读图 | 文/邱 林 上图说明：2017年，恒大集团董事长许家印和苏宁集团董事长张近东在一起喝"交杯酒"。当时，他们谈成了一笔价值200亿的合作项目。 据新浪财经8月26日报道，根据近日公开信息梳理，至少有超过20家知名企业因恒大集团直接或间接拖累陷入破产重整、债务违约或经营困境，涉及金额 超千亿元。在被牵连的企业中，不乏有许家印的多位好兄弟，其中包括易居创始人周忻、金螳螂创始人朱兴良、香港大佬刘銮雄、苏宁集团董事长张近 东。 2017年9月20日，许家印携恒大集团众高管到访苏宁集团总部，张近东和许家印洽谈十分顺利，两人竟然喝起了"交杯酒"。期间，双方签订了一份合作协 议，苏宁集团旗下苏宁电器集团有限公司的全资附属公司南京润恒出资200亿元，取得恒大增资完成后约4.7%的股权。 这笔交易让苏宁成为恒大第三轮融资中最大的投资方，此次合作使苏宁在房地产领域获得重要布局，但后续发展并不顺利。由于苏宁正处于多元化扩张 期，2012-2020年间对外投资达780亿元，但多数项目未能形成协同效应。苏宁对恒大这笔投资更被寄予打通"地产+零售"生态的厚望。 四年后的2021年7月，苏宁陷入1400多亿元的债务危机。张近东急得 ...

曾深陷债务泥潭的苏宁易购（002024.SZ）正尝试重新回归人们视野。根据媒体报道，8月以来，上海、 山东等多地线下门店开业，曾经的线下家电门店巨头实体店扩张速度正在提速。 业内人士指出，家电"国补"政策给了苏宁易购卷土重来的机会。奥维云网数据显示，2024年全国家电全 品类(不含3C)零售额9071亿元，同比增长6.4%。另有数据称，2024年启动"国补"后，苏宁易购在重庆的 多家门店以旧换新订单增长超过50%。 图 来自苏宁易购官网 重整线下门店 近几个月，苏宁易购在全国多地掀起了开店热潮。仅8月以来，就在上海、济南、济宁、徐州、太原等 城市开出了多家Suning Max（苏宁易购超级体验店）、Suning Pro（苏宁易购超级旗舰店）。 8月12日，"上海苏宁易购城市攻略暨上海苏宁易购五角场Max2.0首店发布会"上，上海苏宁易购有关负 责人表示，今年下半年，上海苏宁易购GMV目标是超20亿元，同时下半年将新开5家年销售规模过亿的 门店，升级6家Pro以上门店。 据了解，截至今年上半年，苏宁易购已在全国布局10家Suning Max门店和超百家Suning Pro门店，新开 升级门店超过百家。 在线上渠 ...

苏宁似乎正从线下看到一条"翻身"的可能路径，但这条路同样险峻。 仍戴着ST帽子的苏宁易购在2025年打开了线下扩张的野心。 近几个月，在江苏、山东等城市，不少消费者发现，沉寂已久的苏宁易购开始在城市商圈开出惹人瞩目的大店，巨型的"suning"标牌下，这家过往深陷债务 泥淖的传统家电零售巨头正在发起对线下市场的新一轮冲击。 连年亏损后，刚刚实现全年盈利的苏宁正在向"经营层面实现全面盈利"的新目标进发。能否借"国补"东风盘活线下销售，正在成为苏宁的机遇与挑战。 频开"大店" 单店面积几万平米的大店，苏宁越开越猛了。 记者梳理发现，仅8月以来，苏宁就在上海、山东济南、济宁、江苏徐州、山西太原等开出了多家Suning Max（苏宁易购超级体验店）、Suning Pro（苏宁易 购超级旗舰店）店面，均属于苏宁战略中的"大店"，以山西太原的首家Suning Max店为例，该店坐落在太原亲贤街核心商圈，总面积超过4万平方米。 截至6月底，苏宁已在全国已布局10家Suning Max门店和超百家Suning Pro门店。 " 线上的增长是'活水'，线下才是我们的基本盘"，2024年，苏宁易购北京大区总经理章艳光在接受媒体采 ...

