近日，A股市场掀起新一轮回购热潮，并显示出新特点、新趋势。一方面，科创板公司积极行动，多家 科创板公司发布董事长提议回购股份的公告；另一方面，美的集团（000333）股份有限公司等龙头企业 的回购方案加速落地，百亿元级回购再现，"执行快"成为市场新趋势。此外尤为引人注意的是，部分退 市企业在退市整理期也加入了回购行列。(证券日报) ...

Group 1: Report Overview - The report is about a research on Feike Electric in the household appliance industry on June 18, 2025 [1][2][17] Group 2: Research Participants - The research was participated by investors and other institutions [2] Group 3: Company Representatives - The company's representatives include Chairman and President Li Gaiteng, Independent Director Lin Zhenxing, Financial Controller Hu Ying, and Board Secretary Guo Jiaguang [17] Group 4: Key Questions and Answers - **Dividend Policy**: The company has always implemented a stable and active cash - dividend policy to ensure the basic interests of all shareholders [24][25] - **Production Model**: In 2024, the proportion of outsourced production in the total production volume was 36.97% [25] - **Sales Structure**: In 2024, the sales proportion of mid - to high - end products reached 60.78%, a 9.83 - percentage - point increase from the previous year [26] - **Overseas Market**: In 2024, the company actively promoted overseas market layout, focusing on emerging markets such as Southeast Asia, Africa, and the Middle East, and continued to seek M&A and cooperation opportunities [26] - **Financial Performance**: In Q1 2025, the gross profit margin was 56.21% and the net profit margin was 15.64%, with a significant quarter - on - quarter increase [26] - **Competition**: The company improves competitiveness through R & D innovation, brand operation, and marketing management, and has developed many leading products [27] - **Performance Decline**: The performance in 2024 was under great pressure due to the dual - brand strategy adjustment and changes in the consumption environment, and the company will work to improve performance [28]

Investment Rating - The report initiates coverage with a "Buy" rating for Midea Group [2][10][55] Core Views - Midea Group's revenue and net profit are steadily growing, with a projected revenue of CNY 447.46 billion, CNY 478.36 billion, and CNY 506.80 billion for 2025-2027, representing year-on-year growth rates of 9.4%, 6.9%, and 5.9% respectively [9][10][54] - The company is expected to achieve net profits of CNY 42.48 billion, CNY 46.70 billion, and CNY 50.41 billion for the same period, with growth rates of 10.2%, 9.9%, and 7.9% [10][54] - Midea Group's business segments include To C (consumer) and To B (business) operations, with significant growth potential in both areas [9][10][54] Financial Data and Profit Forecast - Revenue for 2023 is projected at CNY 373.71 billion, with a year-on-year growth of 8% [8] - The company anticipates a gross margin of 26.33% in 2023, slightly increasing to 26.82% by 2027 [8] - Return on equity (ROE) is expected to be 20.70% in 2023, declining to 18.84% by 2027 [8] Business Segments Overview To C Segment - The air conditioning sector is expected to see a total shipment of 201 million units in 2024, with a market share of 31.90% [27][29] - Midea's consumer appliances segment, including air conditioners, refrigerators, and washing machines, is projected to maintain steady growth [29] To B Segment - The New Energy and Industrial Technology segment is expected to grow significantly, with revenue projections of CNY 38.65 billion, CNY 43.29 billion, and CNY 47.62 billion for 2025-2027, reflecting growth rates of 15%, 12%, and 10% respectively [49][52] - The Smart Building Technology segment is also anticipated to grow, with revenue projections of CNY 30.75 billion, CNY 32.59 billion, and CNY 34.55 billion for the same period [49][52] Market Position and Competitive Advantage - Midea Group holds a leading position in various product categories, with a significant market share in both domestic and international markets [22][27] - The company has established a comprehensive brand matrix to cater to different market segments, enhancing its competitive edge [17][22] Valuation and Price Target - The report assigns a price-to-earnings (PE) ratio of 16x for 2025, indicating a potential upside of 27% from the current market value [10][55] - Midea Group's valuation is supported by its strong market position and diversified business operations [55]

