【广发环保 郭鹏】环保行业2024年报及2025年1季报总结：流水迢迢，硕果累累 建议关注：聚光科技、皖仪科技、瀚蓝环境、盈峰环境、军信股份、海螺创业、永兴股份、绿色动力、旺能环境 等 2024年板块硕果累累：现金流、分红、成长多重亮点 24年/25Q1板块实现扣非归母净利199/72亿元，同比-5.9%/+3.8%，其中亮点： 1）#公用事业化，24年固废+水务扣非归母净利182亿元（同比+11. 【广发环保 郭鹏】环保行业2024年报及2025年1季报总结：流水迢迢，硕果累累 建议关注：聚光科技、皖仪科技、瀚蓝环境、盈峰环境、军信股份、海螺创业、永兴股份、绿色动力、旺能环境 等 2024年板块硕果累累：现金流、分红、成长多重亮点 24年/25Q1板块实现扣非归母净利199/72亿元，同比-5.9%/+3.8%，其中亮点： 1）#公用事业化，24年固废+水务扣非归母净利182亿元（同比+11.2%）、占板块比重91%（同比+14pct）； 2）#自由现金流转正、分红提高，板块24年经营性/投资性现金流净额分别为547/-472亿元，#对应简略自由现金流 75.8亿元，#首次转正，板块典型41支高分红标的分红 ...

Core Insights - The "May Day" holiday in Hangzhou saw a significant increase in tourism and consumer spending, with a total of 16.13 million visitors, a year-on-year increase of 53% [4] - The implementation of the "old for new" policy has effectively boosted consumer spending, with total consumption in five major sectors reaching 15.736 billion yuan, a 9% increase year-on-year [4][8] - The trend of long-distance travel to lesser-known destinations has surged, with booking volumes for certain regions increasing by over 100% compared to last year [5][6] Tourism and Consumer Behavior - Major tourist attractions in Hangzhou played a crucial role in attracting visitors, with immersive experiences offered at various scenic spots [5] - The demand for family-friendly and pet-friendly travel options has risen, with significant increases in bookings for family-oriented hotels and activities [6][7] - The "old for new" consumption policy has led to substantial sales growth in the automotive and home appliance sectors, with specific districts reporting sales increases of up to 46% [8] Retail and Commercial Activity - Key commercial districts in Hangzhou experienced a vibrant shopping atmosphere, with innovative events and promotions leading to significant sales figures, such as 2.15 billion yuan in the Hubin business district [9] - Various shopping centers and supermarkets reported impressive sales growth, with some achieving year-on-year increases of over 30% during the holiday period [9] - The overall consumer sentiment during the holiday indicates a shift towards quality experiences rather than just volume, reflecting a growing demand for differentiated offerings in the market [7][9]

Group 1 - The article highlights a surge in consumer spending during the "May Day" holiday, driven by various promotional strategies such as subsidies, discounts, and limited-time offers [1][2] - Retailers are increasingly focusing on enhancing customer experience through additional services like free installation and extended warranties, moving beyond traditional price competition [2][3] - The "old-for-new" subsidy policy has expanded beyond traditional replacement scenarios, allowing consumers to claim incentives even without old items, thus stimulating demand across various sectors [4][5] Group 2 - The central government has allocated 81 billion yuan for the 2025 consumer goods "old-for-new" subsidy program, providing financial support for local policy implementation [5] - The collaboration between fiscal funding and financial tools is creating a win-win situation for businesses and consumers, enhancing the breadth and depth of policy benefits [5][6] - The integration of subsidy policies with financial innovation is transforming the consumption dynamics, positioning "old-for-new" as a long-term engine for consumption upgrade [6]

Core Insights - The consumption market during the "May Day" holiday saw a significant increase in the replacement of old appliances with new ones, driven by consumer demand for better quality and experience [1][3][4] Group 1: Consumer Behavior - From May 1 to May 5, traffic in Suning's nationwide stores increased by 110% year-on-year, with orders for old-for-new home appliances rising by 57% [1] - Consumers are shifting from "cost-effective" purchases to "quality experience," leading to new trends in the home appliance market characterized by quality, health, intelligence, and scenario-based consumption [1][3] - High-end appliances are increasingly favored, with sales of air conditioners from premium brands like COLMO and Casarte rising by 280% during the holiday [3] Group 2: Sales Performance - Sales of home appliances priced over 10,000 yuan increased by 79%, while sales of washing machines with a capacity of over 12 kg grew by 155% [3] - The sales of smart health appliances, such as air purifiers and clothing care machines, saw year-on-year increases of 131% and 199%, respectively [4] - In county markets, the demand for quality home appliances is rising, with sales in places like Xinhua City increasing by 200% during the holiday [6] Group 3: Product Trends - The trend of integrating home appliances with home aesthetics is gaining traction, with over 90% of sales for built-in refrigerators and washing machines [6] - Consumers are increasingly interested in smart home appliances that enhance convenience and health, with young consumers showing a preference for smart combinations like smart locks, robotic vacuums, and dishwashers [4][6]

