沪深300ESGETF招商（561900）业绩比较基准为沪深300ESG基准指数收益率，管理人为招商基金管理 有限公司，基金经理为房俊一，成立（2021-07-06）以来回报为-1.65%，近一个月回报为-1.83%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月24日，截止午间收盘，沪深300ESGETF招商（561900）涨1.02%，报0.995元，成交额31.26万元。沪 深300ESGETF招商（561900）重仓股方面，贵州茅台截止午盘跌0.92%，中际旭创涨6.27%，宁德时代 跌0.48%，招商银行涨0.67%，中国平安跌0.75%，美的集团涨1.06%，长江电力涨0.15%，紫金矿业涨 4.16%，兴业银行跌0.43%，比亚迪涨0.49%。 来源：新浪基金∞工作室 ...

美的集团股份有限公司，成立于2000年，位于佛山市，是一家以从事通用设备制造业为主的企业。企业 注册资本767558.8172万人民币。通过天眼查大数据分析，美的集团股份有限公司共对外投资了132家企 业，参与招投标项目5000次，财产线索方面有商标信息5000条，专利信息5000条，此外企业还拥有行政 许可86个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 国家知识产权局信息显示，广东美的暖通设备有限公司、重庆美的通用制冷设备有限公司、美的集团股 份有限公司取得一项名为"暖通设备、存储介质、压缩机及其控制方法和控制装置"的专利，授权公告号 CN116086071B，申请日期为2023年1月。 天眼查资料显示，广东美的暖通设备有限公司，成立于2005年，位于佛山市，是一家以从事电气机械和 器材制造业为主的企业。企业注册资本50000万人民币。通过天眼查大数据分析，广东美的暖通设备有 限公司共对外投资了6家企业，参与招投标项目3354次，专利信息5000条，此外企业还拥有行政许可136 个。 重庆美的通用制冷设备有限公司，成立于2004年，位于重 ...

2）越南/印尼/泰国等国，应该从此前的20%/19%变更为15%，亦轻微下降。 墨西哥，如果符合美加墨关税协定，应无变化，仍保持0关税。 1）粗略看，国内家电出口从25%（18年）+10%（对等，25年6月开始）+10%（芬太尼，25年6月开始）=45%，变 成25%（18年）+15%（122条款）=40%，税率有所下降。 #但实际因为25年6月，美国开始对家电中的钢铁、铝（非美国产）单独征收50%的232关税，所以实际整机出口的 税率是要高于以上计算的，因为 【财通家电孙谦团队】美国关税点评— 关于美国对等关税的裁定，我们认为： 1）粗略看，国内家电出口从25%（18年）+10%（对等，25年6月开始）+10%（芬太尼，25年6月开始）=45%，变 成25%（18年）+15%（122条款）=40%，税率有所下降。 #但实际因为25年6月，美国开始对家电中的钢铁、铝（非美国产）单独征收50%的232关税，所以实际整机出口的 税率是要高于以上计算的，因为钢/铝是要拆出来单独申报的。 【财通家电孙谦团队】美国关税点评— 关于美国对等关税的裁定，我们认为： 综合来看，对等关税被裁定为非法，确实降低的出口至美国的关税 ...

沪深300ETF中金（510320）业绩比较基准为沪深300指数收益率，管理人为中金基金管理有限公司，基 金经理为刘重晋，成立（2025-04-16）以来回报为25.57%，近一个月回报为-1.92%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 来源：新浪基金∞工作室 2月24日，截止午间收盘，沪深300ETF中金（510320）涨1.11%，报1.271元，成交额238.48万元。沪深 300ETF中金（510320）重仓股方面，宁德时代截止午盘跌0.48%，贵州茅台跌0.92%，中国平安跌 0.75%，中际旭创涨6.27%，紫金矿业涨4.16%，招商银行涨0.67%，新易盛涨3.68%，美的集团涨 1.06%，兴业银行跌0.43%，长江电力涨0.15%。 ...

#板块涨跌幅：春节前一周上证指数上涨0.4%，家电（申万）指数上涨0.2%，白电板块下跌0.7%，厨电板块下跌 2.6%，黑电板块上涨3.5%，小家电板块下跌1.2%。 华创家电周观点（20260223） #周度动态更新：本周我们重点就【春节期间港股家电动态】、【美国关税政策】展开讨论。 #板块涨跌幅：春节前一周上证指数上涨0.4%，家电（申万）指数上涨0.2%，白电板块下跌0.7%，厨电板块下跌 2.6%，黑电板块上涨3.5%，小家电板块下跌1.2%。 #周度动态更新：本周我们重点就【春节期间港股家电动态】、【美国关税政策】展开讨论。 #春节期间港股家电龙头股价表现亮眼：2月16~2月23日，港股家电股涨跌幅，美的集团+3.6%，海尔智家+2.8%， 海信家电+2.6%，奥克斯电气- 华创家电周观点（20260223） #春节期间港股家电龙头股价表现亮眼：2月16~2月23日，港股家电股涨跌幅，美的集团+3.6%，海尔智家+2.8%， 海信家电+2.6%，奥克斯电气-11.6%，TCL电子+1.3%，三花智控+6.2%，雅迪控股+4.4%，创科实业+4.5%，JS环 球生活-2.2%（恒生指数+1.9%，恒 ...

