Core Insights - The June CPI turned positive year-on-year at 0.1%, indicating a recovery in consumer prices, while the PPI continued to face downward pressure at -3.6% year-on-year, reflecting ongoing challenges in the manufacturing sector [13][24]. - The report highlights a significant increase in sales of excavators and loaders, with year-on-year growth expanding, indicating a recovery in the engineering machinery sector [1][24]. - The semiconductor industry showed a positive trend with global semiconductor sales increasing year-on-year, despite a decline in smartphone shipments [3][32]. Industry Overview Consumer Demand - The CPI improvement was driven by rising prices in fresh fruits and vegetables, with fresh fruit prices increasing by 6.1% year-on-year, and fresh vegetable price declines narrowing significantly [15][24]. - Household appliances saw a positive CPI growth of 1.0%, supported by ongoing consumer promotion policies [16][24]. - The demand for gold jewelry remained strong, with prices for 925 silver and foot gold increasing by 18.0% and 37.8% year-on-year, respectively [16][24]. Resource Products - Coal prices have risen, with significant increases in the prices of Qinhuangdao mixed coal and Shanxi coking coal, indicating a tightening supply [25]. - The report noted a mixed performance in the steel sector, with construction steel transaction volumes increasing while prices for some steel products remained under pressure [25]. Information Technology - The Philadelphia Semiconductor Index rose by 2.43% week-on-week, while the Taiwan Semiconductor Index declined, indicating a divergence in regional semiconductor performance [26]. - Prices for DDR4 and DDR5 DRAM memory showed a downward trend, with 8GB DDR4 prices decreasing by 1.15% to $5.00 [29][31]. - The smartphone market faced challenges, with May shipments declining by 21.20% year-on-year, reflecting a broader trend of reduced consumer electronics demand [32]. Midstream Manufacturing - The report highlighted an increase in the sales of various types of excavators and loaders, with year-on-year growth expanding, suggesting a recovery in the construction and engineering machinery sectors [1][24]. - The report also noted a decline in prices for certain components in the photovoltaic industry, indicating ongoing price adjustments in the renewable energy sector [25]. Financial and Real Estate - The real estate market showed signs of weakness, with a decline in land transaction premium rates and a decrease in the area of commercial housing sold [25]. - The report indicated a net withdrawal in the money market, with a decrease in A-share turnover rates and daily transaction volumes [25].

Core Viewpoint - The recent strategic initiative "Dong Mingzhu Health Home" by Gree Electric has significantly boosted its business, particularly in the ice washing and water purification segments, which saw increases of 24% and 40% respectively within three months [1][3]. Group 1: Business Performance - Gree's ice washing and water purification series experienced a remarkable business uplift, with sales increasing by 24% and 40% respectively in just three months [1]. - During the May Day holiday, certain stores reported a surge in sales and foot traffic, with flagship stores being crowded and high terminal activity [1]. Group 2: Strategic Factors - The success of "Dong Mingzhu Health Home" is attributed to two main factors: innovative product presentation through experiential marketing and the personal involvement of Dong Mingzhu [3]. - The initiative employs three core methods: scenario-based experiences, visual data, and smart interaction, creating a comprehensive health ecosystem [3]. Group 3: Marketing and Brand Positioning - The rebranding to "Dong Mingzhu Health Home" aims to reshape consumer perception of Gree as a comprehensive home appliance brand, moving beyond the traditional image of only selling air conditioners [5]. - The name change initially faced backlash, causing a six-day stock decline, but has since proven to be a strategic gamble with positive market response [5][10]. Group 4: Sales and Engagement - Dong Mingzhu's personal engagement in offline flagship store openings and online live streaming has significantly driven sales, with the first live stream on Taobao leading to a 300% year-on-year increase in transactions [3][10]. - The opening of the first store in Beijing generated sales of 85.6 million yuan on its first day, showcasing the effectiveness of the new branding strategy [10]. Group 5: Expansion and Conditions - As of June 2025, nearly 1,000 "Dong Mingzhu Health Home" stores have been opened nationwide, with an average of over 10 new stores opening daily [10]. - To qualify for the "Health Home" branding, stores must meet specific criteria, including operating a full range of Gree appliances and having a minimum area of 150 square meters [10].

