5月30日下午，美的集团2024年度股东大会举行。 美的集团董事长兼总裁方洪波回答投资者提问时，谈到了对小米家电强势入局的看法：战略上（我们）不害怕小米进来，这是一种基于常识的分析和判 断。家电行业门槛虽然不高，但已是高度竞争，无论怎么打，最终谁胜，都是一场巨大的消耗战。 种种迹象表明，方洪波所描述的"消耗战"，不是一种未来态，已经是一种当下态。在经历了一段相对稳定的巨头分治时代，因为小米的加入以及各种不确 定因素的增加，家电业一场新的拉锯战，已经不可避免。 现状是，目前国内家电市场已进入深度存量竞争阶段，主要品类渗透率普遍超过90%，尽管补贴政策带来销量上升，但提前透支仍然会带来销售压力，加 上关税不确定性加剧，整个产业环境充满了令人不安的气息。 本来就是一个面临产能过剩与市场疲软双重压力的行业，看起来"无所不能"的小米又一骑杀入，横冲直撞，更加剧了人们的担忧。 其实，方洪波所说的"不害怕"，并不是不重视，而是特别重视和警觉。 家电业，一场"消耗战"的确开始了。 当然，家电业的大战从来也没停过。只是，这场新的大战确实正在以"行业消耗"的面目，重新布下战阵。方洪波还 有点 提醒或者威胁 "后来者"的意思： 谁 ...

家电&可选消费 本轮 618 数据与趋势探讨 20250624 摘要 2025 年京东 618 整体表现强劲，同比增长 18.5%，为近三年最佳，受 益于国家补贴政策和宏观消费环境改善，消费者购买高价商品意愿增强， 但各平台用户重合度加深，人均使用平台数量减少，拼多多用户数量明 显下降。 消费金额集中在 2000-5,000 元区间，高于去年的 1,000-2000 元，国 家补贴政策推动购物频次增加，客单价轻微下滑但总消费额上升。京东 通过简化促销玩法、提供惊喜券等方式提升购物体验，带动用户购物频 次增加，从而提高 ARPU 值。 家电品牌商对利润要求显著增长，参与国家补贴的带电品类价格竞争力 强，但部分品牌因产能限制无法完全满足需求，更加关注商品体验，选 品策略严谨，涵盖高浏览度、高好评率及爆款商品。 宠物行业同比增长 32%，皇家品牌销售额最高且增速最快（35%）， 市场份额约为 25%-27%，麦富迪紧随其后增长约 33%，销售额达 1.3 亿元，弗列加特增速约为 26%-27%，绝对值大约为 5,000 万元，但客 单价较高，为 95 元。 Q&A 今年（2025 年）618 的整体增速和表现如何？ ...

以下文章来源于妙投APP ，作者董必政 妙投APP . 出品 | 妙投APP 作者 | 董必政 头图 | 合康新能官网 在大众的认知中，美的集团一直是to C的家用电器领域的巨头。但更多人不知道的是，美的的B端业 务这几年来也在持续增长。 2024年美的集团B端的营业已经占到其总营收的25.67%，较2020年的18.5%提升7个百分点。 目前，美的的B端商业及工业解决方案业务涉及的领域包括但不限于：新能源与工业技术、机器人 及自动化、智能建筑科技等。 2025年6月11日，美的能源举行了上海 SNEC 战略发布会。这场发布会，美的向外界传递了其在能 源领域战略布局意图的关键时刻。 # 01 一、一鱼多吃 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 在商业竞争日益激烈的当下，市场客户资源有限，企业如何在有限的客户群体中实现营收增长，成 为一大难题。 美的集团凭借其一鱼多吃的打法，巧妙地解决了这一问题，为B端业务拓展了新的边界，提升了营 收天花板。 截至2024年，在美的4大B端板块中，新能源与工业技术、机器人与自动化、智能建筑科技、创新业 务分别占比为8.26%、7.05% ...

（图片来源：网络） 出品｜搜狐财经 作者｜李保铭 近日，《2025新财富500创富榜》发布。 美的集团何享健、何剑锋父子以1885.7亿元持股市值再度蝉联创富榜第八位，名次与2024年持平。美的集团职业经理人 方洪波时隔三年，以88.1亿元持股市值位列第391位。 虽然方洪波未在2024年登上创富榜，但2020年以来，方洪波曾连续2年登榜。 2023年2月，石头科技公告称，其实控人昌敬持股23.15%，拟减持不超过2%、187.38万股股票。Wind数据显示，2024年9 月，昌敬持股比例已降至21.03%。 目前，石头科技拟赴港上市。23日盘后，石头科技发布控股股东、实际控制人自愿承诺不减持公司股份的公告，昌敬自 愿承诺12个月内不通过集中竞价交易、大宗交易等方式减持其持有的股份。 涨幅、跌幅最高的创富榜家电企业分别为科沃斯、奥克斯。 科沃斯钱东奇家族以179.9亿元持股市值位列创富榜178位，较去年提升81个位次，与此同时，钱东奇家族也以45%市值增 速登上持股市值涨幅榜。 奥克斯集团郑坚江家族以181亿元持股市值位列第176位，较去年下降60位次，并以26%市值跌幅登上今年的持股市值跌 幅榜。 今年1月 ...