Investment Rating - The report maintains an "Overweight" rating for the consumer sector, particularly highlighting the potential in experience and emotional consumption, domestic travel, and AI technology products [7]. Core Insights - The report indicates a strong recovery in consumer spending during the Spring Festival, with key retail and catering enterprises showing an average daily sales increase of 8.6% compared to the same period last year [10]. - The report emphasizes the growth in experience consumption driven by travel and leisure activities, with significant increases in hotel occupancy and average daily rates during the holiday period [27]. - The report identifies structural opportunities in the market, particularly in AI technology consumption, emotional value products, and the rise of domestic brands [5]. Summary by Sections Retail Consumption - Retail sales during the Spring Festival showed a notable recovery, with a 8.6% increase in daily sales compared to the previous year, driven by improved consumer sentiment and a more active lower-tier market [10][12]. - Specific regions such as Hubei (+12%), Guangxi (+15%), and Nanjing (+17%) experienced rapid growth in consumption [2]. Domestic Travel - The report highlights a record high in cross-regional travel during the Spring Festival, with an estimated 3.1 billion daily movements, reflecting a 6.6% year-on-year increase [14]. - Key tourist destinations saw significant visitor numbers, with hotels experiencing a rise in both occupancy rates and average daily rates, indicating a robust recovery in the hospitality sector [27][19]. Experience Consumption - Experience consumption, particularly in travel and dining, has rebounded strongly, with restaurants like Haidilao reporting a 10% increase in customer flow during the holiday [33]. - Emotional consumption products, such as toys and scented items, gained popularity, with sales of pet clothing increasing by 116% during the holiday season [11]. AI Technology Consumption - The report notes a surge in sales of smart wearable devices, with a 19.7% increase in sales, and smart glasses seeing a growth of 250% [11]. - The introduction of new products under the "old for new" policy is expected to drive further growth in the AI technology sector [11]. Investment Recommendations - The report recommends several companies for investment, including Pop Mart, Haidilao, and Midea Group, focusing on emotional and experience consumption, domestic brand growth, and AI technology [5].

内容概要：作为小型家用电器赛道的细分品类，烘鞋器行业近年来实现稳步发展，这一趋势是人群扩 容、认知普及与需求升级三重核心驱动力的叠加。首先，我国烘鞋器需求人群主要聚焦在南方潮湿气候 区（如华南、华东）家庭，而随着消费场景的不断拓展，户外工作者、运动爱好者等特殊人群进一步扩 大了市场需求。同时，随着健康生活理念的深入，足部健康与卫生防护的重要性被广泛提及，烘鞋器凭 借"除菌抑菌""去除异味"等功能逐渐受到市场的欢迎。此外，需求升级是驱动烘鞋器行业持续发展的核 心动力，直接推动产品结构从"低价同质化"向"高端差异化"转型，进而满足不同消费者的需求。数据显 示，2025年中国烘鞋器行业市场规模达到10亿元，同比上涨25.0%。预计未来随着烘鞋器市场渗透率的 提高，烘鞋器行业市场规模有望进一步上涨。 相关上市企业：彩虹集团（003023）、美的集团（000333）、京东集团-SW（09618）、阿里巴巴-W （09988）、拼多多（PDD）等。 相关企业：浙江超人科技股份有限公司、台州市中联电器有限公司、佛山市格林盈璐电器科技有限公 司、广东志高空调有限公司、北京中欧普瑞科技有限公司、诺氪(浙江)科技有限公司、奥克斯 ...

