范围内上下波动，近5年A股市场情绪波动较大，其中2023年大部分 时间指标都处于较低位置，直至2024年10月市场情绪得分突破2。 截至5月23日，市场情绪指标数值进一步上行，代表当前市场情绪是近20日的较高位置，观点偏多。从所有分项指标 分数之和的变化来看，近两周分数之和没有明显变化。 1.1 从分项指标出发：市场情绪较上周没有显著变化，成交量和投资主线仍是未来情绪进一步上行的重要因素 本周各项情绪指标分数较上周没有变化，价量匹配度没有显著变化，沪深300RSI指标分数上升，市场资金情绪尚可， 但市场风险偏好进一步下降且行业涨跌趋势得分继续为负。我们维持未来市场情绪进一步上行需要来自成交 ...

Economic Growth - The region's economy showed stable growth from January to April, with industrial production increasing significantly, as the added value of industrial enterprises above designated size grew by 8.0% year-on-year [1] - The high-tech manufacturing sector experienced remarkable growth, with the added value increasing by 28.9% year-on-year, driven by advancements in "Artificial Intelligence+" [1] Industrial and Service Sector Performance - Key sectors such as optical electronic devices, lithium-ion batteries for vehicles, new energy vehicles, service robots, and industrial robots saw substantial production increases, with year-on-year growth rates of 130%, 66.5%, 47.3%, 32.0%, and 30.6% respectively [1] - The service industry continued to recover, with high-tech service enterprises reporting an 18.7% increase in revenue year-on-year, particularly in intellectual property services and technology transfer services, which grew by 150% and 69.0% respectively [1] Consumer Market and Investment - The consumer market remained stable, with retail sales of consumer goods above designated size increasing by 3.3% year-on-year, driven by the "old-for-new" policy, particularly in communication equipment and home appliances, which saw increases of 52.8% and 38.6% respectively [2] - Fixed asset investment grew by 1.4% year-on-year, with industrial investment rising by 11.3%, accounting for 44.2% of total fixed asset investment [2] Foreign Trade and Public Budget - The total foreign trade import and export volume reached 258.41 billion yuan, a year-on-year increase of 16.9%, with significant growth in trade with ASEAN, EU, Africa, and the Middle East [2] - General public budget expenditure was 210.46 billion yuan, up 8.6% year-on-year, with 79.5% allocated to social welfare [2] Employment and Consumer Prices - The consumer price index saw a slight year-on-year decrease of 0.3%, while urban employment figures showed positive trends with 143,900 new jobs created [3]

大消费 [T分析师able_A：uthor 罗鹏 ] 执业证书号：S1030523040001 电话：0755-23602217 邮箱：luopeng@csco.com.cn 研究助理：赵靖 电话：0755-23602217 邮箱：zhaojing2@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 4 月社零可选消费表现亮眼 [Table_ReportDate] 2025 年 5 月 26 日 [Table_ReportType] 大消费行业周报（5 月第 4 周） 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债率（%） 149 期间费用率（%） 4.54 存货周转率（%） 42.56 讯 1) 上周（5/19-5/23）大消费板块表现分化。家用电器、纺织服 饰、食品饮料、美容护理、社会服务、商贸零售周涨跌幅分别 为+1.21%、-0.11%、-1.27%、-1.48%、-1.60%、-1.61%，沪深 300 指数下跌 0.18%。食品饮料、家用电器、纺织服饰、 ...

Group 1: Key Recommendations - The report recommends Junsheng Electronics (均胜电子, 600699) due to the recovery of automotive safety profitability, the arrival of new automotive electronic technologies, and the company's investment in humanoid robots, which is expected to accelerate performance release [5] - The report highlights Bubugao (步步高, 002251) as a strong candidate for investment, citing its successful restructuring and significant sales growth post-adjustment, with expectations for rapid profit improvement [6] - The report identifies AsiaInfo Technology (亚信科技, 01675) as a key player in the AI sector, benefiting from its partnership with Alibaba in large model delivery, which is expected to drive revenue growth [7][9] - The report recommends Boke Technology (步科股份, 688160) for its leadership in frameless torque motors and the growth potential in humanoid robotics [10] - Gree Electric Appliances (格力电器, 000651) is noted for its recovery in management and channel reforms, which are expected to drive performance beyond expectations [11] Group 2: Financial Projections and Valuations - For Junsheng Electronics, projected revenues for 2025-2027 are 64.53 billion, 66.45 billion, and 71.02 billion CNY, with net profits expected to grow at rates of 59.7%, 19.5%, and 17.9% respectively [5] - Bubugao's revenue projections for 2025-2027 are 7.75 billion, 9.55 billion, and 12.10 billion CNY, with a remarkable revenue growth rate of 126.01% in 2025 [6] - AsiaInfo Technology's revenue is forecasted to reach 6.915 billion, 7.461 billion, and 8.269 billion CNY from 2025 to 2027, with net profit growth rates of 4.84%, 17.99%, and 15.25% [9] - Boke Technology's revenue is expected to be 684 million, 859 million, and 1.069 billion CNY for 2025-2027, with net profit growth rates of 76.0%, 26.2%, and 24.2% [10] - Gree Electric's projected revenues for 2025-2027 are 200.12 billion, 208.32 billion, and 216.82 billion CNY, with net profit growth rates of 10.32%, 7.99%, and 6.85% [12] Group 3: Market Insights and Trends - The report indicates that the automotive safety sector is stabilizing, with Junsheng Electronics expected to benefit from the recovery in profitability and the new technology production cycle [5] - Bubugao's restructuring has led to a significant increase in daily sales, with expectations for further improvements in profit margins as the company completes its store adjustments [6] - The AI industry is experiencing rapid growth, with AsiaInfo Technology positioned to capitalize on this trend through its comprehensive digital solutions [9] - The demand for frameless torque motors is expected to rise, driven by advancements in robotics and automation, benefiting Boke Technology [10] - Gree Electric is anticipated to see improved operational efficiency and profitability as it navigates through its channel reform phase [11]

【 机构观点综评 】 方正证券指出，展望后市，小微盘占优行情特征或将延续。博时基金认为，存款 挂牌利率下移，汇率约束的缓解，货币市场以及短端利率补降可能会延续。 一、焦点锐评 1．LPR迎来年内首降，六大行同步调降存款利率 二、权益市场 1.中信证券：特朗普政策不确定性仍是大类资产配置主线 中信证券明明认为，大类资产配置方面，特朗普政策不确定性仍然是大类资产配置的主线，未来需要关 注外贸政策缓和或焦点转向内政的可能性。而在目前特朗普影响市场的模式中，"特朗普看跌期权"仍然 生效。在今年底至明年初之前，美债或为4%~5%区间震荡行情；黄金仍然是最具确定性的资产；特朗 普影响下美股的胜率仍然偏低；美元或偏弱震荡。但若特朗普政策焦点转向内部，美股和美债的拐点可 能提前到来。 2.方正证券：小微盘占优行情特征或延续 方正证券指出，展望后市，小微盘占优行情特征或将延续，主要判断依据包括：一是当前资本市场无系 统性风险，整体上A股风险偏好在不断回升。二是工业品价格持续收缩、上市公司盈利仍在筑底，经济 转型探索新方向过程仍在延续。三是流动性持续宽裕，无风险利率处于历史低位。四是新质生产力持续 发展，并购重组进一步释放市场活 ...