下半年国补资金力度减弱有一定影响，各省份出现控制补贴额度支出速度的现象，主要体现为每日补贴 限流、减少享受补贴的品类、暂停等各种方式。AVC周度数据，25W36(9.1-9.7)、W37(9.8-9.14)空调线 上零售额同比33.9%、-34.8%，线下零售额同比-37.1%、-26.9%；相比2023年同期，空调线上零售额 +34.3%、+61.2%，线下零售额-36.3%、+27.9%。 空调出口继续调整 产业在线数据，8月空调出口出货量528.7万台，同比-4.2%，降幅较前期有所收窄，优于之前排产预期 (-14.7%)，仍然受到美国关税影响，以及2024年高同比基数。产业在线数据，9/10/11月家用空调出口排 产较去年同期出口实绩分别-16.6%/-7.8%/-9.1%，继续反映了美国订单转移到海外，出口同比基数偏高 的预期。新兴市场国家以及欧洲地区空调渗透率低，由于全球多年出现高温，空调出口多年来高增长， 特别是2024年，目前有一定的渠道库存在去化中。但渗透率提升的趋势，以及全球气候变暖的趋势未 变。 618期间最激烈的价格战结束，价格回升 线下市场零售均价4-7月持续下行，8月均价回升至41 ...

Core Viewpoint - Geely Auto emphasizes its commitment to a value-driven, technology-focused, quality-oriented, service-centric, brand-conscious, and ethically responsible approach in the automotive industry, advocating for open and healthy competition [1] Group 1: Company Strategy - Geely aims to play a leading role in supporting high-quality development within the industry by standardizing supplier payment terms to within 60 days, ensuring stability in the supply chain [1] - The company prioritizes user satisfaction and advocates for safety equity, making safety the top priority while achieving mass production of AI technology applications in vehicles [1] - Geely is committed to steady operations and high levels of integration and collaboration, guided by the "Taizhou Declaration," and is focused on deep resource integration and efficient synergy [1] Group 2: Industry Perspective - The advancement of anti-involution in the industry is expected to lead to more rational and orderly competition, with companies like Geely that adhere to long-termism and focus on enhancing comprehensive strength gaining a competitive edge in the future [1]