| 汽车 | 865.97 | -1.96 | -0.23 | | --- | --- | --- | --- | | 机械设备 | 934.52 | -2.09 | -0.22 | | 公用事业 | 423.34 | -2.28 | -0.54 | | 电力设备 | 1262.27 | -3.47 | -0.27 | | 计算机 | 1369.11 | -7.89 | -0.57 | | 非银金融 | 1555.22 | -8.19 | -0.52 | | 电子 | 2128.95 | -9.30 | -0.43 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 以幅度进行统计，交通运输行业融资余额增幅最高，最新融资余额为338.74亿元，环比增长0.74%，其 次是美容护理、房地产、煤炭行业，环比增幅分别为0.72%、0.50%、0.38%；融资余额环比降幅居前的 行业有家用电器、计算机、公用事业等，最新融资余额分别有252.32亿元、1369.11亿元、423.34亿元， 分别下降0.71%、0.57%、0.54%。（数据宝） 5月15日各行业融资余额环比变动 | 代码 | 最新融资余额 ...

万联证券版权所有发送给杭州同花顺数据开发有限公司 .同花顺.yjbg@myhexin.com p1 证券研究报告|家用电器 强于大市(维持) 2024Q4 及 2025Q1 业绩增速走高 [Table_ReportType] ——家用电器行业跟踪报告[Table_ReportDate] [行业核心观点： Table_Summary] 24Q4 在内销政策驱动、外销高景气的双重助推下家电业绩明 显回升，25Q1 在关税战扰动下抢出口效应叠加以旧换新政策 加力实施，推动家电行业业绩进一步走高；展望后市，内销 方面，以旧换新政策延续，产业在线 5-7 月内销排产数据保 持稳健增长，预期 Q2 内销表现或保持稳定增长；外销方 面，近期中美撤销 91%关税并暂停 24%关税，关税对家电外 销的压力得到缓解，同时我国家电外销对美敞口较小，叠加 前期关税战对市场预期影响较充分，预计 Q2 外销增长或将 保持平稳，我们维持行业"强于大市"评级。建议关注受益 于关税战风险缓释的出口链相关标的、经营稳健具有高股息 率的白电龙头标的等。 投资要点： ⚫ 家电 2024 年度业绩增速较上一年回落，较前三季度回升：收入 端，2024 ...

报告要点 丨证券研究报告丨 行业研究丨专题报告丨家用电器 [Table_Title] 营收增长提速，盈利呈现弹性—家电行业 2024 年报&2025 年一季报综述 [Table_Summary] 在内销有国补助力，外销新兴市场强劲增长势能延续的背景下，家电行业整体经营趋势加速向 上，其中仅厨电受地产影响仍处于阶段盘整当中。站在当前时点，美国关税政策或有持续反复、 扰动的可能性，我们建议在不确定性中把握确定性，围绕对美净敞口较低以及内销有国补政策 加持，业绩增长确定性较高的细分行业优质龙头进行布局。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 家用电器 cjzqdt11111 [Table_Title 营收增长提速，盈利呈现弹性 2] —家电行业 2024 年报&2025 年一季报综述 [Table_Summary2] 整体：收入增长提速，盈利持续改善 2024A/2024Q4/2025Q1 家电行业样本公司营收分别同比+5.23%/+8.37%/+ ...

