今天分享的是：艺恩数据：2025年智能手机消费趋势报告 报告共计：30页 艺恩数据2025年智能手机消费趋势报告核心总结 艺恩数据《2025年智能手机消费趋势报告》从市场热度、消费需求、营销趋势三方面，剖析中国大陆智能手机行业发展特征与趋势，为行业提供参考。 市场层面，智能手机市场显著回暖。2024年出货量达2.85亿台，同比增长4%，2025年受"国补"政策刺激，预计出货量持续增长，政策对2000-6000元价位段 拉动明显，该区间2025年占比预计提升。品牌竞争中，vivo以17.0%份额领先，华为、苹果、荣耀、OPPO均占15%-16%。产品端，新机密集发布带动热度， 2024年10月-2025年9月新机相关社媒声量同比增283%，华为发布机型占比13%居首，其Pura X阔折叠手机首周激活量近10万；iPhone 17系列预售引发热议， 256GB起步内存、A19 Pro芯片等升级成焦点。价位段上，1000-2000元机型占比25.0%最高，iQOO Z10等机型凭性能与续航受青睐。 消费需求上，购机人群分化明显，形成时尚拍照党（81%为女性，关注影像与颜值）、科技先锋派（73%为男性，聚焦前沿科技） ...

2025 年第二季度业绩快速增长：得益于手机芯片、汽车芯片国产化进程加快、家电等领域国补政策持 续利好，以及大客户AMD 的强劲增长，2025年上半年公司实现营收130.4 亿元，同比增长17.7%（其中 与AMD 合资的苏州和槟城两家封测厂合计贡献收入83 亿元，同比增长15.7%）；实现净利润4.1 亿元， 同比增长27.7%（苏州与槟城厂贡献净利润7.3 亿元，同比增长24%），EPS 为0.27 元。其中，第二季度 单季公司实现营收69.5 亿元，同比增长19.8%；实现净利润3.1 亿元，同比增长38.6%，环比增长206%。 结论与建议： OpenAI 与AMD 宣布合作，将部署总计6GW 的AMD 芯片，计划从明年下半年开始先行部署1GW。预 计未来数年内将为AMD 带来近千亿美元规模的收入。公司作为AMD 的核心封测厂商，有望深度受益 于大客户业务规模的提升。我们将公司2027 年盈利预测上调23%，预计2025–2027 年实现净利润分别为 10.9 亿元、18.5 亿元和27.1 亿元，同比分别增长61%、69%和47%，EPS 分别为0.72 元、1.22 元和1.79 元。当前股价对应 ...

大纲： 1. 全球LCD TV面板出货量季度、月度变化情况及预测 期数： 2025年9月刊 分类： 会员服务—TV市场月度市场发展趋势概况 主题： 国补政策与旺季备货双轮驱动，2025年三季度LCD TV面板出货量预计同比增长5.1% 概要： 内容涵盖全球LCD TV面板的出货量、出货面积以及各大面板厂出货量、出货面积排名情 况，具体分析了全球LCD TV面板月度出货量的变化情况以及各大面板厂主流尺寸的出货量、出 货面积占比情况。 2. 09'24~09'25(E) LCD TV面板价格月度变化趋势 3. 2024~2025年"以旧换新"国补政策相关时间线 4. Q3'24(E)全球LCD TV面板出货量、出货面积排名及同比情况 5.Q1'24~Q3'25(E) BOE LCD TV面板分尺寸出货量、出货面积占比情况 6. Q1'24~Q3'25(E) CSOT LCD TV面板分尺寸出货量、出货面积占比情况 7. Q1'24~Q3'25(E) HKC LCD TV面板分尺寸出货量、出货面积占比情况 8. Q1'24~Q3'25(E) I n nol u x LCD TV面板分尺寸出货量、出货面积占比情况 9 ...

