7月8日-7月11日，作为"大家居建装行业全球第一展"的第27届中国建博会(广州)，在广州广交会展馆盛 大举行！本届展会紧扣智能AI、全球出海、绿色低碳、局旧改、设计美学、跨界融合等前沿话题，备 受业界瞩目。 米兰纳整家定制作为索菲亚家居旗下的互联网品牌，致力于创造人人用得好、住得美的国民级整家定制 家居品牌。在建博会这个集时尚发布、行业交流、商贸互动的综合性平台，应新世代消费者需求而变的 米兰纳带着全新的中国第四代住宅生活方式，以325㎡有颜、有品、有情、有趣的时尚展馆，与索菲亚 家居联袂参展，再度为来宾与行业带来无限惊喜！ 米兰纳展示沉浸式美好家居生活 片来源：企业供图 本次展会，米兰纳采用"移步换景"的布局设计展厅，让访客每行一步都能邂逅，米兰纳针对不同人生阶 段与家庭结构打造的时尚舒适生活空间。包括专为明智中青年打造的N3·莫尔系列——清雅休闲茶书空 间、专为奋进新晋父母人群打造的L1·乐屿系列——趣味亲子客厅空间、专为时尚新青年打造的M1·乐芙 系列——精致高效卧室空间，涵盖当前最流行的中古、现代简约以及原木奶油风，沉浸式感受时尚美好 家居生活。 米兰纳还带来了三种创新的"1㎡空间解决方案"——1㎡ ...

当下大家居行业的从业者，忙着做产品、见客户、下门店、听讲座、参展会等，为企业增长绞尽脑汁。然而，不确定性的市场环境、新的产业周期，让大 多数人的付出与收获难成正比，这就产生一个严峻的问题摆上台前：到底如何"从理解到破解"改写企业增长？ 万亿家居产业步入结构性增长新周期 国家统计局数据显示，2025年1-5月，我国家具行业规模以上企业实现营业收入2488.7亿元，累计出口289.8亿美元，累计投资收益4.9亿元，分别同比下降 3.9%、8.2%、78.8%，折射出当前大家居行业面临的严峻挑战。 如何摆脱困境？认知决定高度和远度。而首要的认知在于：原有推动企业增长的核心要素发生了根本性改变！ 过去20多年，大家居企业普遍通过规模化扩张实现持续的增长；最近几年，一些大家居企业抓住流量红利又完成了一次增长的跨越；而在今天，不论是线 下规模还是线上流量，似乎都玩不转了，这个时代，结构化增长才是企业实现增长的核心路径。 何为结构化增长？家居新范式拆解为"三性"：系统性、协同性、迭代性，即企业形成系统性思维，完成系统性布局；充分考虑内部资源与适应外部环境， 驱动内部与内部、内部与外部之间高效协同；从模式到产品保持快速迭代， ...

2025 年 07 月 18 日 "反内卷"：市场可能误解了什么？——"反内卷"系列专题 之四 ◼ 解决设备更新"监管套利"，也是重要手段，且对就业的负面影响较小。 行业购置新设备同时、并未同等幅度淘汰老设备，而是保留老设备、内卷 出口；设备更新不影响固定资产余额，但外需行业固定资产增速明显上升； 设备购置增速冲高，而处理老设备的废弃资源利用业增速同期却下滑近 10 个百分点；强制淘汰老设备非常必要. ◼ 风险提示：经济转型面临短期约束，政策落地效果不及预期，居民收入增 长不及预期。 | 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3517 | 0.37 | 3.82 | 0.2 | | 深证综指 | 2146 | 1.19 | 6.74 | 1.85 | | 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表现 | | --- | --- | --- | --- | | | （％） | （％） | （％） | | 大盘指数 | 0.67 | 4.21 | 6. ...

