以旧换新政策

Search documents
【转|太平洋家电轻工-爱玛科技深度】两轮车紧抓“她经济”布局女性客群,三轮车业务有望贡献新增量
远峰电子· 2025-08-24 11:28
以下文章来源于昕锐消费笔谈 ,作者孟昕赵梦菲金桐羽 昕锐消费笔谈 . 以新锐视角分享和传递家电、轻工及智能制造等新消费的研究心得 文章转自2025年07月31日太平洋家电轻工团队报告,分析师: 孟昕 、赵梦菲、 金桐羽 投资要点 行业分析:内销政策利好叠加外销复苏,两轮车行业发展前景广阔。 1)内销: 新强标政策出台加速低质低价产品出清,叠加2025年以旧换新政策延续促进更新 需求,两轮车行业规模和集中度均有望进一步提升,2025年中国两轮电动车销量有望达5200万台。 2)外销: 东南亚多国推出"油改电"补贴,越南河内"禁摩"有 望进一步助推电动两轮车东南亚市场的增长,或将为两轮车出口带来新增量。 公司分析:产品端深耕两轮并拓展三轮业务,渠道生产端不断突破 。 1)产品端: 公司两轮车业务已实现电动自行车、电动摩托车品类全价格段覆盖,智能化方 面局车产品实现规模高速扩张,同时规模效应也或将帮助盈利能力提升。 女积性极客完群善,多共端同协助同推生收态入体规系模,和高产端品化结方构面的旗不舰断新提品升Q7;和公A7plus 司电动助三力轮公车司业两务轮在车行业业务竞价争格格天局花较板为上分探散至的5000背景元 ...
用好工具箱提振消费力 上海7月社零总额增7.8%
Jie Fang Ri Bao· 2025-08-24 02:15
7月主要商品中,涨幅最明显的是文化办公用品,同比涨幅达78%。其次是家用电器和音像器材 类,增幅为49.7%。 记者 李珺瑶 崔艺林 实习生 詹傢杰 上海市统计局近日公布了7月社会消费品零售总额情况。7月,上海社会消费品零售总额为1291.38 亿元,同比增长7.8%。对比全国同比3.7%的增长,上海7月消费数据可谓亮眼。 办公用品和家电增速靠前 从统计数据看,7月商品零售额达1140.85亿元,同比增长9.7%,拉高了社零增速。 具体分析,7月黄金珠宝消费回暖,与"五五购物节""上海之夏"等大力度的消费促销活动大有关 系。如"五五购物节"期间全市黄金消费最集中的黄浦区举办了"璀璨金喜大豫园"精品推广节活动,消费 者最高能享受10000减1000,5000减750的活动。不少店铺还推出限时特价、满额赠礼等活动。从不少黄 金珠宝品牌公布的业绩看,7月回暖趋势也非常明显。 汽车消费年内首次正增长 值得注意的是,7月上海的汽车消费出现了同比增长,这也是今年首次正增长。此前,虽然整体汽 车市场受"以旧换新"政策拉动,但受市场竞争影响,许多厂家与经销商以降价换销量,导致销量涨而收 入不涨、收入增而利润不增,销售额持续走 ...
家电家具手机持续热销、文体旅游“热”力十足 7月份消费市场保持平稳增长
Sou Hu Cai Jing· 2025-08-23 00:33
李鸣涛表示:"针对前期以旧换新政策在实施过程中暴露出的一些问题,我们要高度重视,让补贴资金 用到刀刃上,发挥出最大的效果。同时下一步也要考虑除了产品消费之外,如何更好去挖掘服务消费的 潜力。现在服务消费的潜力更大,这方面如果有一定的政策加力,促消费的效果会更加明显。" 服务消费市场的较快增长体现在一项项数据中。今年1月至7月,服务零售额中,文体休闲服务类、旅游 咨询租赁服务类、交通出行服务类零售额保持两位数增长。电影市场人气较旺,暑期档电影票房突破 100亿元,一批国产优质影片口碑票房双丰收。避暑游人气火爆,旅游市场也推陈出新,推出越来越多 丰富多彩的产品。 美团文旅研究院研究员王杰希表示,窝囊式旅游、赛事展演游、消暑亲水运动行、夜间沉浸游和沙漠观 星之旅是今年暑期的"五大热门玩法",这也体现出消费者出游热情愈加高涨的同时,不再满足于传统走 马观花式的观光游,而是玩得更深入、更小众,对游玩体验的要求越来越高。"比如爬山配上了电梯、 蹦极可以减速、还有升级的'夜游博物馆'以及'跟着苏超逛江苏'等,这些文旅产品暑期热度大幅提升, 吸引了更多消费者尝试。" 今年以来,我国线上消费也保持较快增长。1月至7月,网上零售 ...
