Investment Rating - The report recommends investment in the home appliance sector, particularly in companies with stable performance and increasing dividend rates [8]. Core Viewpoints - The home appliance industry is expected to benefit from long-term stability due to its essential nature and competitive advantages globally, despite facing short-term pressures from market competition and external factors like tariffs [7][8]. - The report highlights the importance of government subsidy policies, particularly the "old-for-new" program, which is anticipated to continue supporting consumer demand in 2024 and 2025 [7][8]. - The report identifies key investment opportunities in the white goods sector, emphasizing the significance of companies' performance stability and dividend yield in the current low-risk interest rate environment [7][8]. Summary by Sections 1. Industry Performance Review - The home appliance sector has outperformed the market since 2023, with the SW home appliance index showing increases of 3.8% in 2023, 25.4% in 2024, and 1.93% in 2025 YTD [7][12]. - The sector's performance is attributed to the essential nature of large appliances and the benefits from government subsidy policies [7][12]. 2. Domestic Sales Supported by Policies - The "old-for-new" policy has effectively stimulated the market, with retail sales expected to grow significantly due to government support [42][44]. - The retail market for home appliances is projected to reach CNY 1,030.7 billion in 2024, a year-on-year increase of 12.3% [42]. 3. Overseas Market Dynamics - The report notes a shift in the global supply chain, with Chinese home appliance companies expected to benefit from increased order concentration in the U.S. market by 2026 [7][8]. - Exports of home appliances are projected to grow by 3.8% in 2023 and 14.1% in 2024, with significant increases in air conditioning exports [7][8]. 4. White Goods Market Insights - The air conditioning market is expected to remain strong in 2024, driven by government subsidies, although competition in the online market is intensifying [7][8]. - The report emphasizes the importance of product upgrades in the refrigerator and washing machine segments, which are expected to maintain stable sales due to their essential nature [7][8]. 5. Investment Recommendations - The report recommends investing in leading companies such as Midea Group, Haier Smart Home, Hisense Visual, and Gree Electric, focusing on their stable earnings and high dividend yields [8]. - The black goods sector presents opportunities due to improved global competitiveness, while the cleaning appliance segment is highlighted for its growth potential following industry consolidation [7][8].

Core Viewpoint - The article emphasizes the importance of innovation-driven development and expanding effective demand to stimulate high-quality economic growth in China, as highlighted by Premier Li Qiang during his recent visit to Jiangsu province [1][3]. Group 1: Economic Development and Innovation - Premier Li Qiang visited various enterprises and research institutions in Jiangsu to understand the economic operation situation and promote high-end, intelligent, and green development in the engineering machinery industry [3][4]. - The focus is on aligning with international advanced standards and utilizing technologies such as artificial intelligence and clean energy to drive industrial transformation and upgrading [3][4]. - There is a call for collaboration among enterprises of different sizes to foster innovation and resource sharing [3]. Group 2: Technological Advancements - Li Qiang encouraged the integration of technological innovation with industrial needs, aiming for significant original innovations and breakthroughs in technology [4]. - He highlighted the importance of forward-looking layouts in new fields and strengthening interdisciplinary collaboration to seize future technological and industrial development opportunities [4]. Group 3: Infrastructure and Quality Control - During his visit to the Nanjing North Station project, Li Qiang stressed the need for high standards in engineering construction and the exploration of new materials and technologies [4]. - He emphasized the importance of ensuring quality at every stage of the project, aligning with long-term planning requirements [4]. Group 4: Consumer Market and Foreign Investment - Li Qiang discussed the potential of the consumer market in China, encouraging companies to leverage policies for product development that meets new consumer demands [4]. - He welcomed foreign enterprises to invest in China, promising increased policy support and a conducive environment for their development [4]. Group 5: International Cooperation - The article highlights the significance of open cooperation for mutual development, with an emphasis on enhancing trade relations and cooperation with Central Asian countries [5]. - Li Qiang pointed out the role of initiatives like the China-Europe Railway Express and cross-border e-commerce in promoting high-quality cooperation along the Belt and Road [5].