截至6月24日收盘，汽车热管理概念上涨4.02%，位居概念板块涨幅第4，板块内，114股上涨，恒帅股 份、华铭智能等20%涨停，浙江荣泰、通达电气等涨停，江苏雷利、肇民科技、富临精工等涨幅居前， 分别上涨17.23%、13.99%、8.44%。跌幅居前的有统一股份、苏州天脉、宇通客车等，分别下跌 3.90%、1.33%、0.92%。 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 减速器 | 4.82 | 可燃冰 | -5.37 | | 固态电池 | 4.45 | 页岩气 | -3.04 | | 人形机器人 | 4.30 | 俄乌冲突概念 | -2.66 | | 汽车热管理 | 4.02 | 天然气 | -1.58 | | 钠离子电池 | 3.92 | 核污染防治 | -1.11 | | PEEK材料 | 3.87 | 中船系 | -1.09 | | 网约车 | 3.79 | 航运概念 | -0.99 | | 宁德时代概念 | 3.77 | 中韩自贸区 | -0.53 | | 一体化压铸 | 3.74 | 新疆振兴 | -0.50 | ...

Group 1 - Xiaomi's President Lu Weibing clarified that the goal of entering the top three in the air conditioning industry is expected to be achieved by 2030, expressing respect for industry leaders Midea and Haier [1] - The air conditioning market showed strong performance during the 618 shopping festival, with a total production of 20.75 million units in June, reflecting a year-on-year increase of 17% [2] - Despite the rise of second-tier brands like Xiaomi and TCL, Midea, Gree, and Haier continue to dominate the market, showcasing their absolute advantages in consumer perception and market share [2] Group 2 - The competition among the top three brands has intensified, with Gree's sales growth exceeding 10%, Midea's growth approaching 50%, and Haier's online growth surpassing 80% during the 618 sales event [2][3] - Gree leveraged a high-profile live-streaming event to drive significant traffic, while Midea focused on price-sensitive consumers by enhancing its value proposition through additional subsidies [3] - Haier has maintained a long-term focus on technology, showcasing its air conditioning products' performance in extreme conditions and applying advanced technology across a broader product line [3][4] Group 3 - The air conditioning industry is undergoing a transformation from a single-dimensional competition to a multi-faceted race, emphasizing energy efficiency, intelligence, comfort, reliability, and specific scenario solutions [4] - Continuous investment and innovation in these dimensions are crucial for leading companies to maintain their competitive edge and seek breakthroughs in a seemingly stable market [4]

Core Viewpoint - The report from Guolian Minsheng Securities indicates that the home appliance industry is experiencing a positive shift in domestic demand, with a focus on the white goods sector, which is expected to benefit from improved pricing strategies and a favorable cost environment [1][2]. Group 1: Home Appliance Industry Overview - The home appliance sector has shown a slight increase of 0.1% from the beginning of the year to June 5, 2025, outperforming the CSI 300 index by 1.6 percentage points, ranking 17th among primary industries [1]. - The overall performance of the home appliance sector has historically shown a high success rate, with 16 out of the past 20 years outperforming the CSI 300 index during the same period [1]. Group 2: White Goods Sector - The white goods sector is expected to see improved domestic demand, with a lower base for shipments and a potential upward trend [2]. - The usage of funds for the old-for-new policy has accelerated in May, although the impact of elastic marginal reduction and funding constraints may be concentrated in Q4 2025 [2]. - Major players in the white goods sector have adopted aggressive online pricing strategies, leading to significant market share elasticity, while the cost environment has improved, suggesting minimal impact on profitability [2]. Group 3: Black Goods Sector - The overall demand for TVs has shown a weak recovery since 2025, with MiniLED backlight TVs becoming a key driver for domestic product upgrades [3]. - Domestic brands like TCL and Hisense have performed strongly, with Hisense rapidly increasing its market share in MiniLED backlight TVs [3]. - The profitability of leading brands is expected to improve due to product structure upgrades and stable panel prices, with an anticipated increase in industry concentration and ongoing technological advancements [3]. Group 4: Emerging Small Appliances - The demand for emerging small appliances, particularly robotic vacuum cleaners, has seen significant growth since 2025, driven by subsidies and product innovation [4]. - Competition in the domestic and international markets is expected to diverge, with companies like Roborock performing well domestically while facing challenges abroad [4]. Group 5: Kitchen Appliances - The kitchen small appliance sector is showing signs of stabilization after a prolonged adjustment, with domestic sales rebounding due to low bases, reduced competition, and new product launches [5]. - The demand for large kitchen appliances is gradually improving, but recovery is still dependent on the real estate market, transitioning from new home-driven demand to replacement-driven demand [5]. Group 6: Investment Recommendations - The report suggests a positive outlook for the home appliance industry, with a focus on high-quality, high-dividend leading companies such as Gree Electric Appliances, Midea Group, Haier Smart Home, and Hisense Home Appliances [6][7]. - It also highlights the potential of leading TV brands like Hisense Vision and TCL Electronics, as well as emerging consumer brands benefiting from promotional events [7].

