Core Insights - Delmar (301332.SZ) reported its Q3 2025 results on October 28, 2025, highlighting significant institutional investor activity [1] Institutional Holdings - As of October 27, 2025, a total of 9 institutional investors disclosed holdings in Delmar A-shares, with a combined holding of 273 million shares, representing 59.08% of Delmar's total equity [1] - The institutional holding percentage decreased by 2.80 percentage points compared to the previous quarter [1] Public Fund Activity - In this reporting period, 82 public funds were not disclosed compared to the previous quarter, including major funds such as Dachen CSI 360 Internet + Index A and Guotai CSI All Share Home Appliances ETF [1] Foreign Investment Trends - One foreign fund, Ouzhizhi Co., Ltd., reduced its holdings in Delmar, with a decrease of 0.10% compared to the previous quarter [1]

Investment Rating - The report maintains a "Recommended" rating for Shun'an Environment (stock code: 002011) [2][5][56] Core Views - The company has shown steady performance with a total revenue of 9.723 billion yuan, a year-on-year increase of 4.15%, and a net profit attributable to shareholders of 769 million yuan, up 18.46% year-on-year [5][6] - The gross profit margin has been improving, with a gross margin of 17.91% for the first three quarters of 2025, and 19.25% for Q3 2025, reflecting effective cost control measures [5][12] - The company is actively promoting new growth areas in automotive thermal management and energy storage thermal management, with significant orders from major clients [7][56] Financial Performance Summary - **Revenue Forecasts**: - 2024A: 12.678 billion yuan - 2025E: 13.387 billion yuan (growth of 5.6%) - 2026E: 14.896 billion yuan (growth of 11.3%) - 2027E: 16.735 billion yuan (growth of 12.3%) [2][56] - **Net Profit Forecasts**: - 2024A: 1.045 billion yuan - 2025E: 1.163 billion yuan (growth of 11.3%) - 2026E: 1.343 billion yuan (growth of 15.5%) - 2027E: 1.536 billion yuan (growth of 14.3%) [2][56] - **Earnings Per Share (EPS)**: - 2024A: 0.98 yuan - 2025E: 1.09 yuan - 2026E: 1.26 yuan - 2027E: 1.44 yuan [2][56] - **Price-to-Earnings (PE) Ratios**: - 2024A: 13.81 - 2025E: 12.40 - 2026E: 10.74 - 2027E: 9.39 [2][56] Business Segment Performance - **Automotive Thermal Management**: Revenue reached 481 million yuan in the first half of 2025, a year-on-year increase of 81.84% [6][8] - **Refrigeration and Air Conditioning Components**: Revenue of 5.412 billion yuan in the first half of 2025, up 8.8% year-on-year [6][8] - **Refrigeration Equipment**: Revenue declined by 31.43% to 483 million yuan in the first half of 2025 [6][8] Market Conditions - The domestic air conditioning market is expected to face pressure in the coming months due to reduced support from the old-for-new policy and high base effects from the previous year [5][24] - The company has launched a new stock incentive plan, aiming for significant growth in net profit over the next three years, reflecting confidence in new business developments [5][6]

Core Conclusions - The report explores the long-term trend of excess returns across various primary industries, identifying food and beverage, home appliances, and electrical equipment as the sectors with the highest historical likelihood of achieving sustained excess returns over three years [1][2] - The consumer sector shows a greater probability of long-term excess returns compared to other industries, attributed to its stable "ballast" characteristics [2][10] - Cyclical industries generally have a lower probability of achieving sustained excess returns due to short-term inventory cycles, while the electrical equipment sector benefits from ongoing demand, leading to a higher historical probability of long-term excess returns compared to other cyclical industries [2][15] Industry Analysis Food and Beverage, Home Appliances, and Electrical Equipment - These three industries have the highest sample counts for "three-year trend excess," indicating a historical tendency for long-term excess returns [2][8] - The excess returns in food and beverage and home appliances can be divided into two phases: one of pricing boom and another of pricing stability, with ROE showing rapid growth and stability exceeding the overall market [10][11] Electrical Equipment - The electrical equipment sector has benefited from two peaks in power and grid construction from 2003 to 2010, and from 2019 to 2023, driven by domestic carbon neutrality initiatives and global grid reinvestment [15][20] - The core logic is based on the "resonance of global grid capital expenditure," which supports the sector's long-term growth [15] TMT Industries (Technology, Media, Telecommunications) - Currently, the industries that have achieved excess returns for three consecutive years include electronics, communications, media, non-bank financials, and banking [2][20] - The continuation of excess returns in TMT sectors is influenced by the market beta at the time of excess formation and the industry's own profit cycle [3][20] - The electronics sector, despite significant underperformance from late 2014 to mid-2015, maintained a positive three-year rolling excess return due to its resilient fundamentals [3][20] - The media sector often fails to extend excess returns into the fourth year due to fundamental challenges and policy shifts affecting the industry [3][20] - The telecommunications sector has shown consistent excess returns, particularly during the AI industry trend, which is expected to continue [21][23] Financial Sector - The probability of non-bank financials and banking sectors extending their excess returns into the fourth year after three consecutive years is relatively low, at 4% and 6% respectively [3][32] - Excess returns in the financial sector typically occur during market risk-off periods or when policy expectations rise, but can diminish if market focus shifts to high-growth sectors [32]

