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国泰海通|家电:格局重塑构建龙头新优势——家电行业2025年中期策略
国泰海通证券研究·2025-06-03 14:53

Group 1 - The core viewpoint of the article emphasizes the recovery of leading brands in the home appliance industry, which is driving industry concentration and a shift in pricing strategies as companies aim to regain market share by 2025 [1] - Domestic sales are experiencing seasonal price reductions, while leading brands are changing their strategic direction to focus on structural improvements rather than just market share [1] - The external market is benefiting from brands expanding overseas and a fragmented production capacity, which enhances supply chain resilience and adaptability to changing trade policies [1] Group 2 - New consumer trends are emerging, including high aesthetic product designs that fulfill emotional and ritualistic needs, the integration of AI and robotics in home appliances, and an upward trend in smart short-distance transportation tools [1] - Investment recommendations include a positive outlook on leading brands' market share growth both domestically and internationally, opportunities in niche markets driven by new consumer trends, and potential for companies undergoing business model transformations to create new growth avenues [1]