Group 1 - The core point of the article is that the recent US Supreme Court ruling on the $175 billion tariff refund has significant implications for both China and the A-share market, despite the refund being an internal US matter [2][6][28] - The $175 billion in tariffs was primarily collected from imports, including a 10% tariff on Chinese goods, and is now being refunded to US importers [8][10] - The refund will indirectly benefit Chinese companies as US importers, who have been financially strained by tariffs, will use the refunded money to pay off debts to Chinese suppliers and resume orders [12][14][28] Group 2 - The immediate impact on the A-share market is expected to be positive, with a potential "opening red" for A-shares as market sentiment improves following the ruling [40][46] - The ruling is seen as a signal that the previous high tariffs on Chinese goods may not be a permanent state, which could lead to a more favorable environment for Chinese exports [20][48] - Structural opportunities in the A-share market are identified, focusing on five main lines: export-oriented sectors, domestic substitution, strategic resources, domestic consumption, and new energy [51][62][88] Group 3 - Export-oriented sectors, particularly those with high exposure to the US market, are expected to benefit directly from the tariff refunds, with companies like Midea Group and Haier expected to see improved performance [52][72][73] - Domestic substitution and self-sufficiency in sectors like semiconductors and military equipment are highlighted as long-term strategic focuses, with companies like SMIC and AVIC Shenyang Aircraft being key players [53][78][86] - Strategic resources such as rare earths and gold are also expected to see price support due to ongoing global supply chain disruptions, benefiting companies like Northern Rare Earth and Shandong Gold [56][87]

Market Performance - The Hang Seng Index and Hang Seng Tech Index opened lower, with the Hang Seng Index dropping by 1.31% at one point and currently down by 0.68%, while the Hang Seng Tech Index fell by 2.7% and is currently down by 2.02% [1] AI Application Stocks - AI application stocks in Hong Kong showed strong performance, with Haizhi Technology Group rising by 19.25%, MINIMAX-WP increasing by 11.63%, and Zhipu gaining 18.31%, bringing their market capitalization to HKD 268 billion [1] Regulatory Developments - Victory Securities saw a rise of 13.12% following the announcement that its virtual asset trading platform VDX received an operating license on February 13 from the Hong Kong Securities and Futures Commission [1] Cryptocurrency Stocks - Some Hong Kong Bitcoin-related stocks performed well, with Star Chain Group surging by 46.67%. This follows comments from Hong Kong legislator Wu Jiezhuang about the issuance of the first stablecoin licenses in March, aimed at promoting usage through airdrops [1] Technology Sector Decline - The majority of tech stocks in Hong Kong declined, with Kingdee International and Baidu Group falling over 5%, Alibaba and Bilibili down over 4%, and Netease down by 3.95%. Other companies like Tongcheng Travel, Li Auto, and Tencent Music also saw declines exceeding 3.3% [1]

Core Viewpoint - The evolution of the Spring Festival Gala sponsorship reflects the transformation of China's economy and consumer behavior over the past 40 years, showcasing the shift from material scarcity to technological innovation and brand storytelling [4][5]. Group 1: 1980s to Early 1990s - The Era of Material Scarcity - The transition from a planned economy to a market economy in the 1980s led to a scarcity of goods, making items like watches and bicycles symbols of wealth and status [6][7]. - The first brand to sponsor the Spring Festival Gala was Kambas watches in 1984, which used 3,000 quartz watches as payment, marking the beginning of brand sponsorship in the event [7][9]. - Kambas became a household name, with production reaching 1.26 million units by 1987 and over 2 million by 1991, highlighting the impact of the Gala on brand visibility and market demand [9][10]. Group 2: Mid-1990s to Early 2000s - The Rise of Consumerism - The late 1990s saw a surge in consumer spending, with households moving from basic necessities to larger purchases like televisions and refrigerators [12][14]. - In 1995, Shandong Kongfu Banquet Wine became the first "advertising king" of the Spring Festival Gala, paying 30.79 million yuan, initiating a trend among liquor companies [12][14]. - The sales of Qin Pool Wine skyrocketed from 180 million yuan in 1995 to 950 million yuan in 1996 after winning the sponsorship, demonstrating the immediate impact of Gala advertising [17]. Group 3: 2000s to 2010s - The Era of Brand Awareness - The early 2000s marked a shift towards household appliances as the main consumer focus, with Midea becoming a prominent sponsor, securing 16 sponsorships from 2003 to 2019 [18][20]. - The cost of advertising during the Gala increased significantly, with Midea's sponsorship rising from 6.8 million yuan in 2005 to 57.2 million yuan in 2011, reflecting the growing value of the event [20]. - Brands began to focus on storytelling and emotional connections with consumers, as seen with Haier and Gree, indicating a maturation of brand marketing strategies [21]. Group 4: Mid-2010s to Present - The Digital Economy and Technological Innovation - The rise of internet companies has transformed the Spring Festival Gala into a platform for digital engagement, with WeChat's "red envelope war" in 2015 significantly increasing viewer interaction [24][26]. - The Gala has become a battleground for tech giants, with platforms like Douyin and Kuaishou participating in interactive sponsorships, showcasing the shift towards a two-way communication model [29]. - The introduction of robots and AI technologies in recent Galas reflects China's transition from manufacturing to intelligent manufacturing, highlighting the importance of innovation in the economy [31].