家电行业周报：5月家电社零同比加速，第三、四批国补资金分别7、10月发放-20250622

Investment Rating - Industry rating: Recommended [5] Core Insights - In May 2025, the retail sales of household appliances and audio-visual equipment in China showed a significant year-on-year increase of 30.2%, with total retail sales reaching 464.1 billion yuan. The growth rate for May alone was 53%, compared to 39% in April [9][12] - The remaining 46% of national subsidy funds will be distributed in batches in the second half of the year, with 300 billion yuan allocated to support the replacement of old consumer goods [12] - The retail performance during the 618 shopping festival in 2025 was strong, with year-on-year increases in sales for various categories, including televisions (+37%), air conditioners (+45%), and washing machines (+36%) [14][15] Summary by Sections Weekly Topic - The retail sales of household appliances in May 2025 accelerated significantly, with a year-on-year increase of 30.2% for the first five months, totaling 464.1 billion yuan. May alone saw a 53% increase [9] - Approximately 46% of the national subsidy funds will be released in July and October, continuing the "two new" policy to promote the replacement of old appliances [12] - The 618 shopping festival in 2025 showed impressive retail sales performance across various categories, with notable increases in sales figures [14][15] Company Key Announcements - Sanhua Intelligent Control announced the final price for its H-share issuance at 22.53 HKD per share, expected to be listed on June 23, 2025 [16] Data Tracking - Raw material prices showed fluctuations, with LME copper and aluminum prices increasing by 3.0% and 1.8% respectively as of June 20, 2025 [17] - Shipping rates also saw an increase, with the CCFI composite index rising by 8.0% [25] - Real estate data indicated a decline in sales area, completion area, and new construction area by 3%, 17%, and 23% respectively for the first five months of 2025 [28]