Market Overview - As of May 15, 2025, the Shanghai Composite Index closed down 0.68% at 3380.82 points, the Shenzhen Component Index down 1.62% at 10186.45 points, and the ChiNext Index down 1.92% at 2043.25 points, with a total market turnover of 1.15 trillion yuan [1] Sector Performance - The top three sectors in terms of gains were cosmetics, personal care products, and fisheries, with increases of 4.56%, 3.09%, and 2.43% respectively [1] - The sectors with the largest declines were IT services, software development, and other power equipment, with decreases of 3.36%, 3.12%, and 2.99% respectively [1] ETF Performance - A total of 52 non-currency ETFs rose, with an increase ratio of 5% [1] - The Medical Innovation ETF (516820.SH) rose by 0.59%, while the Utility ETF increased by 0.71% [1] - The Medical Innovation ETF has a total share size of 4.668 billion shares and closely tracks the CSI Medical and Medical Device Innovation Index [4] - The Green Power ETF (562550.SH) has a total share size of 1.57 billion shares and closely tracks the CSI Green Power Index [4] Valuation Metrics - The CSI Medical and Medical Device Innovation Index has a current P/E ratio (PE-TTM) of 31.01, which is below 99.48% of the time over the past three years [4] - The CSI Green Power Index has a current P/E ratio (PE-TTM) of 17.43, below 14.19% of the time over the past three years [5] - The CSI Pension Industry Index has a current P/E ratio (PE-TTM) of 14.28, below 6.38% of the time over the past three years [5] Declining ETFs - A total of 1050 non-currency ETFs declined, with a decrease ratio of 93% [5] - The top three declining ETFs included the S&P Consumption ETF, which fell by 5.54%, and the Saudi ETF, which dropped by 4.32% [7] Premium Rates - The S&P Consumption ETF closed with a premium of 22.97%, while the S&P 500 ETF had a premium of 12.35% [8]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - The governance improvement of Hisense Group and the review of its business layout are significant for long-term development, aided by mixed ownership reform and strategic investments [1][2] - Hisense Group's diversified business layout and effective international brand strategy have led to substantial overseas revenue growth, contributing significantly to overall income [3][29] Summary by Sections Shareholders and Governance - Hisense Group has a diverse shareholder structure, including natural persons (31.0%), Hisense Group Co., Ltd. (26.8%), and Qingdao New Feng Information Technology Co., Ltd. (24.4%) [1][12] - The mixed ownership reform initiated in May 2020 has transitioned the group to a state without a controlling shareholder, enhancing governance and management efficiency [2][16] - Recent board restructuring has introduced directors with capital and investment banking backgrounds, aiming to optimize governance and bring new strategic directions [20][22] Business Diversification and International Strategy - Hisense Group's revenue for 2024 is projected to reach 214.3 billion yuan, with significant contributions from its main subsidiaries, Hisense Visual and Hisense Home Appliances [3][29] - The international marketing subsidiary has been pivotal in expanding Hisense's brand globally, achieving 99.6 billion yuan in overseas revenue, accounting for 46.5% of total revenue in 2024 [31][35] - The group's international brand strategy has resulted in 85.6% of overseas revenue being generated from its own brands [31] Market Trends and Recommendations - The recent monetary policy changes, including interest rate cuts, are expected to stabilize demand in the real estate sector, positively impacting home appliance sales [4] - The upcoming promotional events, such as the 618 shopping festival, are anticipated to drive demand, particularly in air conditioning and cleaning appliances [4] - Recommended stocks include major players in the home appliance sector, such as Gree Electric, Midea Group, Hisense Home Appliances, and Haier Smart Home [4]

Group 1 - Over 170 consumer sector stocks have received "buy" ratings from brokerages since May, with Shanxi Fenjiu, Anjijia Food, Midea Group, and Hailan Home being the most frequently recommended [1][2] - The investment value in the consumer sector is supported by the belief that the liquor industry is at a fundamental bottom, and there is potential for growth in related industries such as beer, condiments, and frozen foods [1][4] Group 2 - Two main factors are driving the increased attention on the consumer sector: the ongoing promotion of consumption policies and the upcoming Dragon Boat Festival holiday following the May Day holiday [2][3] - The People's Bank of China has announced measures to enhance financial support for key service consumption sectors, which is expected to stimulate market activity in the consumer sector [3] Group 3 - Analysts recommend focusing on premium liquor brands and leading white goods companies, suggesting that investors should increase allocations in liquor stocks and consider sectors benefiting from channel reforms and new product categories [4] - The home appliance sector is expected to see continuous improvement in performance due to the "trade-in" policy, with leading companies benefiting from strong cost control and product upgrades [4] Group 4 - The hotel and tourism-related sectors are also highlighted, with analysts suggesting that the hotel industry is experiencing a positive trend in RevPAR (Revenue Per Available Room) and recommending investments in leading companies with strong operational efficiency [5]

Group 1 - The report highlights three major trends in China's consumer market for Q1 2025: policies and technological innovations boosting domestic demand, online content stimulating consumer discussions, and an upgrade in quality and services becoming a market development trend [1][2][3] - The top 10 consumer categories with the highest sales growth index in Q1 2025 include computer digital products, home appliances, healthcare, home decoration, office equipment, toys and models, fresh food, maternal and infant products, pet supplies, and outdoor sports [2] - The fastest-growing topics in consumer discussions for Q1 2025 include video games, travel, art collection, audio-visual books, financial services, local living, healthcare, cultural entertainment, computer digital products, and toys and models [2] Group 2 - The highest consumer satisfaction rate in Q1 2025 was for art collection, with a positive evaluation ratio of 97.8%, while video games and toys and models had lower positive evaluation ratios of 86.4% and 89.1%, respectively [3] - The report indicates that the growth index for computer digital consumption was 4.33, driven by promotional activities and policies that lowered consumption thresholds [2] - The report emphasizes the role of the Worth Buying Consumer Industry Research Institute in promoting standardization in the consumption field and sharing research outcomes with various stakeholders [3]