Group 1 - The three major indices opened high, with the technology sector continuing its strong performance, particularly the Robot Index ETF (560770) which rose by 1.29% [1] - The Robot Index ETF (560770) has seen a net inflow of 654 million yuan since October, with a net subscription of 120 million yuan over the last three days, and its share has increased by over 111.4% since its listing on September 1, reaching a new high of over 2.07 billion yuan [1] - The demand for robots is robust, with significant contributions from the development and export of industrial and service robots to industrial upgrades [1] Group 2 - According to the latest research from Shenwan Hongyuan, the structural characteristics of A-shares in the five-year planning period will reflect the strongest direction in AI, robotics, and semiconductors by 2025, with a positive outlook for technology leaders in the fourth quarter of 2025 [2] - The Robot Index ETF (560770) tracks the CSI Robot Index, which includes major stocks such as Huichuan Technology, iFlytek, Roborock, Dahua Technology, and others [2] - The top three industries in the CSI Robot Index account for 83.22%, with mechanical equipment being the largest at 55.89%, followed by computers at 18.9% and home appliances at 8.43% [2]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests focusing on sectors with relatively low valuations such as liquor, hotels, and restaurants, indicating a positive outlook for these areas [2]. Core Insights - The consumer sector showed mixed performance in the week of October 20-24, with home appliances, social services, and retail sectors experiencing gains, while food and beverage sectors saw declines [2]. - In September, the year-on-year growth rate of retail sales was 3.0%, with a slight month-on-month decline of 0.4 percentage points. Essential consumption categories like grain and oil, and daily necessities remained stable, while optional consumption categories like cosmetics and jewelry showed signs of recovery [2]. - The export of home appliances continued to decline in September, with a total export volume of 266 million units, down 3.7% year-on-year. However, some categories like refrigerators and washing machines showed month-on-month improvements [2]. Summary by Sections Market Weekly Review - The consumer sector's performance varied, with notable gains in home appliances and social services, while food and beverage sectors faced declines [2][12][13]. Industry News and Key Company Announcements - Haidilao launched a new sushi brand, indicating its expansion into diverse dining sectors [14]. - The World Gold Council reported record inflows into physical gold ETFs in September, highlighting strong demand in the gold market [16]. - Coca-Cola HBC announced a significant acquisition in Africa, indicating strategic growth in emerging markets [16]. - Various companies reported their quarterly earnings, with some like Zhujiang Beer and Jeya showing revenue growth, while others like Fuhua and Shuangta Foods faced declines [16][19].

珠江潮涌，客商如织。10月15日，第138届中国进出口商品交易会在广州开展。尽管面临复杂的外部环 境，本届广交会依然展现出强大的吸引力与活力，展位总数7.46万个，参展企业超3.2万家，均创历史新 高，约3600家企业首次亮相。 商务部对外贸易司司长王志华表示，作为中国对外开放的窗口、缩影、标志，这些年来广交会持续助力 外贸高质量发展，为培育外贸新动能注入强劲动力。 向新而行 本届广交会上，拥有自主知识产权和核心技术的"独家好物"成为绝对主角。企业不再是仅比拼价格，而 是更热衷于展示其研发实力与技术优势。 佛山市格林盈璐电器科技有限公司董事长秦欣宗说，公司研发全新一代的灭蚊器和传统的光诱产品存在 很大区别，该产品的主要原理是仿生呼吸，其科学依据在于蚊子主要依靠感知呼吸来定位人类，产品旨 在模拟人体的呼吸模式。他表示，该产品所采用的仿生呼吸技术，在行业内处于领先地位。 在品牌展区，新宝电器海外营销管理部经理麦楚琦称，高透球冰制冰机产品应用了企业自主研发的专利 技术，精准满足了威士忌爱好者对冰块不仅要求球形，更追求高透明度与美观的消费需求。 山东滕州市三合机械股份有限公司连续参加了50多届广交会。公司业务经理杨家 ...