箭牌家居(001322):毛利率同比改善,经销零售同比增长
Ping An Securities· 2025-08-22 04:04
公 司 报 告 建材 2025年08月22日 箭牌家居(001322.SZ) 毛利率同比改善,经销零售同比增长 推荐 ( 维持) 股价:9.2元 行情走势图 相关研究报告 【平安证券】箭牌家居(001322.SZ)*年报点评*受 益以旧换新政策,Q1毛利率同比改善*推荐20250422 证券分析师 事项: 公司发布2025年中报,期内实现营收28.4亿元,同比下滑8.1%,实现归母净 利润0.3亿元,同比下滑25.2%。2025Q2实现营收17.9亿元,同比降8.5%,归 母净利润为1.0亿元,同比下滑20.9%。公司计划半年度不派发现金红利,不 送红股,不以公积金转增股本。 平安观点: 半 年 报 点 评 研 究 报 告 ZHENGNANHONG873@pingan.com.cn 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 郑南宏 投资咨询资格编号 S1060521120001 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- ...
政策红利+购车狂欢 2025齐鲁车展(秋季)不容错过!
Qi Lu Wan Bao· 2025-08-21 07:41
齐鲁晚报·齐鲁壹点记者 张雪 朱洪蕾 金秋九月,购车黄金季!随着国家"以旧换新"政策持续加码、汽车市场产销数据飙升,2025齐鲁车展(秋季)暨第52届齐鲁汽车展览交易会将于9月4日-8日 在山东国际会展中心盛大举办。这场集结行业巨头、释放重磅优惠、融合前沿科技与汽车文化的年度盛会,正以超强阵容为车市注入新动能,成为消费者看 车、购车、玩车的绝佳时机! 政策加持 省钱正当时 今年前7个月,国内汽车市场在"以旧换新"政策驱动下实现产销同比两位数增长:汽车产销分别达1823.5万辆和1826.9万辆,同比增长12.7%和12%;新能源 车更以39.2%的增速领跑,渗透率突破45%!政策红利叠加主机厂补贴、金融支持,消费者换车成本大幅降低。无论是升级燃油车享受舒适驾乘,还是拥抱 新能源响应环保趋势,此刻购车都能"省下一大笔"! 走过26载辉煌历程的齐鲁车展,已从单纯的交易平台跃升为汽车文化的象征。本届车展组委会精心打造了文化活动与购车优惠,让观众在赏车购车的同时, 深度感受汽车文化的独特魅力。 在往届的成功基础上,本届齐鲁车展再次推出"万人购车大团购"活动,由齐鲁晚报·齐鲁壹点强强联手多款汽车品牌,共同为消费者献上一 ...
长虹美菱(000521):Q2空调内销快速增长,盈利能力受汇兑影响
Guotou Securities· 2025-08-21 05:34
Investment Rating - The investment rating for Changhong Meiling is maintained at "Buy-A" with a target price of 8.99 CNY for the next six months [6]. Core Views - The company reported a revenue of 18.07 billion CNY for the first half of 2025, representing a year-on-year increase of 20.8%, and a net profit attributable to shareholders of 420 million CNY, which is a slight increase of 0.3% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 10.71 billion CNY, up 18.8% year-on-year, but the net profit attributable to shareholders decreased by 9.7% to 240 million CNY, primarily due to increased foreign exchange losses [1][3]. - The domestic "old-for-new" policy has effectively boosted air conditioning sales, leading to rapid revenue growth in Q2 [1]. Summary by Sections Revenue Performance - Air conditioning revenue for H1 2025 increased by 36.2% year-on-year, driven by domestic subsidies and promotional activities [2]. - Refrigerator revenue decreased by 4.1% year-on-year in H1 2025, with a similar decline expected in Q2 [2]. - Washing machine revenue grew by 32.7% year-on-year in H1 2025, supported by differentiated product launches and focus on key overseas markets [2]. Profitability Metrics - The gross margin for Q2 2025 was 9.5%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin decreased by 0.7 percentage points to 2.2% due to increased financial expenses from foreign exchange losses [3]. - Operating cash flow for Q2 2025 was 2.65 billion CNY, down 7.2% year-on-year, attributed to increased production and inventory costs [3]. Financial Projections - The company expects earnings per share (EPS) of 0.75 CNY, 0.83 CNY, and 0.92 CNY for the years 2025, 2026, and 2027 respectively [3]. - The projected dynamic price-to-earnings ratio for 2025 is 12 times, supporting the target price of 8.99 CNY [3].