Core Insights - The article discusses the implementation of measures to boost consumption in Jiangsu Province, highlighting the positive trends in the consumer market and the government's efforts to stimulate demand through various policies and initiatives [2][3][4]. Group 1: Consumption Market Performance - In the first half of the year, Jiangsu Province achieved a total retail sales of consumer goods of 23,949 billion yuan, representing a year-on-year growth of 5.0%, with the province's retail sales accounting for 9.8% of the national total, marking the highest growth in both total and net increase across the country [2]. - The government has introduced 62 specific measures aimed at releasing consumption potential and expanding effective demand, focusing on increasing income and reducing burdens to enhance consumer capacity [2]. Group 2: Policy Measures and Consumer Incentives - Over 25.98 million people benefited from subsidy programs in the first half of the year, with a total of 17.377 billion yuan in subsidies used, driving over 142.805 billion yuan in major consumer goods such as automobiles and home appliances [3]. - The government is promoting new business models and consumption scenarios, such as integrating sports events with tourism and entertainment to stimulate consumer spending [4]. Group 3: Cultural and Sports Events Impact - The "Su Chao" sports events have led to cross-regional consumer spending, with 91.7 million participants in 103 monitored events generating 2.07 billion yuan in consumption [4]. - The government plans to introduce a comprehensive set of policies to further support the development of event-driven economies and enhance consumer confidence [4]. Group 4: Future Initiatives and Financial Support - The Jiangsu Provincial Department of Culture and Tourism is launching the "Su Travel Loan" financial product to support the tourism industry, with an allocation of 50 million yuan aimed at providing at least 5 billion yuan in financing for cultural tourism projects [6]. - The province is focusing on developing water sports and outdoor activities to meet the growing demand for high-quality lifestyle experiences [6]. Group 5: Consumer Protection and Dispute Resolution - The Jiangsu Provincial Market Supervision Administration is innovating in consumer dispute resolution, encouraging large enterprises to establish effective systems and exploring new online resolution mechanisms [7]. - The administration aims to enhance consumer confidence by promoting a unified and convenient return and exchange service across different stores [7].

证券研究报告 | 2025 年 07 月 18 日 晨会集萃 制作：产品中心 重点推荐 《策略|如何定位"市场化反内卷"？》 1、我们认为，本轮反内卷逻辑和供给侧改革有所不同，本轮反内卷更侧 重于成本调查和价格监测，治理企业低价无序竞争。提价本身需要行业的 供给格局配合，我们从"内卷"程度、产能出清程度、产能出清弹性三个 方面讨论哪些行业更具备基本面率先改善的潜质。以 CAPEX、毛利率和 存货的历史分位数水平衡量行业的"内卷程度"，以上述三个指标是否发 生趋势的拐点判断行业出清是否启动，目的是筛选本身已经在去产能、出 清的行业。2、我们筛选出两类受益方向：第一类走困境反转逻辑，行业 "反内卷"需求较为迫切，处在周期底部，出清拐点初步显现且具有较好 的出清弹性，属于"反内卷"较为核心的赛道。典型行业为光伏设备、通 用设备。以光伏为例，行业库存与开支周期向下，去库效果初显，营收增 速出现环比改善，但毛利率和现金流的改善仍未出现，困境反转后向上空 间较大。第二类走率先出清、盈利改善的右侧逻辑，内卷程度已经得到一 定改善，行业业绩能见度较高。典型为家电、化学原料等。 风险提示：1）过去历史经验有局限性；2）地缘风险 ...

Core Viewpoint - The legal opinion issued by Guangdong Xinda Law Firm confirms that the differentiated equity distribution plan proposed by Oppein Home Group Co., Ltd. for the year 2024 complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [1][7]. Group 1: 2024 Annual Equity Distribution Plan - Oppein Home plans to distribute a cash dividend of 2.48 RMB per share (tax included) to all shareholders, based on the total share capital after deducting shares held in the company's repurchase account [2][3]. - The company will maintain the per-share distribution ratio even if there are changes in total share capital due to convertible bonds, share repurchases, or other significant asset restructuring [3]. Group 2: Reasons for Differentiated Dividend - The company has completed a share repurchase of 2,301,460 shares for a total amount of approximately 249.95 million RMB, in accordance with the previously disclosed repurchase plan [3][4]. - The repurchase was executed within the stipulated timeframe and adhered to the original plan without discrepancies [4]. Group 3: Calculation Basis for the Dividend - The reference price for ex-dividend trading is calculated based on the formula: (previous closing price - cash dividend) / (1 + change in circulating shares ratio) [5]. - The actual ex-dividend reference price is determined to be 53.40 RMB per share, with a minimal impact of 0.0187% on the reference price due to the differentiated dividend distribution [5]. Group 4: Conclusion - The legal opinion concludes that the differentiated dividend distribution aligns with the Company Law, Securities Law, and other relevant regulations, confirming that it does not harm the interests of the company or its shareholders [7].