Core Viewpoint - The article discusses the increasing influence of BlackRock, a financial giant managing over $11.5 trillion in assets, in the Chinese market, highlighting the intersection of financial capital flow with national security, technological autonomy, and social stability [2][4]. Group 1: BlackRock's Growth and Strategy - BlackRock started as a small asset management firm in 1988 with $5 million in funding and has grown to become the largest asset management institution globally, surpassing the total assets of the top ten banks [4]. - The company's expansion was driven by its founder Larry Fink's ability to leverage macroeconomic trends and technological advancements, particularly through its proprietary Aladdin system [4][6]. Group 2: Aladdin System and Its Impact - The Aladdin system is a comprehensive financial analysis and risk management platform that processes data from over 50 countries and hundreds of institutions, enabling BlackRock to make informed trading decisions [6]. - Aladdin also serves over 180 large financial institutions, positioning BlackRock as both an investor and a provider of financial infrastructure, thus influencing market dynamics [6]. Group 3: BlackRock's Activities in China - BlackRock became the first foreign firm to establish a wholly-owned public fund in China in 2021, expanding its presence through various investment avenues including public funds, private equity, ETFs, and industry investments [8]. - The company holds significant stakes in leading Chinese firms such as BYD (7.02%) and Kuaishou (5.18%), indicating its deep involvement in key sectors like renewable energy and technology [10]. Group 4: Regulatory Response and National Security - BlackRock's attempts to acquire strategic assets in China, such as a major port, have raised concerns regarding national security and prompted regulatory scrutiny from Chinese authorities [9]. - In response to foreign capital penetration, China is enhancing its regulatory framework to safeguard financial sovereignty and ensure that foreign investments align with national interests [11][12].

Core Insights - The 2025 New Wealth 500 Rich List highlights the wealth dynamics of Chinese private enterprises, with ByteDance founder Zhang Yiming topping the list with a holding valuation of 481.57 billion yuan [1][2] - The list shows significant wealth fluctuations among top entrepreneurs, with Nongfu Spring's founder Zhong Shanshan experiencing a nearly 100 billion yuan drop in wealth, ranking second with 360 billion yuan [1][2] - Tencent's Ma Huateng remains the richest in the Greater Bay Area, ranking third nationally with a holding value of 306.71 billion yuan, reflecting a substantial 45% increase from the previous year [1][2] Company Rankings - The top three individuals on the list are Zhang Yiming (ByteDance), Zhong Shanshan (Nongfu Spring), and Ma Huateng (Tencent), with respective holding values of 481.57 billion yuan, 362.41 billion yuan, and 306.71 billion yuan [2] - Other notable companies represented in the top rankings include Pinduoduo, CATL, Xiaomi, Alibaba, and Meituan, showcasing a diverse range of industries from e-commerce to technology [2][3] Regional Wealth Distribution - Guangdong continues to lead in the number of wealthy individuals, with 96 on the list, although the total wealth has decreased from 4.5 trillion yuan to 3 trillion yuan since 2021, indicating a significant contraction [4][5] - Zhejiang has surpassed Beijing in the number of wealthy individuals, with 76 listed, driven by innovation in technology and gaming sectors [5][6] - The Greater Bay Area remains a crucial hub for wealth generation, with many entrepreneurs focusing on overseas expansion and global market penetration [6][7] Industry Trends - The rise of AI and technology-driven companies is evident, with DeepSeek's founder Liang Wenfeng entering the top ten with a holding value of 184.62 billion yuan, reflecting the growing influence of AI in wealth creation [3][6] - The report indicates a shift in wealth concentration, with many entrepreneurs from the hard technology sector emerging as significant players in the wealth rankings [7] - The trend of Chinese companies expanding overseas is highlighted, with a significant number of listed companies generating over 20% of their revenue from international markets, particularly in the automotive and electronics sectors [7]

以下文章来源于新财富杂志 ，作者陶娟 新财富杂志 . 《新财富》杂志专注以权威评价、深度研究，揭示资本的选择与逻辑，促进市场信息透明，改善资源配置效率。 新财富500创富榜名单全新揭晓 （点击看大图， 左右滑动查看更多 ） | 持股市值 | 名次 | 2024名次 | (1乙元) | 姓名 | 主要公司 | 公司总部 | 主要行业 | 性别 | 主题 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 字节跳动 | 1 | 3 | 4815.7 | 张一山容 | | 北京 | 推荐引擎产品、短视频 | ਕੇ | 42 | | 2 | | 1 | 3624.1 | 钟膝酸 | 农夫山泉/万泰生物 | 浙江杭州/北京 | 矿泉水饮料、医药生物 | 男 | 71 | | 互联网综合服务 | 3 | 4 | 3067.1 | 司作图 | 腾讯控股 | 广东深圳 | | 男 | 24 | | 4 | | 2 | 3057.4 | 加康 | 拼多多 | 上海 | 电商 | 男 | 45 | | 5 | | 7 | 2726.8 | 曾驗群 | ...