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]

618 家电零售增长稳健，美越关税落地有望带动出口链情绪回温 2025 年 618 家电市场整体表现稳健，主要品类均实现增长，内部结构持续优化。整体市场延续回暖趋势，白电品类 零售量和零售额双双提升，均价保持稳定；黑电品类表现亮眼，618 期间中国彩电市场销量同比增长 9.7%，销额同比 增长 14.5%，线上线下均实现量价双增。具体来看，空调品类增长势头强劲，线上线下零售额同比增幅均超过 15%， 头部品牌如美的、小米、海尔表现突出，品牌集中度提升，产品上"新一级能效"占据绝对主流（线上线下占比均超 95%），"舒适风"功能线上渗透率升至 27.66%。洗衣机市场线上线下零售额分别同比增长 17.1%和 12.1%，行业竞争 焦点转向大容量、分区洗等功能升级。冰箱品类增长稳健，全渠道零售额同比增长 3.3%，消费以刚需替换为主。彩电 则实现了销量与销额的双位数增长，产品结构升级显著，大尺寸、高刷新率、Mini LED 及艺术电视渗透率持续提升， 行业竞争正从价格导向转向用户体验和价值导向。 美越达成初步贸易协议，关税政策落地低于预期，有望显著提振中国家电出口链市场情绪。根据协议，美国将对大部 分越南出口商品 ...

"这周末快40度了，空调能提前送货安装吗？"家住江苏省南京市的秦女士即将入住新房，在苏宁易购购 买的2台空调原计划7月中旬才送货安装，而提前到来的高温让她措手不及，只能求助于专属"蓝朋友"。 苏宁易购家电管家王娇娇第一时间沟通协调物流仓库及帮客工程师，第二天即完成了两台空调的送货及 安装调试。"最近一周到店选购空调的顾客比之前多了一倍还不止，通过门店仓库联动，今天下单明天 就能送货，最快24小时就能让顾客用上空调，V4、V5会员还可获得一次空调免费清洗服务。"王娇娇 说。 7月2日，国家疾病预防控制局联合中国气象局发布首个全国高温健康风险预警，多地亮起代表"极高风 险"的红色警报。未来一周，华北南部、黄淮至江南、华南的大部地区都将体验"蒸桑拿"，山东、河 南、安徽、江苏、湖北、浙江等地还可能出现40℃及以上的酷热天气。多地夜间最低气温仍达30℃左 右，形成全天候的高温"围攻"之势。 持续高温点燃清凉家电消费，空调换新、清洗需求加速释放。苏宁易购清凉节推出爆款空调一口价，叠 加国补、厂补、苏宁补多重优惠后至高立省50%，其中1.5匹一级能效变频空调低至1599元，3匹客厅风 管机低至3999元。以旧换新单台空调 ...

6月20日业绩说明会,视频直播,网络文字互动 问：我是上海证券报记者，想六家公司，在新客群的拓展和消费场景的多元化方面，未来有什么具体举 措？答：感谢您的提问。公司始终聚焦市场消费热点，自2022年开始，围绕"Z世代"消费群体需求，引 进泛二次元业态。于2023年创立了经营泛二次元业态的"Fun肆街区"，并不断完善二次元品类，以头部 品牌、谷子店、IP快闪店、IP策展，加快形成二次元业态高地。2025年，新世界城一方面将在8楼商场 增加潮玩经营品类，打2造"三坑服饰"区等；另一方面正在打造市中心高区楼层商旅文最大的新空间。 包括杜莎夫人蜡像馆、大型策展IP项目，小剧场群等演艺新空间，吸引年轻客群的体验消费。今年7月 起，包括"航海王大航海时代亚洲巡展"、奥特曼60周年展、数码宝贝等三展同步推出。在打造消费新场 景方面，2025年伊始，公司积极探索从"百货购物"向"生活方式目的地"的场景和营销双升级路径，在做 好传统节假日营销的同时，通过构建"文旅、动漫、策展、演艺、服务"五大消费新场景，通过空间优化 与结构调整，推动消费体验升级。 截至2025年6月27日收盘，新世界（600628）报收于7.31元，较上周的 ...