金九银十临近，家装市场迎来新一轮消费旺季。苏宁易购正式启动中央空调节活动，推出"一户一案"定 制化方案、"国补厂补苏宁补"至高50%补贴、安装0增项"一价全包"、"8步标准化"安装步骤等举措，打 造"专业服务+透明收费+场景体验"的一站式全流程解决方案。 家居消费升级叠加国补政策刺激，更节省空间、更美观的中央空调正在成为越来越多家庭的选择。然而 价格不透明、安装不规范、售后无保障等问题依然持续困扰消费者，对此苏宁易购从优惠模式、设计方 案、安装步骤等多方面强化保障，解决消费者后顾之忧。 此次中央空调节，苏宁易购推出了"三重补贴+一价全包"的优惠模式。国补、厂补、苏宁补叠加，折扣 至高可达50%，客厅中央空调一价全包免安装费仅需2999元抢，全屋中央空调直降4000元起、一拖四中 央空调一价全包免安装费低至16999元。通过"一价全包"模式，不仅能让消费者享受到实实在在的价格 优惠，更能彻底杜绝行业常见的增项乱收费现象，承诺合同价即最终价，涵盖设备、安装、辅材及质 保，最高可为消费者节省5860元。 随着中央空调行业从产品导向向服务导向转型，售后服务和长期使用体验将成为消费决策的重中之重。 苏宁易购表示，将联合 ...

8月20日，智通财经记者从苏宁易购获悉，苏宁易购发布的《818家电3C消费洞察》显示，升级类家电 和新趋势产品成为消费热点，融合前沿技术、解决场景痛点的新智家电产品销售同比增长72%，万元以 上高端家电订单增长86%。3C方面，开学季叠加818大促，笔记本电脑、平板电脑、智能手表销售同比 增长184%、129%、94%。818期间，苏宁易购渠道全品类智能产品销量占比超过50%。 报告还显示，今年以来，苏宁易购加速核心城市商圈布局Suning Max门店，打造新品首发阵地与新智家 电体验中心。818期间，全国Suning Max门店迎来销售热潮，销售同比增长43%，电脑、空调、厨卫三 大品类销售增长206%、110%、78%。"新、奇、智、特"产品消费升温，其中，高性能游戏本增长 251%，嵌入式厨房一体机增长186%，大套数洗碗机增长184%，无风感空调增长80%。（智通财经记者 邵冰燕） ...

Group 1 - The home appliance market is entering a new structural upgrade cycle driven by the rise of quality and personalized consumption, with sales of smart home appliances increasing by 72% year-on-year and high-end appliances over 10,000 yuan growing by 86% [2] - The back-to-school season combined with the 818 promotion has led to significant sales increases in 3C products, with laptops, tablets, and smartwatches seeing year-on-year growth of 184%, 129%, and 94% respectively [2] - Suining Yigou's initiatives, including supply upgrades and expanded scenarios, aim to provide cutting-edge home solutions, marking this year as the "Year of Smart Home Appliance Popularization" [2] Group 2 - Smart appliances are becoming popular choices for consumers due to their ability to simplify household tasks and enhance life quality, with over 50% of all smart product sales during the 818 period [4] - Specific smart products saw significant sales growth, including smart kitchen hoods with a 59% increase, smart air conditioners with an 85% increase, and large-capacity smart refrigerators with a 149% increase [4] Group 3 - As health awareness rises, consumers are increasingly focused on features like sterilization and purification in appliances, with sales of water purifiers growing by 297%, dryers with sterilization functions increasing by 147%, and fresh air conditioners rising by 136% [6] - The trend towards integrated home appliances is evident, with embedded refrigerators and washing machines accounting for over 90% of sales, and embedded micro-steaming ovens growing by 129% [6] Group 4 - Suining Yigou is accelerating its layout of Suning Max stores in core urban areas, which has led to a 43% year-on-year sales increase during the 818 period, with significant growth in computers, air conditioners, and kitchen appliances [8] - High-performance gaming laptops saw a 251% increase, embedded kitchen appliances grew by 186%, and large-capacity dishwashers increased by 184% [8]