在本次年度股东大会，面对同样的问题，张伟并没有选择同样的回应方式。他说："格力电器的发展是 一脉相承的，既有变化，也没有变化。不变的是情怀、初衷，以及价值担当；需要变化的是公司的价值 增长。现在，我们可以看到，公司的管理团队更有活力与激情，主要的工作仍将围绕着公司的产品、销 售、品质，包括人才的建设。" 6月30日，格力电器2024年度股东大会在珠海举行。与以往不同，今年，格力电器董事长董明珠的话语 少了许多。虽然面对投资者的提问，董明珠仍然会在关键点接过话筒进行补充，但格力电器管理层中更 加年轻的面孔，开始更频繁地拿起话筒，他们从台下的第一排起身，再转身面向到场的股东，认真谨慎 地回答着问题。 董明珠在现场坦言："我会少些话语，给年轻人更多的机会。" 谈未来：格力的变与不变 作为一家以空调业务赢得市场尊重的传统家电巨头，格力电器如何摆脱空调业务收入过重，营收结构单 一的现状？格力电器下一步的重点究竟是什么？这些始终是投资者关注的首要问题。 今年，刚刚接任格力电器总裁职位的张伟在2024年度网上业绩说明会上表示："格力电器是一家多元 化、科技型的全球工业集团，产业覆盖家用消费品和工业装备两大领域。在消费电器板 ...

郭晨凯 制图 董明珠坦言："我会少些话语，给年轻人更多的机会。" 谈未来：格力的变与不变 作为一家以空调业务赢得市场尊重的传统家电巨头，格力电器如何摆脱空调业务收入过重，营收结构单 一的现状？格力电器下一步的重点究竟是什么？这些始终是投资者关注的首要问题。 今年，刚刚接任格力电器总裁的张伟在2024年度网上业绩说明会上表示："格力电器是一家多元化、科 技型的全球工业集团，产业覆盖家用消费品和工业装备两大领域。在消费电器板块，公司将以空调业务 为支柱，推动多元化发展，实现冰洗产品、厨房电器、环境电器等系列产品全覆盖；在工业制品及装备 板块，公司会聚焦智能装备、工业机器人、工业制品、模具等产业，依托核心优势，不断加大科技研发 投入，加强产业链纵深布局。" 在本次年度股东大会上，面对同样的问题，张伟并没有选择同样的回应方式。他说："格力电器的发展 是一脉相承的，既有变化，也没有变化。不变的是情怀、初衷，以及价值担当；需要变化的是公司的价 值增长。现在，我们可以看到，公司的管理团队更有活力与激情，主要的工作仍将围绕着公司的产品、 销售、品质展开，包括人才的建设。" 数据显示，格力电器2024年全年实现营业总收入190 ...

"奥数题"改为"直球式"优惠，规则简化释放诚意 对于今年"6·18"大促，市民何云最大的感受是平台终于改掉了往年复杂的满减玩法，变为更直接的折扣 立减。"往年'6·18'，我得提前做攻略，凑单、满减、领券、拼单，规则比数学题还复杂，还经常因为凑 满减买一堆不需要的东西。"她向记者展示了手机购物车，今年基本每笔都是直接下单，直接折扣。 记者注意到，今年"6·18"大促，平台规则简化了许多，"奥数题"改为"直球式"优惠，"单件立减"的玩法 也显得优惠促销的诚意满满。比如，淘宝一改往年的跨店满减，推行更加直接的打折；京东也推出官方 立减15%的优惠；拼多多对部分受邀品牌商家放宽价格限制，不再强制要求"全网最低价"。 今年的"6·18"从5月13日正式启动，延续至6月20日，时长超过一个月，堪称"最长'6·18'"。市民陈松表 示，她感觉今年"6·18"购物的体验感比往年要好，由于时间长，没有了以往激烈的感觉。 艾瑞咨询发布的调研报告显示，近四成受访者表示其消费金额较去年"6·18"有所提升，原因在于，购物 节规则的简化和清晰让消费者的消费决策更快速和集中。 规则简化、即时零售入场、以旧换新热潮持续 "6·18"消费 ...

