作者｜李保铭 充电宝召回事件还在持续发酵，清洁电器自燃也引发外界关注。 7月11日，搜狐财经直播间对话艾媒咨询CEO兼首席分析师张毅，交流有关充电式家电安全相关问题。 张毅不仅在搜狐财经直播间中分享了清洁电器品类在电池安全方面取得的一系列成果，同时也为清洁电器品类安全提前打了"预防针"，还为消费者购买、使 用清洁电器进行了科普。 在谈及清洁电器品类安全时，张毅指出，总体来看，充电式清洁电器出现事故的因素包括电芯故障、设计缺陷、使用不当等。其中，电池的电芯故障是故障 发生概率较高的高风险因素。 "电芯故障是整个充电式家电自燃的主要原因，也是占比最多的事故"，张毅分析，这背后是锂电池电芯过热短路、产生自燃，"和充电宝的电芯问题原理相 似"。 出品｜搜狐财经 他认为，家电行业不排除会出现充电宝式大规模召回事件的可能，"但总体来说也不用过度担心""这种概率肯定比充电宝小得多"。他指出，一方面，家电行 业3C强制认证时间较早，另一方面，家电行业充分竞争，电池技术以及家电行业发展水平日益成熟，也在一定成都上保证了产品质量。 但带来安全隐患和召回风险的几率并非为零。张毅在直播时指出，通过消费者、企业、行业等多维度要素共同发 ...

△本表只针对大部分市场产品，具体以实际情况为准。 炎炎夏日，又到了空调"续命"的时候。如何选购一款合适的空调？这些知识你需要知道↓ 买多大的空调？ 根据房间面积决定 买空调时，遇到的第一个问题是买"几匹"的合适。 匹数也就是空调制冷功率的大小，需要根据房间面积来决定。匹数越大，制冷功率也就越大，所能适用的房间面积也越大，当然价格也更贵。 如果不想出现空调买大了浪费或者买小了不够用的情况，可以参考这张表↓ | 匹数 | 空调规格 | 额定制冷功率 | | --- | --- | --- | | 小1匹 | 23型 | 2300W | | 大1匹 | 26型 | 2600W | | 小1.5匹 | 32型 | 3200W | | E1.5匹 | 35型 | 3500W | | 2 T | 20 페 | 5000W | | 3匹 | 72型 | 7200W | 空调能效高低怎么看？ 读懂能效标识 解决了匹数的问题，还要考虑能耗问题，读懂能效标识很重要。 能效标识是贴在用能产品标签上，表示产品的能源消耗量、能源效率等能源利用性能指标的信息标签。 △某品牌空调上的能效标识 能效等级展示栏用三种表现形式来直观表达能源效率 ...

Core Viewpoint - The "2025 China Home Appliance Health Trend Summit" emphasizes the integration of health and innovation in the home appliance industry, aiming to stimulate consumer demand and promote health-oriented consumption trends [1][3][19]. Group 1: Health as a Driving Force - Health is identified as a "renewal engine" for the home appliance market, with new policies encouraging consumers to replace old appliances, making health features a core decision factor [3][6]. - The home appliance industry is aligning with the "Healthy China 2030" initiative, indicating a shift towards health-oriented product development and innovation [3][12]. - The launch of the "Health Home Appliance Shopping Festival" aims to enhance consumer recognition of health-oriented products [10][19]. Group 2: Challenges in Health Technology Innovation - The industry faces challenges such as distinguishing genuine health needs from marketing gimmicks, requiring a focus on practical health benefits rather than mere statistics [6]. - There is a need for interdisciplinary collaboration to overcome barriers in health technology innovation, integrating fields like life sciences and environmental engineering [6]. - The market is shifting from price competition to value competition, emphasizing the importance of health in product offerings [6][31]. Group 3: Market Trends and Consumer Behavior - The demand for health-oriented appliances is growing, with products like air purifiers and water purifiers becoming essential for consumers [27][28]. - Sales of health-labeled appliances are increasing significantly, with a reported growth trend in categories such as air conditioning and refrigeration [8][19]. - The search volume for health appliances on platforms like JD.com is projected to be 4.9 times higher than the overall product search index from 2022 to 2025, indicating a strong consumer interest [8][19]. Group 4: Innovations and Product Development - Companies are developing innovative products that address health concerns, such as air quality and food safety, with examples including advanced refrigerators and cooking appliances [7][14][15]. - The introduction of new technologies, such as electrochemical hydrogen peroxide production, is enhancing the health functionalities of home appliances [17][20]. - The release of the "2025 China Home Appliance Health Trend White Paper" outlines nine health scenarios and product trends, guiding the industry towards a more health-focused future [19][22]. Group 5: Industry Collaboration and Standards - The industry is encouraged to adopt standards that promote health features in appliances, fostering collaboration across the supply chain [31]. - Companies are urged to focus on long-term strategies that prioritize health innovation as a core asset for brand development [31]. - The recognition of health-oriented products through awards highlights the industry's commitment to advancing health standards in home appliances [22][25].