Group 1 - The core concept of the article highlights the rapid development of the "first store economy" in China, driven by the opening of new stores and the popularity of flagship stores like Suning Max, which saw a 43% year-on-year sales increase during the 818 shopping festival [1] - Suning Max stores are strategically located in key urban areas, focusing on product launches and smart home appliance experiences, contributing to significant sales growth in categories such as computers (206%), air conditioners (110%), and kitchen appliances (78%) [1] - Innovative products have gained consumer attention, with high-performance gaming laptops increasing by 251%, integrated kitchen machines by 186%, and zero-bacteria dishwashers by 184% during the same period [1] Group 2 - The newly opened Suning Max store in Taiyuan attracted a large number of local consumers, achieving sales of 18 million yuan within two hours and a total of 28.8 million yuan on the opening day, with several brands exceeding one million yuan in sales [3] - The shopping experience at Suning Max stores has been enhanced through immersive home scenarios, allowing customers to engage with products directly, such as baking in a kitchen display area [5] - Suning Max stores have introduced community engagement initiatives, including esports events and music festivals, which helped attract over 3,900 new members to the "Suning Friend" program during the opening [5] Group 3 - Suning plans to use the Suning Max store model as a benchmark for ongoing innovation in shopping experiences, product launches, and service efficiency to further stimulate consumer spending [7]

Core Insights - The report from Suning.com indicates a significant shift in consumer preferences towards upgraded home appliances and new trend products, highlighting a 72% year-on-year increase in sales of smart home appliances that integrate cutting-edge technology and address consumer pain points [1] - High-end appliances priced over 10,000 yuan saw an impressive 86% growth in orders, reflecting a growing demand for premium products [1] - In the 3C category, sales of laptops, tablets, and smartwatches experienced remarkable year-on-year growth rates of 184%, 129%, and 94% respectively, indicating a strong consumer interest in these technology products [1]

Group 1: Macro and Strategy Insights - The report discusses the interaction between the Kondratiev cycle and capacity cycles, highlighting that major technological innovations drive the Kondratiev cycle, influencing fixed asset investment waves through macro profit rates [7][8] - It notes that during the down phase of the Kondratiev cycle, a decline in macro profit rates leads to a rigid constraint on capacity utilization, creating a vicious cycle of profit decline, investment reduction, and increased idle capacity [8] - The report emphasizes that global capacity expansion has a "15-year time lag," exacerbating domestic competition pressures, indicating that overcapacity has become a normalized dilemma rather than a temporary issue [8] Group 2: Industry and Company Developments - The social services sector is highlighted for its competitive advantages through high-cost performance products and mature membership systems, with companies like Dongfang Zhenxuan showing improved GMV and membership growth [24][25] - The mechanical industry is experiencing growth, with the 2025 World Robot Conference showcasing new humanoid robots, indicating rapid development in the domestic robotics industry [27][28] - In the AI infrastructure sector, the report notes that demand is driving continued capital investment in data centers, benefiting companies involved in gas turbines and cooling units [29][30] Group 3: Financial Market Trends - The report indicates that the public REITs market is experiencing a slight decline, with the average weekly return for property and operating rights REITs being -0.45% and -0.03% respectively, while warehouse logistics and energy sectors show positive performance [12][14] - It highlights that the bond market remains active, with a slight rebound in long-term bonds, and the 30-year government bond yield is at a historically low level, suggesting a stable investment environment [10][11] - The report also mentions that the stock market is showing resilience, with the Shanghai Composite Index returning above 3600 points, driven by sectors like military and rare earths [17][18]

Group 1: Market Trends - Air conditioning sales are experiencing significant growth during the peak season, with both offline and online platforms reporting substantial increases in sales volume [1][2] - In Beijing, air conditioning sales in July have increased by over 163% year-on-year, driven by high temperatures and government subsidies for replacing old appliances [1] - Online sales on platforms like JD have seen a 220% year-on-year increase, with some days reporting over 550% growth in sales [2] Group 2: Consumer Preferences - Consumers are increasingly interested in energy-efficient and environmentally friendly air conditioning units, with over 50% opting for energy-saving models [2] - The demand for "no-wind comfortable" air conditioning options is also notable, with 30% of users choosing this type [2] - The availability of government subsidies for replacing old appliances is a significant factor influencing consumer purchasing decisions [1] Group 3: Installation Services - The demand for air conditioning installation services has surged, with over 2,000 installation technicians working daily to meet consumer needs [2] - Installation teams are managing to complete deliveries and installations within 24 hours of order placement [2] - Installation technicians are facing increased workloads, often completing four to eight installations per day during the peak season [3][4]