长期看，家电行业是成熟行业，不会破产倒闭，每年需求稳定，但短期看，一台家电十年的使用寿命，今年买了，总不能年年买，所以，会透支未来一段时 间的销量。这点，投资人必须清醒。 中国股市，除了以上三大短期利空，最近，有一个消息还有一点波折，那就是部分地区以旧换新国补政策有退坡和暂停。这说明以旧换新国补政策有效果， 而如今的暂停，可能是追溯一下，看看有没有商家利用政策来牟利。 比如，之前车企就出现过，零公里二手，车企将车子以虚假销售的方式，换取国补，然后再以二手车的名义销售。逻辑上是通顺的，但现实中车企只能完成 一半，因为二手市场根本卖不上价格。 新车都如此优惠，谁会去二手市场原价买车？所以，这个利空可能仅仅算一个小波折。大胆预期，今年耐用可选消费品，比如家电，尤其是扫地机器人、冰 洗空、净水器这些品类，将呈现大卖趋势。 今年国补贯穿全年，下一个热点，双十一期间。各位投资人可以跟随这些热点布局投资。然，关注来年是否持续，如果明年没有国补，那么这些板块会遭遇 一轮冲击。 吕长顺（凯恩斯） 证书编号：A0150619070003。【以上内容仅代表个人观点，不构成买卖依据，股市有风险，投资需谨慎】 还有，最近白酒如茅台开始 ...

证券研究报告 | 策略定期报告 2025 年 06 月 18 日 5 月社零同比增幅扩大，集成电路产量同比增幅扩大 ——行业景气观察（0618） 本周景气度改善的方向主要在资源品、信息技术和部分中游制造领域。上游资源 品中，原油价格上涨，金属库存多数下行；中游制造领域，5 月工业机器人产量 三个月滚动同比增幅扩大，主要企业工程机械销售同比多数放缓。信息技术中， 存储器价格上涨，集成电路产量三个月滚动同比增幅扩大。消费服务领域，空冰 洗彩四周滚动零售额同比增幅扩大。5 月社零同比超预期，扩消费政策效应持续 显现。推荐景气较高或有改善的存储器、消费电子、有色、自动化设备、石化等。 ❑【本周关注】5 月社会消费品零售总额当月同比增幅扩大，且超市场预期，扩大 消费政策效应持续显现，两年复合增速来看，相比 1-4 月也有所扩大。结构上， 政策驱动作用明显：1）必选消费多数改善，或受益于假日催化，团圆宴请需求回 暖，粮油食品、烟酒零售同比增幅扩大，服装鞋帽等受益于大促消费也有所改善； 2）"以旧换新"加力扩围的效果显著，家电零售持续回暖，通讯器材零售同比增 幅扩大，两者仍是拉动 5 月限额以上社零同比增长的重要领域；3） ...

格力电器多元化业务的发展情况一直是业界关注的焦点，有投资者提问，多元化业务的分拆上市进展如 何？ 6月9日，格力电器（000651）(000651.SZ)召开线上业绩发布会，公司总裁张伟、董事会秘书章周虎、 销售总监卢陆群等高管，对投资者关心的业务发展情况、海外战略布局、原材料价格波动、董明珠健康 家开设情况、分拆业务上市等情况做了回应。 按产品来看，财报显示，2024年消费电器业务同比减少67亿元，智能装备业务同比减少2亿元，其他业 务同比减少100亿元，而工业制品和绿色能源同比几乎持平，仅有其他主营增加了19亿元。 在智能装备方面，公司在数控机床、工业机器人及自动化方面布局，为国内外多家行业龙头企业提供智 能装备产品。 具体来看，2024年格力电器针对新能源汽车市场推出3款新能源汽车零部件加工产品，推出高速五轴摆 头、高刚性大扭矩电主轴、机床伺服电机等数控机床核心零部件；面向新能源光伏、锂电领域，推出 GR35、GR50等六轴机器人系列产品，以及GRS10、GRS20等SCARA机器人产品；面向船舶焊接、钢 构焊接市场领域，公司推出GRH6弧焊焊接机器人、智能焊接工作站等新产品。 除了多元化以外，全球化也 ...