（石飞月 摄影） 本报（chinatimes.net.cn）记者石飞月 阳泉报道 "前三天放券挺多，今天已经是最后一天了，您抢到了吗？"国庆假期期间，山西阳泉一家家电卖场里， 店员一边展示产品，一边不忘提醒《华夏时报》记者。可当记者跟随店员提示打开"云闪付"App，却发 现自己扑空了——当日券已抢光。 眼下，第四批"国补"资金已下达，也意味着2025年度家电补贴接近尾声。随着双节假期到来，以及消费 者"一券难求"的境况，一些线下卖场和厂家开始自掏腰包加码优惠。业内人士指出，从长远看，企业必 须靠自身竞争力站稳市场，而不能一直指望政府补贴。 苏宁易购方面就此向《华夏时报》记者介绍，作为家电3C消费主阵地，为了让消费者从容选择换新时 机，提前享受优惠，该公司首次将"双11"提前至国庆档，并于9月30日启动"家电普惠日"，全国万店不 打烊、开启"闪购48小时"专场，加码家电"超级补"让利，9月26日，苏宁易购还上线了"真惠补"专区产 品预约通道，以新底价激发新增量。 然而，大促带来的市场效应，或许没有那么乐观。记者走访家电卖场的时间为下午三四点钟，应该是人 流量较高的时候，但多家家电卖场的顾客明显还没有店员多。奥维 ...

国庆期间，在山东德州一家电子产品专卖店内，醒目的补贴标识吸引了众多消费者体验产品、比价咨 询。"这补贴政策真好！"市民牛女士欣喜地分享，用优惠券买电脑省下的钱，还能配一副好耳机，这波 政策红包太受欢迎了，自己抢了10分钟才领取到优惠券。 这背后，是国家层面真金白银的持续注入。近日，国家发展改革委会同财政部，向地方下达了今年第四 批690亿元超长期特别国债支持消费品以旧换新资金，至此，全年3000亿元中央资金已全部下达。 一笔笔资金活水，如何悄然汇入经济的毛细血管，激活消费的"一池春水"？ "在国家补贴政策的引领下，近两年投资和消费动能强劲，有力拉动了经济增长。'国补'通过资金补贴 降低消费成本，直接刺激消费；消费产生效益，推动经济增长；增长带动收入提升，进而再次拉动消 费。"北京大学经济学院教授、国民经济研究中心主任苏剑在接受记者采访时表示，一个"补贴－消费－ 增长－收入－再消费"的良性循环逐渐形成，为经济发展注入源源不断的内生动力。 曾经，乡村居民购置优惠家电，不仅要等待商家举行促销活动，还要辗转奔波于城乡之间；如今，指尖 轻点，补贴即刻兑现，商品直达家里。这不仅是购物方式的变迁，更是发展成果共享、城乡距离 ...

