产业在线数据显示2025年4-5月彩电内外销出货量同比均小幅波动，值得关注的是受益于补贴政策推动 MiniLED渗透率持续提升，彩电是家电提价幅度最大的品类之一，产品结构显著优化，对应线上、线下 行业整体均价分别同比+10.5%、+6.5%，叠加中国彩电龙头凭借面板产业链优势抢占海外市场，该行预 计龙头收入或将延续稳健增长，且产品结构优化、面板价格同比下滑背景下，其盈利弹性值得期待。 厨电：国补支撑需求，分体烟灶走势平稳 国联民生（601456）证券发布研报称，维持家电行业"强于大市"投资评级。站在当前时点，家电行业内 需提振预期向上，且板块整体对美敞口或不高，龙头结构升级、全球产能布局等应对空间充裕，叠加龙 头经营高质量且高股息，建议积极关注家电投资价值。重点推荐：一是经营高质量，高股息的白电龙 头;二是品牌与产品实力领先的彩电龙头;三是关注经营边际改善、业绩弹性可期的小家电标的。 国联民生证券主要观点如下： 白电：内销趋势向上，龙头份额提升 国补政策带动下，2025Q2白电内销有望实现高单至双位数增长，终端快于出货，产业良性运行;出口方 面，关税影响下外销短期有所放缓，不过前期订单对收入或有支撑。空调龙头 ...

Core Insights - The competition between Amazon and Flipkart has intensified, marked by price wars and membership benefits, leading to a surge in consumer spending during mid-year sales events [1][8] - A "shopping list" has emerged among sellers, highlighting five product categories favored by dual membership users, indicating shifting consumer preferences and new growth opportunities for cross-border sellers [1] Product Categories - The top category is smart home devices, with sales peaking earlier this year compared to previous years, particularly in the European and American markets, where dual members are significant buyers [3] - Wearable devices rank second, with increased purchasing intent among younger users during promotions, driven by attractive pricing and health-related applications promoted by Flipkart [3] - Pet supplies have seen explosive growth, especially innovative products focused on "smart feeding" and "pet companionship," reflecting a shift in consumer lifestyle post-pandemic [4] - Kitchen appliances are also trending, with lightweight and easy-to-use products like air fryers and portable blenders becoming popular among dual members, supported by promotional discounts [4] - Outdoor and camping gear is experiencing a resurgence as warmer weather encourages outdoor activities, with significant sales increases for tents and portable cooking equipment [4] User Behavior and Seller Strategies - Dual membership users are characterized by high activity and loyalty, leading to strong purchasing intent and engagement, which can be a double-edged sword for sellers [5] - Sellers must focus on product quality and customer service to leverage positive word-of-mouth while being cautious of potential negative feedback that could impact rankings [5] - The importance of account management and compliance is emphasized, as many small sellers operate multiple accounts to expand reach, which increases the risk of being flagged for violations [5][6] - Tools like "Cross-Border Guardian" are becoming essential for larger sellers to manage accounts effectively and prevent association risks [6] Market Dynamics - The competition among e-commerce platforms extends beyond pricing to operational capabilities, with success hinging on accurately capturing consumer trends and preferences [8] - The ongoing battle between platforms is expected to intensify, with dual membership users continuing to shape market dynamics [8] - Cross-border sellers are encouraged to understand user preferences and ensure stable service experiences to capitalize on emerging opportunities [8]