特朗普政府正在推进另一轮关税壁垒，一些贸易专家称，这比特朗普此前对各国征收关税的做法更具法 律依据，并且最终可能对进口产生同样广泛的影响。 美国商务部预计将在数周内公布其对半导体、药品和关键矿产等被视为对国家安全至关重要的行业的调 查结果。外界普遍预计，这些调查将导致对这些行业的一系列外国制造产品征收关税。 特朗普已经在使用《1962年贸易扩展法》第232条款赋予的这一权力，对他于2018年启动的钢铁和铝征 收进口税。最近，他通过将目标对准含有这些金属的消费品，扩大了征税范围。 据密歇根州立大学的一项估计，特朗普目前设定为50%的钢铁和铝关税，正冲击着价值近2000亿美元的 钢铁、铝以及渔线轮和扫帚等家居用品。这一数额几乎是他第一任期时的四倍。 但即使特朗普的IEEPA路径最终被法院阻止，这种安慰也可能只是暂时的。 数字货运公司Flexport Inc. 的高级海关经理Marcus Eeman在本月早些时候的一次网络研讨会上说，特朗 普的232条款权力旨在保护特定行业，"但在目前的纳入流程下，它们可以变得相当广泛，这可能是一 种'老火慢炖'的方式，让总统可以持续加码关税，"他说。"不完全是他4月2日关税所使用 ...

以下文章来源于e公司 ，作者证券时报 李映泉 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价 的主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 大手笔。 6月16日晚间，美的集团(000333)发布回购股份方案，公司拟以集中竞价交易方式回购部分A股股票，回购金额不超过100亿元且不低于50亿元，回购价格不超过 100元/股，回购资金来源为自有资金或股票回购专项贷款。 按美的集团本次回购金额上限100亿元测算，预计回购股份数量不低于1亿股，约占公司目前已发行总股本的1.30%；按回购金额下限50亿元测算，预计回购股份数 量不低于5000万股，约占公司目前已发行总股本的0.65%。 本次回购股份的用途系用于注销并减少注册资本及实施股权激励计划或员工持股计划，其中70%及以上回购股份将用于注销并减少注册资本。 | 分时 | 5日 ▲ | 更多周 十 | - | 复权 ▼ | 叠加▼ | 筹码 | 画线 | 显示▼ | 简约 | 隐藏 ▶▶ | ש צ | | 000333 ...

美的集团（000333）公告，公司拟以集中竞价方式回购股份，回购金额不超过100亿元且不低于50亿 元，资金来源为自有资金及/或股票回购专项贷款。回购价格不超过100元/股，预计回购股份数量不低 于5000万股且不超过1亿股，约占公司目前已发行总股本的0.65%-1.30%。本次回购股份将用于注销并减 少注册资本及实施股权激励计划及/或员工持股计划，其中70%及以上回购股份将用于注销并减少注册 资本。回购期限为自股东会审议通过回购股份方案之日起不超过十二个月。 ...

Core Viewpoint - The "National Subsidy" policy for home appliances has faced sudden interruptions during the "618" shopping festival, leading to widespread concerns and confusion among consumers and stakeholders [3][4]. Group 1: Current Status of National Subsidy - Various regions, including Heilongjiang, Sichuan, Dalian, Jinan, and Guangzhou, have exhausted their National Subsidy quotas [2]. - In Chongqing, the subsidy page indicates that the activity is "upgrading," preventing users from claiming or using the subsidies [2]. - Hubei's subsidy program is set to continue until December 31, 2025, with a daily limit on the number of subsidies to ensure broader consumer access [5]. Group 2: Regional Responses and Adjustments - Jiangsu has implemented a quota management system for subsidies, which will be in effect until the end of the year [7]. - In Sichuan, the subsidy policy has shifted to a "quota management" phase, with daily limits on the issuance of subsidy vouchers [8]. - Guangzhou's online subsidy funds have been depleted, with expectations for a new round of subsidies in the third quarter, albeit at a reduced amount [9]. Group 3: Consumer Participation and Impact - Data from the Ministry of Commerce indicates that over 34 million consumers participated in the home appliance replacement program from January to April, resulting in sales exceeding 174.5 billion yuan [12]. - The National Subsidy program has not only provided financial benefits to consumers but has also stimulated overall consumption, suggesting that the likelihood of its termination is low [13].