Core Insights - The home appliance industry is entering a critical period of policy effect transition and market demand adjustment in 2025, with overall negative growth becoming a consensus due to the diminishing impact of national subsidies and weak consumer demand [1][6][13] - The promotional rhythm in the industry is tightly connected, with offline channels focusing on the National Day peak season while online platforms prepare for "Double Eleven," leading to differentiated performance across channels [2][10] Policy Impact - The marginal effect of national subsidies is weakening, with retail sales growth for home appliances expected to drop significantly from 23.8% in late 2024 to just 7% by mid-2025 [4][6] - The national subsidy policy has shifted to batch issuance and control, resulting in reduced support for offline channels, which previously benefited from strong subsidy implementation [6][13] Market Performance - The home appliance industry is experiencing negative growth, particularly in traditional categories like refrigerators, washing machines, and air conditioners, with refrigerators expected to see a decline exceeding 20% [6][9] - Online channels are anticipated to outperform offline channels during the promotional periods due to the lower baseline from last year's strong subsidy-driven growth [2][4] Sales Data - For the refrigerator category, online sales volume decreased by 23.8% year-on-year, while offline sales dropped by 20.3%, indicating a significant overall decline in the market [7][9] - Air conditioning sales are projected to decline by 8% in volume and 14.4% in revenue during the "Double Eleven" period, reflecting the ongoing price war and market challenges [8][9] Strategic Recommendations - Companies are advised to focus on retail-driven strategies to accelerate inventory turnover and optimize cash flow, shifting from channel-centric to end-user retail thinking [14] - Emphasis on product structure improvement is recommended to counteract the decline in subsidies by promoting higher value-added products [14] - The industry should leverage the upcoming energy efficiency standard upgrades as an opportunity to launch new products and capture market share [14]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 7.6 yuan [2][9]. Core Insights - The company reported a revenue of 2.8 billion yuan for the first half of 2025, reflecting a year-over-year decline of 9.7%. The net profit attributable to the parent company was 270 million yuan, down 9.2% year-over-year [2][9]. - The core business is under pressure due to the low real estate market, which is closely related to the kitchen appliance industry. The sales area of new residential properties decreased by 3.5% year-over-year in the first half of 2025 [9]. - Despite the revenue decline, the company's gross margin improved to 43.5%, up 2.9 percentage points year-over-year, driven by a shift in consumer preferences towards higher-margin products due to national subsidy policies [9]. - The company's net profit margin for the first half of 2025 was 9.7%, a slight increase of 0.1 percentage points year-over-year, indicating stable profitability [9]. Financial Summary - The total revenue forecast for 2025 is 6.149 billion yuan, representing a year-over-year decline of 3.5%. The net profit is projected to be 509 million yuan, with a growth rate of 5.0% [5][10]. - The earnings per share (EPS) for 2025 is estimated at 0.60 yuan, with a price-to-earnings (P/E) ratio of 11 times [5][10]. - The company’s total assets are projected to reach 7.356 billion yuan by 2025, with a debt-to-equity ratio of 3.3% [10].

Core Viewpoint - The domestic natural rubber market is experiencing a strong upward trend due to a temporary tightening of supply, steady demand growth, and favorable macroeconomic factors [1] Demand Side Expectations - Internationally, expectations for a Federal Reserve interest rate cut have increased, providing support for the commodity market. August non-farm payrolls added 22,000 jobs, significantly below the market expectation of 75,000, which has enhanced market expectations for the probability and extent of rate cuts. The upcoming Federal Reserve meeting on September 16-17 will be crucial [2] - Domestically, multiple policies are working together to boost consumer confidence and improve market development expectations. The reintroduction of national subsidies in September, focusing on the automotive sector, is expected to increase vehicle sales by 10%, directly benefiting downstream demand for natural rubber. In August, domestic automobile production reached 2.815 million units, a month-on-month increase of 223,900 units, with a growth rate of 8.64%. The inventory warning index for automobile dealers decreased by 0.2 percentage points month-on-month, indicating a clear trend of increased production and reduced inventory [2] - With the arrival of the "Golden September and Silver October" consumption peak season, coupled with the national subsidy policy, tire manufacturers' operating rates are expected to further rise. As of September 12, the operating rate of domestic all-steel tires rose to 66.31%, a weekly increase of 5.57 percentage points, while the operating rate of semi-steel tires reached 72.61%, a weekly increase of 5.69 percentage points. Although the inventory days in Shandong remain at a high level compared to the past five years, they have decreased by 1.69% from the previous month, indicating a marginal alleviation of inventory pressure [2] Supply Side Conditions - As rainfall decreases and weather improves in major production areas, the efficiency of rubber tapping has increased, leading to a weakening of support for rubber prices from the raw material side. Although Thailand and Hainan are still experiencing peak rainfall, the weekly rainfall in Thailand has decreased by 1.08%, while Hainan's rainfall has increased by 133.02%. The peak rainfall season in Yunnan has ended, with a recent weekly decrease of 21.21% in rainfall, significantly improving tapping conditions [3] - Raw material prices are stabilizing domestically while showing slight declines internationally. As of September 15, the price of Yunnan rubber remained at 14,800 yuan per ton, stable in recent times. The FOB price of Thai cup rubber has dropped to 51 Thai baht per kilogram, down 1.7 Thai baht per kilogram from the previous week, while the FOB price of cup rubber has slightly increased by 0.2 Thai baht per kilogram compared to last week [3] Potential Risks - On September 10, Mexico proposed to raise tariffs on cars from Asia to a maximum of 50% to protect local jobs. If this policy is implemented, it may impact domestic automobile exports and subsequently affect natural rubber demand. However, there has not yet been a substantial impact [4] - Previously, OPEC+ maintained its production increase strategy, leading to expectations of falling oil prices, which in turn dragged down synthetic rubber prices and affected natural rubber trends. Future international geopolitical conflicts may boost oil prices, causing fluctuations in synthetic rubber prices. As a major substitute for natural rubber, the price trends of synthetic rubber will continue to influence market sentiment for natural rubber [4] - Overall, the current domestic natural rubber market's growth in demand, tightening inventory, and favorable macroeconomic fundamentals remain unchanged. Although the marginal supply from production areas has weakened raw material support, the resilience of demand and macroeconomic support still dominate the market [4]

