步入2025年，这一状况似乎有所改变。2025年国家补贴政策从原有的8大类扩展到12大类，电饭煲、微 波炉等厨小电品类首次被纳入补贴范围。这也让头部小家电企业吃到了这波政策红利。奥维云网表示， 补贴前后对比显示，家电需求价格结构从高低端并存到中高端主导，预计未来将再次回归"哑铃形"分 布，反映出消费者对性价比和高品质产品的双重追求。 根据奥维云网（AVC）推总数据，2025年第一季度，中国厨房小家电市场在经历了几年的波动后，呈现 出明显的分化与复苏态势。本季度中国家电市场（不含3C）全渠道零售额同比增长2.1%，其中厨房小 家电品类表现稳健，零售额达162亿元，同比增长2.5%，零售量7270万台，微降1.1%，行业均价223 元，同比提升3.7%。 奥维云网的零售监测数据显示，今年5月，电饭煲、电磁炉、电蒸锅、电水壶、养生壶、豆浆机、煎烤 机、空气炸锅等多类厨房小家电产品均价都同比上涨。如电饭煲均价同比上涨20.74%，电蒸锅均价同 比上涨37.42%，煎烤机均价同比上涨16.54%。 苏泊尔在财报中表示，报告期内内销业务，面对复杂的国内市场环境与消费者更理性的市场需求，公司 通过持续创新及强大的渠道竞争优 ...

Group 1 - The air conditioning market in Northeast China is experiencing explosive growth due to high temperatures and government subsidy policies, with order volumes in Heilongjiang province increasing over 300% compared to the same period last year [1] - On July 4, there was a significant surge in orders, with a 400% increase year-on-year, reaching a historical peak [1] - Xiaomi's air conditioning sales have reportedly surged to 20 times that of the same period last year, prompting the company to mobilize installation engineers from across the country to meet demand [1] Group 2 - JD Logistics has implemented measures to ensure supply, including reallocating air conditioning products from various cities and increasing the efficiency of vehicle turnover at their Harbin warehouse [1] - The company has added two specialized unloading teams and over 200 support personnel to enhance warehouse operations and has established a 24-hour operation schedule [1] - In response to high demand, JD Logistics has increased its engineering staff by nearly 40% to ensure efficient delivery and installation of air conditioning units [1][2]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][6][14]. Core Views - The home appliance industry is experiencing robust growth in domestic sales, driven by government subsidies and strong demand for air conditioners and robotic vacuum cleaners, with retail sales growth exceeding 15% in Q2 2025 [2][18]. - Domestic sales of major home appliances showed solid growth in May 2025, while exports faced some pressure, particularly in categories like air conditioners and refrigerators [3][35]. - The U.S. home appliance retail market remains stable despite tariff impacts, with a slight increase in inventory levels [4][41]. Summary by Sections 1. Market Performance - In the first half of 2025, domestic sales of air conditioners, range hoods, gas stoves, and robotic vacuum cleaners saw significant growth, with online and offline retail sales of air conditioners increasing by 23.0% and 15.3% year-on-year, respectively [2][18]. - The overall retail demand for home appliances is strong, with various categories showing positive growth trends [2][18]. 2. Domestic and Export Sales - In May 2025, domestic sales of home appliances such as air conditioners, refrigerators, and washing machines increased by 13.4%, 13.7%, and 15.2% year-on-year, respectively, while exports faced challenges with declines in several categories [3][35]. - The report anticipates that the export of home appliances will continue to face short-term declines, but the long-term growth potential remains strong due to competitive advantages in technology and supply chains [3][35]. 3. U.S. Market Insights - The U.S. home appliance retail sector showed a year-on-year decline of 1.2% in May 2025, with cumulative declines of 1.9% for the year [4][41]. - Inventory levels in U.S. electronic and appliance stores have slightly increased, but the inventory-to-sales ratio remains low, indicating a stable market environment [4][41]. 4. Key Company Recommendations - The report recommends several companies for investment, including Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances in the white goods sector, and Boss Electric in the kitchen appliances sector [5][6][14].