5月23日，观众在文博会上拍摄黑神话悟空半身像。 新华社记者 梁旭 摄 今年以来，我国家电以旧换新政策突出"加力扩围、惠民升级"，将补贴家电种类从"8+N"类增 至"12+N"类，将每人可补贴的空调数量增至3件，在补贴范围和政策流程上进一步优化；同时各大家电 企业、电商平台积极参与，行业协会同步推动绿色智能新品推广，为消费市场与快递业均注入新动能。 电商行业的蓬勃发展，为快递业务量高增长提供了核心驱动力。为响应国家对家居家电、3C数码 等消费市场的相关政策，顺丰等快递企业升级了整体末端派送服务能力，构建了基于物流凭证的管理方 案，确保补贴资金精准发放，提升服务效能。 此外，潮流玩具等一些新消费业态的规模持续增长，也为快递行业发展提供了新的增量空间。《中 国潮玩与动漫产业发展报告（2024）》显示，我国潮玩产业总价值预计到2026年将攀升至1101亿元，年 均增长率超过20%。 文案：刘雅萱、任彦逸 制作：任彦逸 新华社上海7月10日电（记者杨有宗）国家邮政局监测数据显示，截至7月9日，今年我国快递业务 量已突破1000亿件，比2024年达到千亿件提前35天。这是我国快递业务量连续第5年突破千亿件大关， 既彰显 ...

每周一景： 云南兰坪澜沧江山谷河流村庄风光 点击右上角菜单，收听朗读版 【家电】黑白电龙头引领，小家电格局改善 投资建议：建议把握两条主线： 1）小家电竞争格局改善带来盈利弹性：扫地机器人行业具备高成长性，低渗透率之下长期仍有渗透空间，短期追觅增长动能 趋缓，行业竞争趋缓，头部双雄预计盈利有所改善。厨小电板块经历了2年低迷承压阶段，逐步开始回归增长,618行业规模增速超过20%，主要由均价驱动， 行业有望回归稳定有序增长。2）龙头份额集中+高股息稳健配置：从年初至Q2旺季，白电各品牌呈现季节性降价的趋势，龙头主导本轮价格竞争，行 业集中 度提升。外销维度龙头大家电产能出海较早，全球产能布局完善，供应链韧性强，可根据税率实时变化，相应调整各产能基地排产计划。 内销维度：国补刺激Q2增长，后续国补持续性成关键。 尽管国补在Q2出现阶段性暂停或限制现象，但各细分品类同比基本仍实现了双位数增长，为各企业收 入 端 的 正 增 长 奠 定 了 基 础 。 此 次 618 大 促 中 ， 清 洁 电 器 / 水 家 电 / 厨 房 小 电 / 大 家 电 / 个 护 电 器 / 厨 房 大 电 线 上 销 额 分 别 同 ...