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" [2][8] Core Views - The company's core business remains resilient, with an increase in profitability despite a slight decline in revenue [2][8] - The company reported a revenue of 4.61 billion yuan for H1 2025, a year-on-year decrease of 2.6%, and a net profit attributable to shareholders of 710 million yuan, down 6.3% year-on-year [2][8] - In Q2 2025, the company achieved a revenue of 2.53 billion yuan, reflecting a year-on-year growth of 1.6%, and a net profit of 370 million yuan, up 3.0% year-on-year [2][8] Financial Performance Summary - The company’s total revenue is projected to grow from 11,213 million yuan in 2024 to 12,843 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 4.4% [4] - The net profit attributable to shareholders is expected to increase from 1,577 million yuan in 2024 to 1,870 million yuan in 2027, reflecting a CAGR of about 5.7% [4] - The earnings per share (EPS) is forecasted to rise from 1.67 yuan in 2024 to 1.98 yuan in 2027 [4] Market Position and Competitive Advantage - The company maintains a leading market position in key product categories, with market shares in range hoods, gas stoves, dishwashers, and integrated machines ranking first or third [8] - The company benefits from national subsidy policies, which support demand recovery despite the challenging real estate market [8] Profitability and Cost Management - The gross margin improved to 50.4% in H1 2025, up 1.6 percentage points year-on-year, driven by a better product mix and higher sales of high-margin products [8] - The net profit margin reached 14.7% in Q2 2025, an increase of 0.2 percentage points year-on-year, attributed to stable expense management and increased gross margins [8] Investment Recommendations - The report suggests that while short-term demand is pressured by the real estate market, the company is well-positioned for medium to long-term growth through diversified product development [8] - The target price is set at 25.4 yuan, indicating potential upside from the current price of 19.47 yuan [4][8]

Group 1 - The new Apple Watch is available for pre-order on Meituan's flash purchase platform, with consumers in Beijing able to reserve it at a national subsidy price [1] - This marks the first time national subsidies have been applied to Apple products through an instant retail platform, offering consumers a "30-minute national subsidy new product delivery" experience [3] - The national subsidy policy has expanded to instant retail platforms this year, significantly boosting digital consumption, with mobile phone sales on Meituan's platform increasing threefold and Apple store sales more than doubling since the subsidy implementation [3] Group 2 - As the instant retail platform becomes a key channel for purchasing digital products, the launch of Apple products this year features new highlights, including the first-time application of national subsidies [3] - Meituan's flash purchase has introduced a dedicated IP for the launch of consumer electronics, "Meituan Lightning New Products," providing preferential traffic and resource exposure to help brands gain additional business growth through "instant retail product launches" [3]