中共中央政治局常委、国务院总理李强6月16日至18日在江苏调研。他强调，要深入贯彻习近平总书记关于做 好经济工作的重要指示精神，坚持创新驱动发展，着力扩大有效需求，进一步营造干事创业浓厚氛围，在深化 改革开放中激发高质量发展动力活力，推动经济运行持续向好。 李强先后来到徐州市、南京市，走进企业、科研院所、工程现场、贸易合作平台等，深入了解经济运行情况。 在江苏汇智高端工程机械创新中心有限公司，李强听取实验项目等汇报，察看核心零部件和产品。他指出，工 程机械行业高端化、智能化、绿色化发展是大势所趋。要对标国际先进水平，积极运用人工智能、清洁能源等 技术，推动产业转型升级。要聚合行业资源，搭建大中小企业协同创新平台，促进企业优势互补、相互赋能。 在深地科学与工程云龙湖实验室，李强听取相关技术装备研发进展等介绍，希望大家把科技创新和产业需求有 效结合，推进重大原始创新和技术突破，加快产业化落地和市场应用推广。在南京原子制造研究所，李强了解 原子级制造技术发展等情况，勉励他们锚定新领域新赛道，加强前瞻性布局，深入开展基础研究，推动跨学科 交叉融合创新和开放合作，抢占未来科技和产业发展制高点。 李强来到南京北站项目现场 ...

Core Viewpoint - The article discusses the current economic situation in China, highlighting the mixed performance of consumption, industrial production, and investment, indicating a potential lack of sustainability in the recent economic recovery [7]. Consumption - In May 2025, retail sales showed a cumulative year-on-year growth rate of 5.0%, up 0.3 percentage points from April, driven by government subsidies and increased consumer travel [7][18]. - The demand for gold and jewelry has increased due to rising gold prices, but this consumption is not stable and may not be sustainable if income does not improve [7]. - The overall consumer sentiment is cautious, with a preference for using savings over loans for consumption, reflecting a weak growth in new short-term loans [7]. Industrial Production - The cumulative year-on-year growth rate of industrial added value in May 2025 was 6.3%, a decrease of 0.1 percentage points from April, indicating a slowdown in industrial production [7]. - The Consumer Price Index (CPI) remained in negative territory at -0.1%, suggesting ongoing deflationary pressures [7]. Investment - Fixed asset investment showed a cumulative year-on-year growth rate of 3.7% in May 2025, down 0.3 percentage points from April, with real estate investment declining by 10.7% [7]. - Infrastructure investment grew by 10.42%, but this was also a decline of 0.43 percentage points from the previous period, indicating a weakening trend across various sectors [7]. - The article emphasizes that the real estate sector requires additional policy support to stabilize [7]. Market Outlook - The bond market is expected to remain in a favorable position due to a loose monetary policy and weak real financing, with a recommendation to maintain duration and wait for positive developments [7]. - The recent strong performance in credit bonds is attributed more to expectations rather than actual capital movement from deposits to non-banking sectors [7].

Market Overview - The oil prices continued to rise significantly due to geopolitical conflicts, while the domestic equity market showed mixed performance, with the ChiNext Index increasing by 0.22% [3] - The sectors that performed well included non-ferrous metals, oil and petrochemicals, and agriculture, while food and beverage, home appliances, and building materials sectors saw declines [3] Fund Issuance - A total of 16 new funds were established in the domestic market this week, with a total issuance of 8.934 billion units. This included 5 bond funds, 6 mixed funds, 4 equity funds, and 1 FOF fund [4] - Overall, 34 new funds were issued across the market, comprising 19 equity funds, 5 mixed funds, 4 FOF funds, 3 bond funds, 2 REITs, and 1 international (QDII) fund [4] Fund Performance Tracking - The medical theme funds continued to show an advantage, increasing by 3.75%, while TMT theme funds experienced a net value decline. As of June 13, 2025, the performance of various thematic funds was as follows: medical (3.75%), cyclical (2.44%), financial real estate (1.01%), industry rotation (0.37%), national defense and military industry (0.20%), industry balance (0.08%), new energy (-0.02%), consumption (-1.01%), and TMT (-1.26%) [5] ETF Market Tracking - Stock ETFs experienced continued outflows, with significant net outflows from large-cap broad-based ETFs. Conversely, Hong Kong stock and commodity ETFs saw inflows. The median return for stock ETFs was -0.10%, with a net outflow of 15.42 billion yuan [6][7] - The median return for Hong Kong ETFs was 0.65%, with a net inflow of 1.866 billion yuan, while cross-border ETFs had a median return of 0.63% and a net outflow of 2.278 billion yuan. Commodity ETFs had a median return of 1.54% and a net inflow of 2.039 billion yuan [7] Fund Positioning - The estimated position of actively managed equity funds decreased by 0.50 percentage points compared to the previous week. In terms of sector allocation, funds increased their positions in oil and petrochemicals, non-ferrous metals, and telecommunications, while reducing holdings in home appliances, food and beverage, and electronics [9] ESG Financial Products Tracking - The green bond issuance market was active this week, with 24 new green bonds issued, totaling 39.782 billion yuan. The cumulative issuance of green bonds in the domestic market reached 4.52 trillion yuan, with a total of 3,895 bonds issued [10] - In terms of fund performance, the median net value change for actively managed equity, passive index equity, and bond ESG funds was -0.16%, 0.21%, and 0.08%, respectively. Funds focused on carbon neutrality, sustainability, and the Belt and Road Initiative performed notably well. As of June 13, 2025, there were 213 ESG funds in the domestic market, with a total scale of 132.331 billion yuan [10]