今年3月和4月的楼市"金三银四"，深圳楼市的表现好于其他一线城市，尤其是新房去化周期连续七个月 呈回落态势。记者从深圳市住房和建设局获悉，2025年1月1日至4月28日，深圳全市新建商品住宅、二 手住宅合计成交约3.5万套，同比增长54.6%。继3月"小阳春"行情后，4月房地产市场持续巩固回暖态 势。 "五一"假期，多地结合房地产利好政策，推出形式及内容多样的购房节活动，助推楼市热度。 与此同时，记者在深圳市场实探发现，政策刺激下改善型置业者需求进一步释放，房企也加快入市步 伐。 改善型置业者入市积极 "我们项目在5月1日开放营销中心，提前进行VIP登记可以额外享受开盘99折购房优惠。"在深圳龙岗百 鸽笼片区，一处新房项目的营销经理对记者表示，"公司原本计划在暑期开盘，但在政策的推动下，公 司决定提前开盘。" 假期期间，由深圳市住房和建设局指导，深圳市安居集团、深铁集团联合市房地产业协会、房地产中介 协会主办的2025"五一好房节"举行，汇聚30余家品牌房企、金融机构，覆盖商品房、保障性住房、商务 公寓等近百个项目，推出特价房源、限时折扣、以旧换新3.0等重磅优惠。 不少房企和中介机构纷纷做好准备。记者获悉， ...

一季度限上单位新能源汽车零售额同比增长128.7% 以旧换新，"新""绿"潮涌 □ 南京日报/紫金山新闻记者 黄琳燕 高性价比推动家电以旧换新 "五一"假期前两日，央媒接连聚焦南京京东MALL。这家南京首店以"潮购科技"为主题，主打"一站 式"的"家场景"购物，引入超200个全球知名品牌。恰逢以旧换新政策红利与新店开业，京东MALL推出 一系列折扣优惠，在让利消费者的同时，推动城市消费高质量增长。 家电以旧换新为啥这么热？消费者首先看中的是性价比。 "这台咖啡机，原价6937元，商场开业优惠价格5620元，消费补贴再减20%，最终4496元就能拿下。"店 里的工作人员介绍，开业活动叠加消费补贴，大力度的优惠吸引了很多人来购物。记者在现场看到，假 期首日，商场刚一开门就涌入大量消费者。接连几天门店热度始终不减，不少消费者表示要在夏天到来 之前，给家里换上绿色智能的家电。 京东MALL用户运营副店长张丽介绍，门店正式开业活动期间，店里大部分品类有七折左右的优惠，最 高可达五折左右。从"五一"假期这几天的销售情况看，较之前有翻倍的增长。 今年，南京消费市场"新""绿"潮涌。这几天，南京国际博览中心内，第十八届中国（ ...

Group 1: Policy and Market Impact - The government has intensified the promotion of the "trade-in" policy for consumer goods, including 3C digital products, electric bicycles, and washing machines, to stimulate green and intelligent consumption and drive industrial upgrades [1][2] - The retail sales of communication equipment and home appliances in the province saw significant growth in Q1, with increases of 76.2% and 33.0% year-on-year, respectively [2][8] - The "trade-in" policy has led to the sale of 2.59 million digital products and 335,000 home appliances in the province by April 30 [2][8] Group 2: Consumer Behavior and Trends - Young consumers are increasingly drawn to 3C digital products, with the inclusion of these items in the national subsidy program effectively meeting their demand [2][4] - The trend is shifting from price sensitivity to prioritizing quality and technology in consumer purchases, as seen in the growing popularity of smart home appliances [7][8] - The electric bicycle market is experiencing a surge in sales, with 28,000 units traded in under the "trade-in" policy from January to April [10][11] Group 3: Electric Bicycles and New Energy Vehicles - The "trade-in" policy for electric bicycles has been well-received, with government subsidies ranging from 300 to 500 yuan, leading to increased sales during the peak season [10][11] - The new national standards for electric bicycles, effective from September, aim to enhance safety and performance, further encouraging consumer purchases [11] - The new energy vehicle market is thriving, with significant sales growth attributed to government incentives and rising consumer awareness of environmental issues [15][16]