Core Insights - The article highlights the surge in sales of air conditioning units, ice-making refrigerators, and ice makers due to extreme heat across China, particularly in Guangdong and northeastern regions [1][2][13] - JD.com reports a significant increase in sales, with air conditioning sales in northeastern regions rising over 700% year-on-year, and Guangdong becoming the top sales region for air conditioners [1] - The article also mentions the popularity of portable fans and ice-making machines, with sales of fans increasing over 300% in certain areas [1] Sales Performance - In the past week, air conditioning sales in northeastern China saw a year-on-year increase of over 700%, with Heilongjiang, Jilin, and Liaoning ranking among the top 10 sales regions [1] - Guangdong has emerged as the leading region for air conditioning sales, while sales of fans and portable fans have increased by 100% and 150% respectively [1] - The user search volume for ice-making refrigerators on JD.com increased by 500% in the past week, with sales in regions like Beijing, Hubei, and Zhejiang rising over 70% [1] Product Promotions - JD.com is offering various promotions on air conditioners, ice-making refrigerators, and ice makers, including an 80% discount for certain regions and additional incentives for purchases [2][4] - Specific models such as the Midea air conditioner and TCL's energy-efficient models are highlighted with promotional prices after discounts [4][6] - Ice-making machines are also promoted, with features like rapid ice production and large storage capacity being emphasized [9][11]

Investment Rating - The report assigns an "Overweight" rating to the home appliance sector, indicating a projected performance exceeding the Shanghai and Shenzhen 300 Index by more than 15% [1][36]. Core Insights - The report highlights that government subsidies stimulated sales in Q2, leading to continued positive revenue growth. The competitive landscape has improved, driving profitability recovery in the small appliance sector, while leading players in major appliances are enhancing market share concentration [3][4]. Summary by Sections Overview - Domestic sales were boosted by government subsidies in Q2, with most categories achieving double-digit year-on-year growth despite some temporary restrictions. The sustainability of these subsidies is crucial for the industry's performance in the second half of the year [8][13]. Domestic Sales - The report notes that during the 618 shopping festival, online sales for various appliance categories saw significant year-on-year increases, with cleaning appliances up by 26%, water appliances by 22%, and kitchen small appliances by 22%. However, kitchen major appliances experienced a decline of 13% [13][14]. Export Sales - Q2 exports faced short-term setbacks due to uncertainties in tariff policies, with April's export growth dropping to 1.5% and May seeing a 6% decline. However, as tariff policies become clearer, exports are expected to gradually recover [16][17]. Competitive Landscape - The small appliance sector is experiencing improved competition dynamics, particularly in the robotic vacuum cleaner market, which has high growth potential and low penetration rates. The kitchen small appliance segment is also beginning to recover after two years of decline, with a growth rate exceeding 20% during the 618 festival, primarily driven by price increases [19][20]. Investment Recommendations - The report suggests two main investment themes: 1. The improvement in the competitive landscape of small appliances, particularly in the robotic vacuum sector, and the recovery of kitchen small appliances. Recommended stocks include Stone Technology (2025 PE: 18.2×), Ecovacs (2025 PE: 20.3×), Bear Electric (20.8×), and Beiding Co. (36.5×) [25][26]. 2. Concentration of market share among leading brands and high dividend yields for stable investment. Recommended stocks in this category include Midea Group (12.7×) and TCL Electronics (11.3×) [25][26].

客厅中，老旧冰箱每隔几分钟就发出刺耳的嗡鸣，冷冻层的冰碴已结成厚厚的硬块；阳台边，蒙着灰布 的电视机屏幕泛着雪花噪点，遥控器也早已不知去向。这些曾给生活带来便利的家电，在退役的边缘， 默默地等待着未知的命运。 自《推动大规模设备更新和消费品以旧换新行动方案》（以下简称《行动方案》）发布以来，家电以旧 换新消费快速增长。那么，退役下来的废旧家电是如何处置的？为此，《证券日报》记者深入调研，解 构回收、拆解、再利用的产业全链条，揭开"废旧家电流向之谜"。调研还发现，在以旧换新政策强劲势 能的驱动下，家电回收产业正经历深刻转型——从单纯的末端处理迈向全链条价值提升，为消费市场注 入新的绿色动能。 回收市场潜力加速释放 那么，回收后的废旧家电流向了何处？ "家里旧冰箱到底咋处理？""跑好几趟回收站，费时又费力""回收价格心里没底"……记者在调研中发 现，这些关于旧物处置繁琐、价格评估模糊的烦恼，是消费者在换新过程中遇到最多的问题。 为解决上述难题，一场由制造商、经销商、回收商共同发起的"让回收触手可及"攻坚战已全面打响—— 制造商通过搭建线上、线下回收渠道；经销商通过对外签署回收合作协议；回收商通过升级智能估值系 统 ...