【周度分析】车市扫描(2025年8月11日-8月17日)
乘联分会· 2025-08-20 08:33
Market Overview - From August 1 to 17, the national retail sales of passenger cars reached 866,000 units, a year-on-year increase of 2% and an 8% increase compared to the previous month. Cumulative retail sales for the year reached 13.611 million units, up 10% year-on-year [2][4] - During the same period, wholesale sales of passenger cars amounted to 841,000 units, representing a 20% year-on-year increase and a 7% month-on-month increase. Cumulative wholesale sales for the year reached 16.366 million units, up 13% year-on-year [2][7] New Energy Vehicles (NEVs) - Retail sales of new energy passenger cars from August 1 to 17 reached 502,000 units, a year-on-year increase of 9% and a 12% increase compared to the previous month. The retail penetration rate for new energy vehicles reached 58.0%, with cumulative retail sales for the year at 6.958 million units, up 28% year-on-year [2][5] - Wholesale sales of new energy passenger cars during the same period were 474,000 units, a year-on-year increase of 18% and a 10% month-on-month increase. The wholesale penetration rate was 56.4%, with cumulative wholesale sales for the year at 8.108 million units, up 34% year-on-year [2][5] Economic Context - China's economy grew at a robust rate of 5.3% in the first half of the year, easing pressures on local economic growth. Recent promotional policies in various regions have been steadily advancing, with the third batch of subsidy funds distributed in late July [5] - The "trade-in" policy has been reactivated in some areas, with more diversified subsidy methods expected to improve sales growth in August. However, the high sales base from August last year may lead to weaker growth rates this month [5] Production and Sales Trends - In July 2025, automobile production reached 2.51 million units, a year-on-year increase of 8%. New energy vehicle production was 1.18 million units, up 17%, with a penetration rate of 47% [12] - Cumulative production from January to July 2025 was 18.08 million units, up 11% year-on-year, with new energy vehicle production at 8.05 million units, a 33% increase [12] Charging Infrastructure - By June 2025, the total number of public charging stations reached 4.17 million, with a month-on-month increase of 91,000 stations, reflecting a 50% year-on-year growth [10] - The ratio of public charging stations to electric vehicles is approximately 1:1, indicating a relatively sufficient level of charging infrastructure to support the growing number of electric vehicles [10]
京东集团-SW(09618):国补推动收入强劲增长,外卖补贴拖累利润
SPDB International· 2025-08-19 12:29
Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 146 / USD 38, indicating a potential upside of 21% from the current price [3][5][24]. Core Insights - The company's revenue for Q2 2025 reached RMB 356.7 billion, a year-on-year increase of 22.4%, surpassing market expectations by 6.5%. This growth was primarily driven by strong performance in the electronics category, benefiting from national trade-in policies [1][2]. - Service revenue grew by 29.1%, with advertising and logistics revenues increasing by 21.7% and 34.3%, respectively, largely due to the rapid growth of the food delivery business [1][2]. - Despite the strong revenue growth, adjusted net profit fell by 50% year-on-year to RMB 7.39 billion, attributed to a significant increase in marketing expenses, which rose by 128% to RMB 27 billion [2][3]. Summary by Sections Revenue Performance - Q2 2025 revenue was RMB 356.7 billion, up 22.4% year-on-year, with product revenue increasing by 20.7% and service revenue by 29.1% [1][2]. - The core category of electronics saw a 23.4% increase, driven by trade-in policies, while daily necessities grew by 16.4% [1]. Profitability Analysis - Gross margin for Q2 was 15.9%, a slight increase of 0.1 percentage points year-on-year. However, adjusted net profit dropped by 50% to RMB 7.39 billion, with an adjusted net profit margin of 2.1% compared to 5.0% in the previous year [2][3]. - The increase in sales expenses, particularly due to food delivery subsidies, led to a sales expense ratio increase from 4.1% to 7.6% [2]. Financial Forecasts - The report slightly raises the FY25E revenue forecast by 3.3%, projecting revenues of RMB 1,324.5 billion for FY25E [3][4]. - Adjusted net profit for FY25E is forecasted at RMB 25.63 billion, with a target P/E ratio of 15.5x [4][3].