据天河城百货相关负责人介绍，今年"五一"客流量较平日明显增加，特别在下午2点至晚上8点左右，挑 选商品的顾客更加密集。电视、小家电、冰箱等品类同比均有超过50%的增长。 在正佳广场某手机品牌旗舰店，香港人陈先生利用"五一"假期以及拼假的方式来广州度假，顺便见见亲 戚朋友。他买下了心仪已久的一款游戏手机，"比在香港买便宜了几百元。" （文章来源：广州日报） "今年加力'以旧换新'政策后，明显感受到港澳地区顾客带来了新的增量。"天河城电器馆梁主管告诉记 者，购买空调、冰箱、洗衣机等大家电的港澳顾客，通常是对自己在广州住所的家电进行更新；更多从 港澳过来的顾客则是购买手机、平板、电脑等3C类小件产品。 记者了解到，目前广州市共有37类家电纳入"以旧换新"国补，港澳台和外籍人员在穗也可享"国补"。不 少高科技新品类广受消费者欢迎。 广州日报讯（全媒体记者赵方圆、陈薇薇）这个小长假，广州以旧换新市场不仅人气旺，还有"新"意。 随着近期广州市家电"以旧换新"国补扩围至37类，不少高科技新品类成为店内新晋热销款，也激发了包 括中国港澳台和外籍人员到店消费的热情。 天河城电器馆内，一款MR混合现实一体机吸引了不少年轻人跃跃欲 ...

记者走访市场注意到，随着近期广州市家电"以旧换新"国补扩围至37类，不少高科技新品类成为店内新 晋热销款，也激发了包括我国港澳台和外籍人员到店消费的热情。 年轻人沉浸式体验体感游戏；店员现场演示空气炸锅烹饪美食；多台扫地机器人"比赛"清洁地面，广交 会外籍客商来扫货……这个五一小长假，广州以旧换新市场不仅人气旺，还更有"新"意。 科技品类受热捧，港澳居民掀起"反向代购"潮 天河城电器馆内，一款MR混合现实一体机吸引了不少年轻人跃跃欲试——戴上VR眼镜、拿起手柄、穿 戴上传感器，就能启动有趣的体感游戏。"目前这款产品也可以享受15%的国补了，我们今天上午刚卖 出一台，整个四月这个单品就卖出20多台。"天河城电器馆销售人员告诉记者。 "今年加力扩围以旧换新政策后，明显感受到港澳地区顾客带来了新的增量。"天河城电器馆梁主管告诉 记者，购买空调、冰箱、洗衣机等大家电的港澳顾客，通常是对自己在广州住所的家电进行以旧换新； 更多从港澳过来的顾客则是购买手机、平板、电脑等3C类小件产品，自己最近就做了5-6单这类生意。 正值五一，全新升级开业的苏宁易购达镖店现场氛围也热闹非凡，有外籍客户前来一次性选购了三台洗 地机。苏宁易 ...

在河北石家庄的采摘园里，游客采摘樱桃。 张晓峰摄（影像中国） 在海南国际会展中心，人们在新能源汽车下乡活动上参 观。 新华社记者 蒲晓旭摄 在湖南怀化的景区里，游客观看民族服饰表演。 李尚引摄（人民视觉） 赏景、购物、观影，各地活动丰富多彩 "五一"假期，各地消费市场持续升温，消费活力持续释放，折射中国经济回升向好态势。 美团旅行数据显示，假期第一天，文旅消费持续升温，由异地游客贡献的景区门票交易额同比增长15% 左右，上海迪士尼度假区、北京环球度假区、泰山风景名胜区、老君山风景名胜区、西安博物院等景区 热度位居前列。 绿色家电、汽车畅销，政策效应释放 "五一"假期，各地区各部门完善消费政策，创新消费场景，改善消费条件，推动假日经济活力进一步迸 发。 5月1日上午，江西萍乡市安源区十里花溪畔的赣湘边奥莱数字生活城开业。当地居民李敏和女儿挤进商 场。憨态可掬的机器人巡游方阵正踏着音乐节拍行进，孩子高兴地随着音乐蹦跳。消费者在商场购物， 还可在美食区享用美味。开业首日，奥莱数字生活城客流量突破5万人次，带动周边商户单日营收最高 增长15倍。 政策带动，绿色家电销售火爆。快手电商数据显示，"五一"假期前两日，各类绿 ...