在这个科技高速发展的时代，家电俨然成为了我们生活中的一部分，从做饭到清洁，从洗衣到娱乐，处 处都有电器的影子。 然而，也正因为这样，很多人都掉进了盲目消费的"陷阱"里，以至于不少家电买回来后没用几次，就成 为了家里的"吃灰担当"。 本期就盘点6个"越用越后悔"的电器，劝你别再盲目投入了，都是花钱买来的教训。 一、跑步机 想健身减肥，又没时间去健身房怎么办？不少人的第一反应，都是买一台跑步机放家里，哪怕贵一点， 也会毫不犹豫的投入。 当然，跑步机刚买回来的时候，也的确会信心满满，并想着每天跑上半个小时，既方便又自律。 然而，现实往往会给自己一巴掌，短则几天，长则几周，就会成为家里一个昂贵的"晾衣架"，并且还特 别占空间。 原因无外乎是：没了新鲜感、噪音扰人、自己太忙。当然，最主要的还是自己根本坚持不下来。 建议：真想买一台跑步机玩玩，可以花几百块买台二手，后悔了再卖掉，也不会亏多少。 二、蒸汽拖把 蒸汽拖把刚上市时，主打的卖点就是"杀菌、省力、无需清洁剂"。当然，也受到了不少家庭青睐。 建议：蒸汽拖把的清洁能力确实不错，但购买前也要看看自己能不能接受它的缺点。 三、激光电视机 近几年比较火的"激光电视机"，即便 ...

Core Insights - Sichuan Changhong (600839.SH) reported a total operating revenue of 81.889 billion yuan for Q3 2025, an increase of 4.591 billion yuan compared to the same period last year, marking a year-on-year growth of 5.94% [1] - The net profit attributable to shareholders reached 1.008 billion yuan, up 663 million yuan from the same period last year, reflecting a significant year-on-year increase of 192.49% [1] - The net cash inflow from operating activities was 1.002 billion yuan, an increase of 432 million yuan year-on-year, achieving a growth of 75.57% [1] Financial Ratios - The latest debt-to-asset ratio stands at 73.66%, a decrease of 1.86 percentage points from the previous quarter and a reduction of 0.50 percentage points compared to the same period last year [3] - The gross profit margin is reported at 9.37%, with a return on equity (ROE) of 6.52%, which is an increase of 4.10 percentage points year-on-year [4] - The diluted earnings per share (EPS) is 0.22 yuan, an increase of 0.14 yuan from the same period last year, representing a year-on-year growth of 192.63% [4] Operational Efficiency - The total asset turnover ratio is 0.83 times, which is an increase of 0.01 times compared to the same period last year, achieving a growth for two consecutive years [4] - The inventory turnover ratio is reported at 3.56 times [4] Shareholder Structure - The number of shareholders is 703,700, with the top ten shareholders holding a total of 1.3 billion shares, accounting for 28.16% of the total share capital [4] - The largest shareholder is Sichuan Changhong Electronic Holding Group Co., Ltd., holding 23.22% of the shares [4]

Core Insights - The report by Zhiyan Consulting highlights a significant decline in China's home appliance imports and exports in August 2025, indicating a challenging market environment for the industry [1]. Import Data - In August 2025, the number of home appliances imported into China was 1.1 million units, representing a year-on-year decrease of 39.1% [1]. - The import value for the same period was $10.6 million, which is a year-on-year decline of 28.4% [1]. Export Data - In August 2025, China exported 40.38 million home appliances, showing a year-on-year decrease of 3.6% [1]. - The export value during this period was $8.434 billion, reflecting a year-on-year decline of 6.6% [1]. Industry Analysis - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services to support investment decisions [1].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company's performance in 2025 Q1-3 showed a total revenue of 16.897 billion yuan, a year-on-year increase of 2%, while the net profit attributable to the parent company was 1.366 billion yuan, a decrease of 5% [7] - The company faced challenges in external sales due to tariffs, but internal sales demonstrated resilience, particularly in core categories like rice cookers and frying pans [7] - The company is benefiting from the "old-for-new" national subsidy policy, which has positively impacted internal sales, while external sales are affected by tariff-related adjustments [7] Financial Data Summary - Total revenue projections for 2025E are 23.651 billion yuan, with a year-on-year growth rate of 5.5% [6] - The net profit attributable to the parent company for 2025E is projected to be 2.255 billion yuan, reflecting a slight increase of 0.5% year-on-year [6] - The earnings per share (EPS) for 2025E is estimated at 2.81 yuan, with a projected price-to-earnings (PE) ratio of 17 [6][7]