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [6][14]. Core Insights - The home appliance industry is experiencing an upward trend in profitability and revenue growth, driven by government subsidies and strong export performance. The total revenue for 43 listed home appliance companies is projected to reach 1,253.9 billion yuan in 2024, reflecting a year-on-year growth of 5.8% [13][15]. - The gross profit margin is expected to decline by 1.6 percentage points to 27.1%, while the net profit attributable to shareholders is forecasted to be 111.1 billion yuan, up 9.7% year-on-year [15][30]. - The first quarter of 2025 shows a significant revenue increase of 14.9% compared to the previous year, marking the highest quarterly growth since 2022 [23][25]. Summary by Sections 1. Home Appliance Industry Overview - The home appliance sector is witnessing a recovery in domestic sales, supported by government subsidy policies, with a projected revenue growth of 9.0% in domestic sales and 15.4% in exports for 2024 [15][30]. - The overall profitability of the industry is improving, with net profit margins increasing by 0.3 percentage points to 8.9% in 2024 [15][30]. 2. Sub-sector Analysis 2.1 White Goods - White goods companies are expected to achieve a revenue of 1,044.3 billion yuan in 2024, with a year-on-year growth of 5.8%. The net profit margin is projected to increase by 0.6 percentage points to 9.1% [32][41]. - The first quarter of 2025 shows a revenue increase of 16.1% year-on-year, indicating strong performance in both domestic and export markets [33][41]. 2.2 Kitchen Appliances - The kitchen appliance sector is facing challenges, with a projected revenue decline of 3.7% to 28.3 billion yuan in 2024. The net profit margin is expected to decrease by 2.7 percentage points to 10.3% [42][58]. - The first quarter of 2025 shows a further revenue decline of 7.2% year-on-year, reflecting the impact of the real estate market [42][58]. 2.3 Small Appliances - Small appliances are projected to achieve a revenue of 123.3 billion yuan in 2024, with a growth of 7.3%. However, the net profit margin is expected to decrease by 0.9 percentage points to 7.7% [60][65]. - The first quarter of 2025 shows a revenue increase of 12.2% year-on-year, driven by strong export performance [60][65]. 2.4 Lighting and Components - The lighting and components sector is expected to see a revenue growth of 6.2% to 58 billion yuan in 2024, with a slight increase in net profit margin to 5.7% [3][27]. - The first quarter of 2025 shows a revenue increase of 8.9% year-on-year, indicating stable growth in this segment [3][27]. 3. Investment Recommendations - Key recommendations include Midea Group, Gree Electric Appliances, Haier Smart Home, and TCL for white goods; Boss Electric for kitchen appliances; and Bear Electric, New Treasure, and Roborock for small appliances [4][5].

铁子们我回北京了，苏州北京来回都是4小时高铁，方便的。 昨天有人说我老婆录的演唱会视频音效很好，室内馆就是这样的，而且是馆子越小听的效果就越好。就像美味菜肴都是 小而精做出来的，大锅菜你就别指望能吃上好的。 5月底在昆山有张韶涵的演唱会，我本来有兴趣的，但老婆查了信息说是室外场，那我就不看了。那种几万人的体育场视 听效果很不好，经常是歌手唱的音响含糊不清，边上粉丝鬼哭狼嚎听三个小时，遭老罪了。 我说张韶涵现在火，先让她沉淀沉淀，等不火了就会开室内馆了。华语乐坛我唯一可以接受室外场的只有周杰伦，他就 算再沉淀10年20年，只要在内地也都是开室外场，除非去香港或者新加坡看。 这周末官方披露了一季度的结婚人数181万对，同比下跌8%，而且181万这是除了2020年一季度之外的历史最低值，2020 年一季度你们懂的，那个数据不正常，说白了一季度就是刷新史低了。 | | 季度结婚对数(万) | | | --- | --- | --- | | 2012年 | 347.00 2019年 | 281.50 | | 2013年 | 428.20 2020年 | 155.70 | | 2014年 | 412.80 2021年 | ...