Tech pullback, bottom-fishing in consumption, our views are as follows:

English summary

The bottom-fishing logic follows: strong essential demand in the company's track, solid medium-to-long-term logic, low stock price, preference for large market cap, performance decline not caused by company operations, with reversal trend in H2 and reasonable valuation. We recommend the following: 1. Ninebot: The industry-wide overhang from the new national standard is expected to gradually ease in H2, with Q3/Q4 likely to see a turning point. The company is a global leader in short-distance mobility and smart lawn mowers. Based on our earlier visits in Europe, we believe there is still expectation gap overseas, and Ninebot has the potential to become a global leader in short-distance mobility. 2. TCL Electronics: Global leader in black home appliances, with a clear trend of domestic substitution over overseas brands. The recent acquisition of TCL Air Conditioning business caused short-term market volatility, which is an emotional disturbance. With panel cycle stabilizing, Mini LED high-end products gaining traction, and Sony cooperation adding support next year, profit growth space remains. 3. Anfu Technology: The difficulty for transforming companies lies in investment capability. Anfu Technology is supported by Nanfu Battery. Over the past six months, it successfully invested in Yilanwei and Huashengmai. The stock price recently corrected with the sector, basically returning to the market cap supported by Nanfu Battery, suggesting active positioning. ...