Core Insights - The 618 home appliance market is experiencing significant growth driven by national subsidies and promotional discounts, with JD.com leading the market with a 51% share of total sales since May 30, achieving over 50% sales growth [1][3][18] - Consumer preferences are shifting towards green, smart, and health-oriented appliances, indicating a trend from simply upgrading to enhancing quality [7][18] Market Performance - JD.com maintains a strong position in the home appliance sector, with 59.5% of consumers stating they purchase over 90% of their appliances from JD.com, and 21.7% purchasing over 80% [6][16] - The most popular categories during the 618 event include air conditioners, personal care appliances, and kitchen small appliances, with air conditioners being the top choice at 51.2% [2][3] Consumer Behavior - A significant portion of consumers (52.7%) budget between 3000-10000 yuan for major appliances, while 47.8% budget between 300-1500 yuan for small appliances [5] - The decision-making process is increasingly rational, with 52.8% prioritizing product quality and 49.5% valuing efficient delivery services [5][18] Trends in Product Preferences - Consumers are increasingly opting for energy-efficient and smart appliances, with 48.3% purchasing energy-saving products and 33.6% choosing smart devices [7][9] - In the television segment, 48.4% of consumers seek high-quality displays, while 39.8% prioritize energy efficiency [9] Impact of National Subsidies - The combination of promotional discounts and national subsidies has made high-end appliances more accessible, with 38.7% of consumers using subsidies for planned upgrades and 45.0% being motivated to upgrade due to the attractive offers [13][15] - Consumers report significant savings when using subsidies, with 25.2% saving between 500-1000 yuan and 18.9% saving between 1000-2000 yuan [15] JD.com's Competitive Advantage - JD.com is favored for its comprehensive pre-sale and post-sale services, with 93.9% of consumers choosing it for subsidy purchases due to its service quality and product guarantees [16][18] - The platform's ability to meet consumer demands for quality, price, and service reinforces its leading position in the home appliance market [18]

日前，618促销活动碰上以旧换新国家补贴，为小家电市场注入新动能。记者了解到，线上平台京东、 天猫的小家电销量大幅增长，线下门店小家电购销两旺。小家电凭借"智能""健康"等卖点，吸引众多消 费者的目光，尤其年轻群体成为消费主力。同时，小家电消费市场呈现品质化升级趋势。 小家电销量增长 近日，618促销活动叠加国补政策，使得消暑小家电、扫地机器人、咖啡机等小家电产品线上线下 （300959）销量增长。 京东相关负责人告诉记者，今年618促销活动期间，平台上消暑小家电销售量不断增长。其中冷风扇销 量同比增长50%，便携式风扇销量同比增长300%，制冰净饮水机销量同比涨幅达350%。消暑小家电销 量增长，既有持续高温的消费刚需推动，更得益于国补政策与京东生活家电活动的双重刺激。如便携风 扇单品销售量突破5万台，成为年轻人职场通勤新宠，制冰净饮水产品销售量突破4万台。 不少年轻人趁机购入智能化"家庭清洁助手"。平台数据显示，天猫618促销活动以来，可拆卸清洗扫地 机器人成交量同比增长10倍，宠物空气净化器、低噪音宠物适用的速干吹风机成交量同比增长均翻倍。 线下门店小家电商品热销。苏宁易购门店管理中心负责人颜正坤告诉记 ...

Group 1 - The core viewpoint is that the home appliance market in China is experiencing a significant boost due to the 618 shopping festival and the implementation of the trade-in policy, leading to a continuous increase in consumer demand [1][3] - In April, China's retail sales of consumer goods grew by 5.1% year-on-year, with a notable increase in sales of products related to the trade-in policy [1] - The home appliance ETF (159996) saw a substantial rise of over 1.5%, indicating strong market activity [2] Group 2 - The trade-in policy is expected to drive the purchase of nearly 90 million home appliances from August 2024 to the first quarter of 2025, with expectations for continued policy support to enhance consumer spending [3] - Recent reductions in tariffs between China and the U.S. are likely to alleviate cost pressures for Chinese exporters, while demand in emerging markets remains strong due to low penetration rates of home appliances [4] - Leading home appliance companies are showing strong cash flow and high dividend yields, with the sector's dividend rate nearing 3% as of April 2025, making it an attractive investment opportunity [5]