如何看部分地区线上国补暂停和 618 销售情况？ 20250604 摘要 重庆、广东、江苏等省份暂停国补，对黑电市场影响显著，尤其重庆作 为黑电大本营，销售受挫。广东作为生产和销售大省，停补政策出乎意 料，对市场信心产生冲击。 跨省补贴政策曾允许特定城市注册公司向全国销售产品并享受当地政府 补贴，如珠海。浙江、湖北等地曾实施，但江苏无记录。此举对线下市 场造成较大冲击，扰乱市场秩序。 2024 年京东自营通过开通多省资质实现增长，但 2025 年天猫、抖音 加入全国国补竞争，京东优势减弱。拼多多因需商家各地注册公司而落 后，电商平台竞争格局生变。 大家电在国补期间增长明显，尤其厨卫大家电客单价提升。手机方面， 6,000 元以下手机补贴刺激低端市场。笔记本电脑持续增长。大家电中 70%的 GMV 由国补产品贡献。 2025 年 1-3 月京东大家电增长率仅 13%，未达 20%目标。4 月厨卫大 家电数据无明显增长。空调价格大幅波动，但需求未显著提升，整体数 据表现不佳，商家囤货意愿降低。 Q&A 国补暂停的具体原因是什么？系统升级的方向和完成时间如何？ 国补暂停主要是由于一些地方的资金缺口较大，使用额度已经 ...

Core Viewpoint - The company reported record high revenue and net profit for Q1 2025, driven by strong performance in automotive and IoT sectors, alongside a recovery in smartphone market share and continued high-end product strategy [1][2][3] Group 1: Financial Performance - Q1 2025 revenue reached 111.29 billion yuan, up 47.4% year-on-year and 2.1% quarter-on-quarter, marking a historical high [1] - Adjusted net profit for Q1 2025 was 10.68 billion yuan, an increase of 64.5% year-on-year and 28.4% quarter-on-quarter, also a record high [1] - Gross margin stood at 22.8%, up 0.5 percentage points year-on-year and 2.2 percentage points quarter-on-quarter [1] Group 2: Automotive Business - Automotive revenue for Q1 2025 was 18.58 billion yuan, up 11.5% quarter-on-quarter, with losses narrowing to 500 million yuan [1] - The automotive gross margin reached 23.2%, an increase of 2.8 percentage points quarter-on-quarter [1] - SU7 series deliveries totaled 75,869 units, up 8.9% quarter-on-quarter, with the number of sales outlets expanding to 235 across 65 cities [1] Group 3: Smartphone Market - Smartphone revenue for Q1 2025 was 50.61 billion yuan, up 8.9% year-on-year but down 1.4% quarter-on-quarter, with a gross margin of 12.4% [2] - Smartphone shipments reached 41.8 million units, a 3.0% increase year-on-year, with global market share rising to 14.1% [2] - In China, market share increased to 18.8%, regaining the top position, while the ASP rose by 5.8% to 1,211 yuan [2] Group 4: IoT and New Retail - IoT revenue for Q1 2025 was 32.34 billion yuan, up 58.7% year-on-year and 4.8% quarter-on-quarter, with a gross margin of 25.2% [2][3] - Air conditioning, refrigeration, and washing machine shipments exceeded 1.1 million, 880,000, and 740,000 units respectively, with growth rates exceeding 65% [3] - The number of new retail stores expanded to 16,000, with a target of 20,000 by the end of 2025, supporting growth in IoT and consumer products [3] Group 5: Future Outlook - The company is expected to benefit from high-end product strategies and global expansion in its smartphone and AIoT businesses [3] - Profit forecasts for 2025, 2026, and 2027 have been raised to 39.6 billion, 53.4 billion, and 65.9 billion yuan respectively [3]