汽车行业月报:第三批国补资金下达,淡季行业平稳运行-20250819
Zhongyuan Securities· 2025-08-19 09:43
Investment Rating - The report maintains an investment rating of "Outperform the Market" for the automotive industry [1]. Core Insights - The automotive industry index has increased by 7.46% as of August 18, outperforming the CSI 300 index by 3.44 percentage points, ranking 8th among 30 primary industries [5][12]. - The automotive sector is experiencing a seasonal decline in production and sales due to the traditional off-peak season, but year-on-year growth remains in double digits [8][24]. - The penetration rate of new energy vehicles (NEVs) has reached 48.66%, with production and sales continuing to grow rapidly [55]. Summary by Sections Industry Performance Review - As of August 18, the automotive industry index has risen by 7.46%, outperforming the CSI 300 index [12]. - Nearly 90% of automotive stocks have increased in value, with a median increase of 5.23% [16]. - The industry valuation has slightly decreased, with a PE (TTM) of 32.03 times, ranking 16th among 30 primary industries [20]. Key Industry Data Tracking - In July 2025, automotive production and sales reached 2.5911 million and 2.5934 million units, respectively, with year-on-year increases of 13.33% and 14.66% [24]. - The market share of domestic passenger car brands has increased to 70.14%, reflecting a year-on-year growth of 21.24% [41]. - NEV production and sales in July reached 1.243 million and 1.262 million units, with a year-on-year growth of 26.27% and 27.41% [55]. Investment Recommendations - The report suggests focusing on the ongoing optimization of market competition due to the "anti-involution" policy, the impact of vehicle replacement policies on automotive consumption, and investment opportunities in related component industries driven by the development and commercialization of intelligent driving technology [8].
国泰海通:7月重卡同比高增 补贴政策持续发力
智通财经网· 2025-08-19 09:21
Core Viewpoint - In July, domestic heavy truck sales reached 85,000 units, representing a year-on-year increase of 46% but a month-on-month decline of 13% [1][2]. Sales Performance - Cumulative sales of domestic heavy trucks from January to July totaled 624,000 units, showing an 11% year-on-year growth [1][2]. - The sales structure indicates that in July, the proportions of semi-trailer trucks, cargo trucks, and incomplete vehicles in the overall heavy truck sales were 50.1%, 28.0%, and 21.9% respectively, compared to 51.9%, 25.3%, and 22.7% in 2024 [2]. - In July, semi-trailer truck sales were 43,000 units (up 29% year-on-year, down 12% month-on-month), while heavy cargo truck sales were 25,000 units (up 83% year-on-year, down 11% month-on-month) [2]. - Heavy incomplete vehicle sales in July reached 17,000 units, marking a 50% year-on-year increase but a month-on-month decline of 18% [2]. Natural Gas Heavy Trucks - In July, domestic natural gas heavy truck sales were 12,000 units, down 7% year-on-year and 3% month-on-month [3]. - Cumulative sales of natural gas heavy trucks from January to July were 100,000 units, reflecting a 14% year-on-year decline [3]. - The penetration rates for natural gas in heavy trucks and semi-trailer trucks were 14% and 27% respectively in July [3]. New Energy Heavy Trucks - In July, domestic new energy heavy truck sales reached 13,000 units, showing a significant year-on-year increase of 159% but a month-on-month decline of 10% [3]. - Cumulative sales of new energy heavy trucks from January to July were 88,000 units, representing a 172% year-on-year growth [3]. - The penetration rate for new energy heavy trucks was 16% in July, with a cumulative rate of 14% for the first seven months [3]. Investment Strategy and Recommendations - With economic recovery and the introduction of the "old-for-new" policy for heavy trucks in 2025, domestic heavy truck sales are expected to gradually rebound, with a forecast of 1.067 million units in 2025, an 18% year-on-year increase [4]. - The technology for domestic new energy heavy trucks has matured, and costs have decreased rapidly, indicating significant potential for penetration rate growth, expected to reach 15% by 2025 [4]. - The heavy truck industry still has growth potential, driven by domestic recovery and continuous export growth [4]. - Recommended stocks include Weichai Power (000338.SZ), China National Heavy Duty Truck Group (000951.SZ, 03808), CIMC Vehicles (301039.SZ), and Foton Motor (600166.SH), with FAW Jiefang (000800.SZ) identified as a beneficiary [4].