沪指6月17日下跌0.04%，申万所属行业中，今日上涨的有14个，涨幅居前的行业为煤炭、公用事业， 涨幅分别为0.89%、0.82%。家用电器行业今日上涨0.48%。跌幅居前的行业为医药生物、美容护理，跌 幅分别为1.44%、1.24%。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 000333 | 美的集团 | 1.12 | 0.47 | 29092.48 | | 603215 | 比依股份 | 6.13 | 17.67 | 9597.08 | | 600690 | 海尔智家 | 2.01 | 0.68 | 8985.90 | | 603579 | 荣泰健康 | 10.01 | 6.24 | 4534.79 | | 300342 | 天银机电 | 2.99 | 8.92 | 4486.90 | | 002402 | 和而泰 | 1.63 | 4.33 | 3637.89 | | 300403 | 汉宇集团 | 1.06 | 5.44 | 1730.93 | | 300911 | 亿田智能 | ...

Group 1 - The main viewpoint indicates that the market is experiencing a net outflow of capital, with a total of 117.607 billion yuan in the last two weeks, while the coal industry is seeing net inflows [2] - The financing and securities lending data shows a current balance of 1.821325 trillion yuan, an increase of 0.66% from the previous period, with the financing balance at 1.808988 trillion yuan and the securities lending balance at 12.337 billion yuan [2] - The market has seen more declining stocks than rising ones in the last two weeks, with the top three sectors in terms of gains being non-ferrous metals, oil and petrochemicals, and telecommunications, while the sectors with the largest declines are food and beverage, household appliances, and commercial building materials [2] Group 2 - The overall strength analysis score for all A-shares is 5.39, indicating a neutral zone, with the CSI 300 score at 5.43, the ChiNext score at 5.60, and the Sci-Tech Innovation Board score at 5.42 [2] - The article notes that due to escalating geopolitical conflicts, global risk appetite is declining, leading to a drop in the Shanghai Composite Index below the 5-day moving average, with market focus shifting towards defensive sectors [3] - It is suggested that the A-share market is likely to continue a structural trend in the second half of the year, with a need to monitor whether capital returns to previous hot sectors, while mid-to-long-term attention should be given to technology and Hong Kong stock market trends [3]

Economic Overview - In May, the national economy demonstrated resilience, maintaining overall stability and progress, with stable growth in production demand and a generally stable employment situation [1][3] - The combination of policy effects has shown positive results in stabilizing the economy and promoting development [1] Industrial Performance - In May, the industrial added value of enterprises above designated size increased by 5.8% year-on-year, indicating strong resilience and growth potential [2] - The high-end manufacturing sector saw significant growth, with the added value of equipment manufacturing and high-tech manufacturing increasing by 9% and 8.6% respectively [2] - The digital economy's integration has accelerated, with the added value of digital product manufacturing growing by 9.1%, significantly outpacing overall industrial growth [2] - Green production is improving, with production of new energy vehicles and lithium-ion batteries for vehicles increasing by 31.7% and 52.5% respectively [2] Consumer Market - The total retail sales of consumer goods in May increased by 6.4% year-on-year, reflecting enhanced consumer vitality [4] - The "old-for-new" consumption policy has shown continued effectiveness, with significant year-on-year growth in retail sales of home appliances and communication equipment [4] - The tourism sector has also seen a boost, with domestic travel during the "May Day" holiday increasing by 6.4% year-on-year [4] Trade Performance - In May, China's total goods import and export volume grew by 2.7%, with exports increasing by 6.3%, demonstrating resilience in foreign trade [7] - Despite a decline in trade with the US, trade with ASEAN, the EU, and countries involved in the Belt and Road Initiative continued to grow, showcasing the diversification of China's foreign trade [7] - Private foreign trade enterprises have shown strong market adaptability, with their import and export volume increasing by 7% year-on-year in the first five months [7]

