华夏时报记者 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。 与往年国庆假期一样，家电卖场再度点燃金秋促销战。 记者走进当地一家名为桂苑家电的卖场，一进门就看到店员在架着手机直播带货，而他身后是堆满了各种各样礼 品的直播间背景。一名店员介绍道，卖场正在进行大促活动，消费者消费到一定数额能够获赠相应的礼品，比如 满15999元卖场会赠送一台微波炉，满39999元则送一台蒸烤一体机。 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 ...

"2025年博西家电联合苏宁持续推动产品革新，无论是刚需必选、新智严选、家装优选，我们都将以科 技引领行业，不仅投入超级优惠的补贴力度，还将加码买赠礼品、服务特权。"博西负责人表示，"在中 国，为中国，就现在，不等待！" "国庆期间，消费者到店购买TCL新品X11L，可享补贴2000元、送专业家庭音响、5年会员观影三重补 贴。""追觅线下KA首家全品类门店将于10月开业，同苏宁一起，走进用户，让智慧生活触手可及。"通 过真实可见的首发、首店布局与多重补贴，TCL、追觅等品牌聚焦国庆黄金周，引爆双十一大促。 "海尔将携卡萨帝致境、海尔麦浪两大旗舰套系强势助阵，提供至高20%的优惠"，海尔表示，"与苏宁 易购同行，不等双11，用智慧点亮全屋，用品质换新生活。" 海信则聚焦显示、空气、冰冷、洗护四大核心生活场景，全面加码补贴，"价格一步到位！9月30日开 始，福利拉满。"除至高20%超级补贴外，消费者在苏宁易购购买海信家电，还可享至高10%套购补 贴，叠加优惠立减30%！ "我们的全球首台'大四洗'四桶洗烘护一体机，发布会当天就在苏宁易购卖出了全球首台！"松下则对苏 宁易购高端产品首发首销的优势表示高度赞扬。国庆期 ...

[Table_Title] 周专题：9 月家电零售区域表现分化，静待 Q4 国补资金落地 [Table_Title2] 家电行业周报 [Table_Summary] ► 周专题：9 月家电零售区域表现分化，静待 Q4 国 补资金落地 据奥维云网，今年 7-8 月因国补资金接续到位，且去年同期 为低基数，零售表现相对平稳，而进入 9 月，面临去年同期 高基数及区域性国补资金耗尽压力，各地补贴发放呈现显著 区域差异，尽管第三批国补资金陆续下达，但部分省市因填 补上半年补贴缺口等因素，尚未重启活动，已经恢复活动的 部分地区仍存在抢券难的现象，第三批资金尚未完全缓解地 方压力，随着第四批补贴逐步释放，或将释放全国层面补贴 资金的流动性。 从当前家电行业补贴体系看，名义补贴（约 20%）承担了市 场宣传与竞争基准作用，实际补贴为企业和平台共同承担， 其中，企业自补 10%-15%，平台承担 5%-10%的合作补贴，随 着国补资源稀缺性增强，品牌或从全面覆盖转向精准投放， 倾向于将资源投向中高端产品，补贴降低中高端机型的购买 门槛，拉动产品结构升级，提升品牌整体均价及盈利能力。 证券研究报告|行业研究周报 [Table_ ...

Investment Rating - The report maintains a "Positive" investment rating for the metals and new materials industry [2] Core Viewpoints - The report highlights a strong performance in the metals sector, with the non-ferrous metals index outperforming the broader market indices [3][4] - It emphasizes the upward trend in industrial metal prices, particularly copper and aluminum, driven by supply-demand dynamics and macroeconomic factors [3][9] - The report suggests a long-term bullish outlook for gold prices due to central bank purchasing trends and geopolitical uncertainties [3][21] Weekly Market Review - The Shanghai Composite Index rose by 1.91%, while the non-ferrous metals index increased by 5.11%, outperforming the CSI 300 by 3.16 percentage points [3][4] - Year-to-date, the non-ferrous metals index has risen by 17.99%, significantly outpacing the CSI 300 [4][8] - Key metal price movements include a 7.33% increase in copper and a 5.37% rise in aluminum over the past week [3][9] Price Changes - Industrial metal prices saw increases: copper up by 2.54%, aluminum by 1.78%, and zinc by 5.65% [3][15] - Precious metals experienced a decline, with gold prices down by 2.90% [3][15] - Lithium prices showed a slight increase, with battery-grade lithium carbonate rising by 1.67% [3][15] Supply and Demand Analysis - Copper supply remains tight, with domestic social inventory decreasing by 1.6 million tons [3][29] - Aluminum production capacity is stable, with a reported operating rate of 97.6% [3][46] - Steel production has increased, but demand from downstream sectors has softened, leading to a mixed outlook for the steel market [3][67] Key Company Valuations - Notable companies in the sector include Zijin Mining, with a PE ratio of 25, and China Aluminum, with a PE ratio of 16 [3][18] - The report suggests focusing on companies with stable earnings and dividend attributes, such as Baosteel and Shandong Steel [3][19]

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Viewpoints - Domestic appliance sales are expected to benefit from policy support, with the air conditioning peak season anticipated to see high temperatures and low inventory, making second-quarter demand promising [2] - The national subsidy policy is confirmed to continue, with a total of 300 billion yuan allocated for supporting the replacement of old appliances, ensuring sustained demand [6] - The market is witnessing a shift towards new consumption trends, with brands actively targeting younger demographics and innovating product offerings to capture new growth opportunities [6] Summary by Sections Investment Recommendations and Targets - Focus on quality white goods leaders benefiting from domestic policy continuation and overseas expansion, such as Midea Group (000333, not rated), Haier Smart Home (600690, Buy), and Hisense Home Appliances (000921, not rated) [2] - Attention to companies with potential in mature overseas markets and short-term supply chain advantages, including Hisense Visual (600060, Overweight) and Ousheng Electric (301187, Buy) [2] - Highlighting small appliance companies that may benefit from national subsidies and long-term demand for new appliance categories, such as Roborock Technology (688169, Buy) and Bear Electric (002959, Overweight) [2] - Monitoring kitchen appliance companies that are adjusting strategies and may expand overseas, including Boss Electric (002508, Buy) and Vatti Corporation (002035, not rated) [2] Market Dynamics - Recent retail data shows significant year-on-year growth in online sales for major appliance categories, indicating resilience in demand despite concerns over subsidy reductions [6] - The market is adapting to new consumer preferences, with brands leveraging innovative marketing strategies to engage younger consumers and explore new product categories [6]

Core Points - The third Hunan home appliance warehouse direct sales government subsidy event commenced in Changsha, achieving a transaction volume exceeding 50 million yuan on its first day [1] - The event will run until May 3, providing significant discounts on various home appliances [1] Group 1: Event Details - The event attracted a large number of consumers, with long queues forming at major brand exhibition areas [3] - Popular models, such as the Boss 17-set dishwasher, were heavily discounted from 13,980 yuan to 3,999 yuan, with other products also seeing substantial price reductions [3] Group 2: Subsidy Impact - The event aims to effectively implement consumer benefit policies, allowing consumers to enjoy substantial subsidies [5] - The range of subsidized home appliances has expanded from 8 categories to 16 categories and 62 subcategories, with increased subsidy amounts and more direct subsidy methods [5] - As of April 27, 2025, the province has processed 4.0281 million applications for the old-for-new subsidy, amounting to 3.534 billion yuan, which has driven sales of 27.631 billion yuan [5]