www.leadleo.com 中国精密滑轨行业调研简报 | 2025/05 1 头豹调研简报 | 2025/05 精密滑轨行业 Q1：在工业自动化和智能制造快速发展的背景下，精密滑轨行业迎来发展新 机遇。精密滑轨的结构构成如何？主要面向哪些应用领域及产品？ 图表1：精密滑轨的结构构成 外轨 中轨 内轨 复位弹簧 锁定开关 精密滑轨 滑轨主体 功能机构 外轨 中轨 内轨 锁止 回弹 缓冲 图表2：精密滑轨的主要应用领域及产品列举 报告标签：精密滑轨、国产化、家电国补政策 2025年5月 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名 称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 | 应用领域 | 产品 | | --- | ...

Core Insights - The household appliance industry experienced a decline of 1.2% in the Shenwan household appliance index from the beginning of 2025 until June 29, ranking 26th among Shenwan industries [4][13] - The overall performance of the household appliance industry in 2024 and Q1 2025 was good, but the index showed weakness compared to the strong performance in 2024 [4][6] - Factors contributing to the weak index performance include reduced demand elasticity from national subsidies, uncertainty from U.S. tariff policies, low real market demand, and a shift in market style towards new consumption trends [4][6][12] Outlook for H2 2025 - The implementation of more proactive fiscal policies and moderately loose monetary policies is expected to stimulate household appliance consumption, which remains a crucial part of domestic demand [6] - China, as the largest global manufacturer and exporter of household appliances, holds significant production capacities, with 81.3% for air conditioners, 57.6% for refrigerators, and 52% for washing machines in 2023 [6] - Emerging markets in Asia, Africa, and Latin America may present important opportunities for growth, while global leading companies are expected to enhance industry concentration through their advantages in design, manufacturing, and supply chains [6][8] Investment Recommendations - Focus on sectors that still have demand under normalized national subsidy policies, such as air conditioning and kitchen small appliances [8] - Pay attention to export-oriented companies targeting emerging markets or those with overseas production capabilities to mitigate U.S. exposure [8] - Consider companies that are diversifying into new industries such as electric vehicles and robotics [8] - Look for significantly undervalued high-dividend stocks, as a shift in funding styles or rising risk aversion may create favorable market conditions [8] H1 2025 Review - The household appliance index's performance was weak, with the appliance parts sector leading with a 16.3% increase, while the white goods sector saw a decline of 4.7% [15][19] - The average price-to-earnings (PE) ratio for the household appliance industry is currently at 14.3X, ranking 28th among 31 Shenwan primary industries, indicating a relatively low valuation level [19][25] - The dividend yield for the household appliance industry stands at 3.7%, ranking 4th among 31 Shenwan primary industries, supported by strong cash flow [25][26] Sales and Production Trends - In the first five months of 2025, air conditioner domestic sales reached 54.236 million units, a year-on-year increase of 7.8%, while external sales were 49.25 million units, up 11.4% [31] - Refrigerator domestic sales for the first four months of 2025 were 14.414 million units, down 1.4% year-on-year, while external sales were 17.362 million units, up 9.2% [36] - Washing machine domestic sales for the first four months of 2025 were 14.925 million units, up 8.4% year-on-year, with external sales at 15.198 million units, also up 8.5% [41] - Television domestic sales for the first four months of 2025 were 11.62 million units, a slight increase of 0.2%, while external sales reached 32.35 million units, up 2% [46] Cost and Pricing Pressures - From January to July 2025, LME copper and aluminum prices increased by 4.4% and 7.1%, respectively, indicating ongoing cost pressures for appliance manufacturers [48] - The average exchange rate of the U.S. dollar to the Chinese yuan remained stable at 7.17, presenting a neutral impact on companies engaged in overseas business [54] - High shipping costs continue to compress profit margins for exports, with ongoing geopolitical tensions and tariff policies contributing to this pressure [58]