期数： 2 0 2 5年3月刊 * 如 需了解更多 相 关 信 息 ， 请 订 阅 C I N N O R e s e a r c h 《中国智能手机市场销量分析报告 》 。 联系我们 马女士 Ms . Ceres TEL：（+86）137-7604-9049 Emai l：CeresMa@cinno.com.cn 1 . 0 1 ' 2 4 - 0 1 ' 2 5 中国市场智能机销量及同比趋势 2 . 0 1 ' 2 4 - 0 1 ' 2 5 中国市场智能机价格段趋势 3 . 0 1 ' 2 5 Vs 0 1 ' 2 4 中国市场智能机价格段同比 4 . 国补政策1：3C单品在6 , 0 0 0元以下解读 5 . 国补政策2：手机单品在6 , 0 0 0元以上解读 6 . 其他手机补贴相关政策汇总 7 . 补贴对行业与消费者的影响 8 . 0 1 ' 2 3 - 0 4 ' 2 5 (E) a -Si LCD智能机面板价格趋势 9 . 0 1 ' 2 3 - 0 4 ' 2 5 (E) LTPS LCD智能机面板价格趋势 1 0 . 0 1 ' 2 3 - 0 4 ' 2 5 (E) 刚性OLED智能机面 ...

" 2025年若大力推进数码类的国补，京东拼多多之间的竞争，可 能更激烈。 " 作者丨代润泽 编辑丨刘伟 2025年，国补持续加码。这场狂欢中，拼多多成了舆论里，"受伤"最严重的那个。 知情人士透露称，去年双十一的国补期间，有家电品牌在拼多多日销下滑超过90%；去年Q4，拼多多家 电营收增长仅3%。此外，拼多多的百亿补贴价格优势也受到冲击。例如，苹果在天猫和京东官方旗舰 店，通过国补和平台补贴叠加后，价格甚至低于拼多多百亿补贴。 这引起了很多业者的关注。那么，国补政策究竟将如何重塑行业格局？拼多多又将采取哪些策略来应对 呢？ 01 模式决定结果，国补给拼多多带来短期震荡 拼多多的商业模式，决定了很难吃到国补的第一波红利。 谈及国补，有业者总结，地方政府希望通过拉动地方消费，提高本地的社会消费品零售总额（以下简称社 零）。计入社零有两种方式，一种是通过品牌企业，另一种通过自营平台。 这对京东、 天猫这样以品牌 商家为主，且有自营业务的平台来说，是极大的利好。 其中，京东受益尤为明显。 长期以来，京东是较重的自营模式，自己把控品牌、型号、品控、价格，定价、促销等。虽然重，自主权 却高，面临国补，可调配的资源就更多 ...

Summary of Key Points from the Conference Call on the Home Appliance Industry Industry Overview - The conference call focuses on the home appliance industry in China, discussing market trends, retail performance, and investment opportunities in the sector [2][3][4]. Core Insights and Arguments - **Market Style Shift**: There is a notable shift in market style from technology sectors like AI to consumer sectors, driven by consumption-boosting policies [2]. - **Retail Performance**: Home appliance retail is expected to progress in a wave-like manner rather than experiencing sharp declines. The first two months of 2025 are influenced by a short-term pull-forward effect from December, but the overall impact on annual performance is minimal [3][4]. - **Sales Growth Expectations**: Air conditioning shipments are projected to achieve double-digit growth from March to August 2025, supported by promotional seasons and national subsidy policies [3][4]. - **Tariff Concerns**: Concerns regarding tariffs are diminishing, with companies having low exposure to U.S. revenues being less affected. This alleviates valuation pressures on the sector [3][5]. - **Valuation Levels**: White appliance companies are currently valued at historical lows, with Gree at less than 7 times earnings, Midea at about 23 times, and Haier and Hisense around 10 to 11 times [3][6]. - **High-End Brands**: Haier is benefiting from domestic sales transformations and its high-end brand, Casarte, showing strong performance with a 15% year-on-year growth in air conditioning installations in January-February 2025 [3][8]. Additional Important Insights - **Black and Kitchen Appliances**: The black appliance sector is benefiting from trends like larger screens and increased Mini LED penetration, while kitchen appliances are seeing growth due to the release of second-hand homes in first-tier cities [3][9]. - **Export Performance**: In 2024, China's home appliance exports exceeded $100 billion, marking a 14% year-on-year increase. The first two months of 2025 also show a 6% increase in export value [3][20]. - **Competitive Landscape**: The competitive landscape in the home appliance market remains robust, with retail subsidies expected to reach 80-100 billion yuan, driving growth in the sector [10][21]. - **Investment Recommendations**: Recommended investment targets include low-valuation, high-dividend white appliance companies like Gree, Haier, Hisense, and Midea, which are expected to benefit from domestic sales recovery and consumption-boosting policies [7][21]. Conclusion - The home appliance industry in China is poised for growth, supported by favorable market conditions, improving retail performance, and strategic investment opportunities. The focus on consumer spending and government support is expected to drive positive trends in both domestic and export markets [2][20][21].