省千元还能"打包买" 政策红利激发消费热情 5月11日，在位于舜华路街道的格力空调高新区旗舰店内，不少消费者在各个展示区前挑选产品。市民 孙先生认真地比对着不同样式的空调柜机，他告诉记者，最近房子刚装修，正好处于这一轮的以旧换新 补贴期内，原来8000元一台的柜机，现在能优惠20%，省1600元。 "我准备买三台空调，一台柜机两台挂机，按照政策，空调可以补贴3件。"另一位消费者张女士准备给 两室一厅的新房置办家电，三台空调的补贴正好与她的需求相符。"我看中的柜机原价在10000元左右， 柜机都是3000元左右，组合购买每件都能优惠20%。"张女士算了笔账，原来购买三台空调需要16000 元，现在只需要12800元，少花3200元。 格力空调高新区旗舰店工作人员告诉记者，本轮家电以旧换新政策实施后，消费者选择空调产品时多是 组合购买，且成交率有了明显提升。"组合购买享受的优惠更多，这也提高了消费热度。"该工作人员 说。 齐鲁晚报.齐鲁壹点于泊升 自1月23日济南实施家电以旧换新补贴活动以来，政策已推行近四个月，一百多天。这一政策对本地家 电市场产生了怎样的影响？消费者和商家反馈如何？未来又将呈现怎样的发展趋势？ ...

家电家居场景全面融合，引领居家空间美学新风尚。"五一期间"，苏宁易购零嵌、平嵌式冰箱和洗衣机 产品销售占比均超过9成，超薄油烟机、嵌入式厨房一体机销售同比提升101%、192%。相关负责人指 出，"在产品功能之外，当下的消费者还希望家电风格外观能够与整体家装风格融合，进而提升家庭装 修的美感和协调性"。 "五一"假期，县域市场家电消费持续提档升级。在江苏省兴化市，随着当地居民婚庆消费和返乡青年为 家人添置家电的需求集中释放，苏宁易购兴化国际商城零售云店客流量大增，"五一"假期前两天销售额 同比增长200%。"在县域市场，年轻消费者对品质家电的需求已向一二线城市看齐。像洗烘套装、75英 寸以上大屏电视、嵌入式冰箱、洗地机、新风空调这些新趋势产品，已成为'新婚五大件'。"兴化国际 商城零售云店店长闻璐说。 以旧换新扩围加力叠加"五一"让利，让更多补贴优惠直达消费者，带动融合新场景、新功能、新体验的 趋势家电成为消费者"心头好"。苏宁易购数据显示，"五一"期间COLMO、卡萨帝等高端品牌空调销售 增长280%，12公斤以上大容量洗衣机销售增长155%，高端酒柜类产品销售增长281%，万元以上家电销 量提升79%。中 ...

丨证券研究报告丨 公司研究丨点评报告丨德尔玛（301332.SZ） [Table_Title] 外销持续深化、内销国补助力，经营性利润增长 亮眼 报告要点 [Table_Summary] 2024 年公司实现营业收入 35.31 亿元，同比增长 11.98%，实现归母净利润 1.42 亿元，同比增 长 30.95%，实现扣非归母净利润 1.30 亿元，同比增长 29.94%；其中，2024Q4 公司实现营业 收入 11.32 亿元，同比增长 28.24%，实现归母净利润 3841.47 万元，同比增长 333.24%，实 现扣非归母净利润 3456.93 万元，同比增长 272.43%。此外，2025Q1 公司实现营业收入 7.78 亿元，同比增长 8.61%，实现归母净利润 2362.32 万元，同比增长 1.15%，实现扣非归母净利 润 2085.97 万元，同比下滑 1.98%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 德尔玛（30133 ...