01 市场洞察 宏观经济承压，关税博弈影响下股债表现分化 4月，国内宏观经济总体承压，反映国内经济先行指标的制造业PMI录得49.0%，在3月份50.5% 的基础上回落1.5%，时隔两个月重回收缩区间。制造业景气水平的回落主要是受到生产指数、 新订单指数、原料库存指数和从业人员指数环比下行所带来的影响。3月份CPI同比降低0.1%， PPI同比下降2.8%。相比于2月份CPI和PPI同比分别下降0.7%和2.2%而言，CPI降幅收窄主要 是受到食品价格降幅缩小和服务价格由降转升的影响；生产资料价格和生活资料价格的降幅上 升，使得PPI同比降幅扩大。 晨 星 月 报 4月，在美国关税政策的扰动下，包括中国在内的全球多个国家和地区的股市均出现了较大幅 度的调整。随后，国家队和央企出手托底市场，助力A股超跌反弹。中旬以来，虽然一季度超 预期的经济数据和中美关税博弈一度出现缓和使得股市继续企稳，但随着市场开始评估关税博 弈对上市公司盈利水平的负面影响，以及月末公布的PMI数据不及预期，令股市再度承压。从 投资侧来看，主要股指在4月集体收跌，其中上证指数和深证成指分别下跌1.70%和5.75%。代 表大盘股、中盘股和小 ...

Group 1 - The resilience of China's economy is highlighted, with A-share listed companies showing strong performance and adaptability under current external pressures [1][2] - In Q1 2025, 5,400 listed companies reported a total net profit of 1.49 trillion yuan, reflecting a year-on-year growth of 3.64%, with over 70% of companies achieving profitability [1][2] - The majority of A-share companies, nearly 90%, derive their revenue from the domestic market, indicating a stable growth outlook for these firms [2] Group 2 - A-share companies have diversified their export markets significantly, with export revenue increasing from 4.9 trillion yuan in 2018 to 9.4 trillion yuan in 2024, a growth of 92% [3] - The proportion of companies with direct export revenue to the U.S. has decreased, with 91% of companies reporting that U.S. exports account for less than 10% of their total revenue [3] - High-tech products such as advanced equipment, integrated circuits, and electric vehicles are driving overseas revenue growth in various sectors [3] Group 3 - The China Securities Regulatory Commission (CSRC) is focused on supporting companies affected by U.S. tariffs through regulatory adjustments and promoting mergers and acquisitions for transformation and upgrading [4][5] - Since the introduction of the "merger and acquisition guidelines," nearly 1,400 restructuring projects have been disclosed in the A-share market, marking a 40% increase year-on-year [5] - Mergers and acquisitions are seen as a key strategy for companies to enhance competitiveness, improve financial performance, and optimize governance structures [5]

5月13日沪指上涨0.17%，市场两融余额为18102.28亿元，较前一交易日增加14.75亿元。 证券时报·数据宝统计显示，截至5月13日，沪市两融余额9178.36亿元，较前一交易日减少0.49亿元；深 市两融余额8870.13亿元，较前一交易日增加14.34亿元；北交所两融余额53.79亿元，较前一交易日增加 0.90亿元；深沪北两融余额合计18102.28亿元，较前一交易日增加14.75亿元。 分行业看，申万所属行业中，融资余额增加的行业有13个，增加金额最多的行业是电子，融资余额增加 11.89亿元；其次是电力设备、通信行业，融资余额分别增加6.05亿元、5.69亿元。 具体到个股来看，融资余额出现增长的股票有1768只，占比48.17%，其中，273股融资余额增幅超过5% 。融资余额增幅最大的是丰安股份，该股最新融资余额465.48万元，较前一交易日增幅达142.27%；股 价表现上，该股当日下跌1.24%，表现弱于沪指；融资余额增幅较多的还有恒太照明、铁拓机械，融资 余额增幅分别为109.18%、103.43%。 融资余额增幅前20只个股中，从市场表现来看，平均上涨2.38%，涨幅居前的有恒太照 ...