Economic Overview - In May, major economic indicators such as industrial output, services, consumption, and investment continued to grow, with external trade maintaining stable growth despite pressures [1][2] - The retail sales of consumer goods increased by 6.4% year-on-year in May, accelerating by 1.3 percentage points from the previous month [2] - The service industry production index rose by 6.2% year-on-year, up by 0.2 percentage points from April [2] Consumption and Investment - Policies promoting consumption have effectively released domestic consumption potential, with significant growth in retail sales of home appliances and other categories [2] - Investment in equipment and tools grew by 17.3% from January to May, contributing 63.6% to overall investment growth [2] - The production of new energy vehicles, tablets, and electric bicycles saw substantial increases in May, with growth rates of 31.7%, 30.9%, and 20.5% respectively [2] Industrial Performance - The industrial added value increased by 5.8% year-on-year in May, with manufacturing showing resilience despite a slight slowdown [4] - Manufacturing investment rose by 8.5% year-on-year from January to May, although this was a slight decrease from the previous period [4] - The equipment manufacturing and high-tech manufacturing sectors contributed significantly to industrial production, with growth rates of 9% and 8.6% respectively [4][5] Foreign Trade - In May, the total value of imports and exports grew by 2.7%, with exports increasing by 6.3% [6] - Despite a decline in trade with the US, trade with ASEAN, the EU, and Belt and Road countries continued to grow [6] - The import of goods decreased by 2.1% in May, influenced by global trade uncertainties and falling international commodity prices [7] Price Trends - The Consumer Price Index (CPI) fell by 0.1% year-on-year in May, while the core CPI rose by 0.6% [8][9] - The decline in CPI was primarily driven by lower international energy prices and increased supply of food products [8] - The core CPI's increase indicates a gradual recovery in domestic demand and price levels [9] Real Estate Market - The real estate market is showing signs of stabilization, with a narrowing decline in housing prices across major cities [10][11] - New housing sales area and sales value saw a year-on-year decline of 2.9% and 3.8% respectively from January to May [11] - The inventory of unsold properties decreased, indicating a potential recovery in market confidence [11] Economic Outlook - The overall economic performance in the first five months suggests a stable growth trajectory, with expectations for the GDP to maintain a steady pace [12] - Predictions for the second quarter indicate that various projects and infrastructure investments may boost domestic demand [12]

Group 1 - The market experienced a general decline, with financial and cyclical sectors performing the best, while the STAR 50, consumer, and CSI 2000 indices lagged behind [3][9] - Among industries, non-ferrous metals, petroleum and petrochemicals, and agriculture, forestry, animal husbandry, and fishery showed the highest gains, while household appliances, food and beverage, and building materials performed the weakest [11][12] - The relative PE of the ChiNext index to the CSI 300 decreased, and the relative PB also declined [16] Group 2 - The overall valuation of broad market indices fell, with the current valuations of major indices above the 50% historical percentile level, while the ChiNext index is at a low valuation compared to the past year [24] - Valuation differentiation is evident across industries, with financial real estate valuations above the 50% historical percentile, while materials, equipment manufacturing, industrial services, transportation, consumption, and technology are at or below the 50% level [26] Group 3 - The current valuation of the food and beverage, agriculture, forestry, animal husbandry, and public utilities sectors is relatively cheap, indicating potential investment opportunities [37] - The PB-ROE perspective shows that non-bank financials, public utilities, agriculture, food and beverage, and social services have lower PB-ROE ratios, suggesting they may be undervalued [40] Group 4 - Current popular concepts such as autonomous driving, cultivated diamonds, third-generation semiconductors, digital currency, 6G, robotics, central state-owned enterprises, and large aircraft are at historically high valuation percentiles over the past three years [43]