在设计端，海尔智家用绿色科技回应用户对节能家电的需求。国内市场上，麦浪冰箱凭借全空间保鲜技 术，每天耗电不足1度，上市两季度卖出40万台；Leader懒人洗衣机三筒分区洗设计省时省力，618大促 至今已拿下京东金榜TOP1。海外市场同样亮眼，海尔X11洗衣机节能超欧标60%，成欧洲用户心头好； 美国COMBO洗衣机定价是行业均价的3倍，节能50%引爆美国市场，15个月卖了100多万台。 6月13日，由广东时代传媒集团主办，时代周报等承办的"ESG与高质量发展创新论坛"在北京举行，并 发布了ESG"金羚奖"系列榜单。其中，海尔智家凭借全链条绿色发展模式与社会价值实践，荣膺"2025 年度ESG典范企业"。 绿色"包圆"全流程，用户生活也跟着省 如今，用户选购家电时越来越精打细算：空调开一晚上耗电多少？洗衣机洗一次衣服能省多少水？电 费、水费这些看得见的成本，成为影响购买决策的重要因素。海尔智家深入洞察用户需求，从采购、设 计、制造到经营、回收、处置，凭借"6-Green"战略，构建起一张覆盖全球的绿色网络，将ESG理念从 冰冷的数据指标，转化为实实在在的生活体验。 在采购端，海尔智家建立起严格的"绿色规矩"，要 ...

风险提示 1、家电国内以旧换新政策效果不及预期；2、原材料价格及汇率大幅波动；3、对美出口 关税大幅上升；4、海外需求超预期下滑；5、行业竞争格局超预期恶化。 国家/地区 中国 行业 家电行业 报告发布日期 2025 年 06 月 13 日 看好（维持） 家电行业 行业研究 | 动态跟踪 5 月线上零售喜人，价格内卷或步入尾声 核心观点 投资建议与投资标的 家电内销有望受益政策拉动，叠加今年空调旺季有望受益较高气温和较低库存，二季度 家电需求值得期待，后续国补补贴方式变化但扰动有限；出口方面新兴市场潜力可期， 对美出口扰动因为全球产能布局也无需过忧，供应链优势带来的全球格局重塑机会则需 重视。建议关注享受国内政策延续、积极出海，自身效率提升的优质白电龙头，建议关 注美的集团(000333，未评级)、海尔智家(600690，买入)、海信家电(000921，未评 级)；建议关注海外成熟市场份额重塑，且短期全球供应链优势有望放大弹性的出海/出口 优质企业，建议关注海信视像(600060，增持)、欧圣电气(301187，买入)；建议关注短 期受益国补品类外溢，中长期有望享受新兴家电品类需求红利的优质小家电企业，建议 ...

固 定 收 益 周四美国国债大涨，PPI 数据不及 预期，强劲的 30 年期国债标售，和 中东地区的地缘紧张局势，推动美 国国债上涨。亚洲债券市场呈现双 向交投，卖盘压力至债券利差走宽 2-3 个基点。 环球市场动态 全 球 贸 易 形 势 日 趋 复 杂 股 票 A 股周四小幅震荡，酒类板块低迷； 港股受全球市场情绪影响表现不 佳，医药板块继续获抱团；欧洲股 市表现疲软，中东局势升温令市场 担忧；美股小幅收高，PPI 数据低 于预期得到市场积极反映，金龙中 国指数下跌。 外 汇 / 商 品 以色列袭击伊朗，其官员证实袭击 目标是伊朗核设施，中东紧张局势 升温，今早亚洲时段原油期货曾大 涨超 8%、现货金涨超 1%、美元指 数微涨。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 6 月 13 日 123 ▪ 在全球贸易形势日趋复杂的背景下，出口企业商业模式在贸易规则制约下不断调整，理解贸易制度成为投资判 断的重要前提。从权力划分来看，美国贸易政策体系涵盖立法、执行与监督三个环节，总统在贸易政策上拥有 较大的裁量权。从执行体系来看， ...