Core Viewpoint - The home furnishing industry is facing significant pressure, with many companies reporting a decline in net profits or even losses due to the ongoing adjustment in the real estate market and weak consumer demand [1][5][6]. Group 1: Performance Overview - Several companies, including Gongyuan Co., Luyang Energy, and Qinglong Pipe Industry, reported a substantial decline in net profits, with some experiencing a drop of nearly 70% [4]. - Jiangshan Oupai's net profit fell by 89.04% to 91.90%, attributed to reduced revenue and changes in revenue structure [4]. - Among the companies that released performance forecasts, 11 reported net losses, with Jianlang Hardware and Mona Lisa experiencing significant declines [5]. Group 2: Market Conditions - The real estate market's ongoing adjustment is a key factor affecting the home furnishing industry, with new housing sales area down by 3.5% and sales amount down by 5.5% in the first half of the year [6]. - Consumer demand for home furnishing products has become more rational, with increased sensitivity to price and heightened expectations for quality and environmental performance [6]. Group 3: Competitive Landscape - The home furnishing industry is characterized by intense competition, with many small brands leading to homogenized products and price wars that compress profit margins [7]. - Companies are urged to shift from traditional sales models to more innovative approaches, focusing on solutions rather than just products [7]. Group 4: Strategic Responses - Companies are exploring various strategies to navigate the industry downturn, including international expansion and product upgrades [8]. - Some firms, like Kuka Home, are establishing production bases overseas to tap into new markets, while others are focusing on the aging population's needs within the domestic market [9][10]. - The aging population in China is projected to exceed 30% by 2035, prompting a shift towards age-friendly home solutions [9][10].

"形式很新颖，逛着也方便！"7月16日，枣子巷附近居民龙先生购买了一台腰椎治疗仪。但不同于往常，龙先生逛的不是专卖店，更不是卖场，而是一辆精 心改造的定制"公交"。这正是在市商务局、市民政局指导下，成都推出的首批适老家居体验巴士。 同一时间，崇州家居公共品牌"天府美好家"可移动"太空舱"在青羊和市民见面。 "银发族"被看见的需求催生了新的消费增长点，更推动企业持续创新服务体验。 据了解，此次新消费场景的推出，是市商务局贯彻落实市委第十四届七次全会精神及全市"进解优促"工作要求的具体举措。通过联动市民政局，聚焦社区消 费活力激发与适老化改造推广，帮助京东、苏宁、天府美好家等企业拓宽市场渠道，同时切实满足老年群体对家居适老化改造的多样化需求。 值得关注的是，体验巴士与"太空舱"将持续服务至年底，并会根据市民反馈动态调整"站点"，让适老服务更贴近群众生活。 暖心上街 适老家居体验巴士带来新体验 天府二街和南华路交汇处，一辆普通公交车精心改造后，让体验巴士化身为了"移动的适老生活体验馆"。京东吴经理介绍，以生活化场景布置，巴士里集中 展示了智能马桶等智能家居产品，和腰椎治疗仪、智能监测手环、按摩椅等适老的辅助器具（产 ...

Suspension - Helen Piano's actual controller is planning a change in control, leading to a stock suspension [1] Private Placement - Weili Transmission plans to raise no more than 600 million yuan for the wind power gearbox smart factory (Phase I) and to supplement working capital [2] - Shenghong Technology's application for issuing shares to specific objects has been approved by the Shenzhen Stock Exchange [2] Share Buyback and Increase - Hongta Securities intends to repurchase shares worth 100 million to 200 million yuan to reduce the company's registered capital [3] - Diao Home's actual controller, along with certain directors and senior management, plans to increase their holdings by 37.5 million yuan [4] External Investment - Stik plans to invest 509 million yuan in the construction of a high-end functional film material expansion project [5] - China Resources Double Crane intends to invest 40 million yuan to establish the second phase of the China Resources Pharmaceutical Industry Investment Fund [6] - Star Ring Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange [7] - Oriental Yuhong plans to acquire 100% equity of a Chilean building materials retailer for 123 million USD [8] - Changhua Group has received a designated order from a domestic new energy vehicle client, with an expected total sales amount of approximately 235 million yuan [9] - Jinlihua Electric is investing 186 million yuan to construct a production line for 3 million high-voltage glass insulators annually [10] Performance Changes - Hangzhou Bank reported a net profit of 11.662 billion yuan in the first half of the year, a year-on-year increase of 16.67% [11] - Zhongwei Company expects a net profit of 680 million to 730 million yuan in the first half, a year-on-year increase of 31.61% to 41.28% [11] - Tuojing Technology anticipates a net profit of 238 million to 247 million yuan in the second quarter, a year-on-year increase of 101% to 108% [11] - Microchip Biotech expects a net profit of 30.06 million yuan in the first half of 2025, turning from loss to profit [11]

Core Viewpoint - The company, 帝欧家居, announced a share buyback plan by its major shareholders, reflecting their confidence in the company's future development [1] Group 1: Share Buyback Plan - The actual controller, Mr. Zhu Jiang, along with his concerted actions, plans to increase their holdings in the company within six months from the announcement date [1] - The total amount intended for the buyback is RMB 37.5 million [1] - The maximum purchase price for the shares is set at 10 RMB per share [1] Group 2: Commitment and Strategy - The buyback will be executed through the Shenzhen Stock Exchange trading system, either via centralized bidding or block trading, or by converting "帝欧转债" into shares [1] - The shares acquired through this buyback will be locked for three years after completion [1]