国补第三批690亿元资金已全面启动发放。8月27日，《国际金融报》记者从淘宝天猫获悉，自8月 26日起，平台已正式开放国家以旧换新第三批补贴的申领通道。目前，北京、上海、浙江、广东等全国 多数省市的消费者，通过淘宝APP首页入口或直接搜索"国家补贴"，即可进入国补专区，便捷领取相应 补贴。 截至目前，淘宝天猫已有超1600个品类、3000多个品牌、逾20万款商品加入国补行动，日均超过 1.5亿人次访问国补专区。不仅如此，浙江、广东、江苏、安徽、上海等多个省市也通过淘宝天猫发放 地方消费补贴。例如，杭州推出教育专项补贴，购买复读机、点读笔等可享15%优惠；南京提供10%补 贴覆盖家电、家具及3C数码全品类；广东天河区除家电家装外，还将运动户外产品纳入补贴范围，同 样享受10%优惠。 值得一提的是，针对家电家装等大件商品，淘宝天猫近期升级了物流与安装服务，将以往"按天预 约"改为"半日精准预约"。此外，平台还优化了补贴领取体验，针对定时发放的优惠券地区，新增"闹钟 提醒"功能，方便用户准时领取。 据了解，今年补贴范围进一步扩大，正值开学季，智能灯、学习桌椅、学习机等产品首次被纳入以 旧换新补贴范畴，最高可享20% ...

新学期将至，各类学习用品、电子产品等迎来销售旺季，"开学经济"持续升温。 文具教辅产品热销 海南省三亚市解放路第一市场，周边聚集着十多家文体商户，作业本、笔记本、书写笔、修正带、 收纳笔盒等文具一应俱全，前来挑选的学生和家长络绎不绝。 "进入8月以来，文具销量还是比较好的，销售额相比平时增长了近50%。一些造型独特的中性笔、 卡通图案的笔记本特别受学生欢迎，每天都能卖出不少。"一位文具店老板介绍道，"还有文具盲盒，现 在也比较受小学生的喜欢。" 教辅材料也成为开学季的"刚需"。据海南省三亚市某书店工作人员介绍，与教材同步的辅导书和练 习册最为畅销，科普读物、文学名著等课外书籍也受到家长和学生的青睐。 2025年7月28日，顾客在吉林省长春市欧亚商都家用电器商场选购商品。新华社记者王帆 摄 消费平台"什么值得买"数据显示，手机、耳机、平板、电脑（台式机/笔记本）仍是学生们换新装 备的首选；今年运动相机凭借轻巧易用、适合运动和出游的特点，快速抢占市场份额，特别是学生群体 市场。 苏宁易购近日发布的《818家电3C消费洞察》显示，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 ...

都说一个干净的家，需要定期断舍离。只有将无用的物品清理掉，保留下真正需要的物品，生活才会更 加轻松。 可在我看来，真正的断舍离应该从源头就开始"断"。与其不停地买，再不停地丢，还不如在消费之前就 多一分思考。 然而，那些看起来新奇又实用的小家电，真正买回家后，往往只用过一两次，就闲置在一边了。 比如当初为了实现"酸奶自由"而购置的"酸奶机"，买回来才发现不仅原料准备麻烦，等待时间长，清洗 也费劲，新鲜感一过，就安静地躺在角落里吃灰了。 再比如"早餐机、豆浆机、煮蛋器"，看似很有必要，实则个个都不省心。早餐机空间小、清洁难；豆浆 机用一次得洗好久；煮蛋器更是可以被其它电器轻松取代。 久而久之，就会发现这些功能单一的小家电，其实都是商家的消费陷阱。并且很多时候，它们的功能都 可以被现有的锅具、微波炉取代，根本就不需要单独购置。 本期就来聊聊那些被我拉入"黑名单"的物品，只有断舍离了，才发现这些东西都是"消费陷阱"。 一、功能单一的"小家电" 随着科技的进步，现在的小家电种类是越来越多，仿佛每一个都有存在的理由，并且也真的能解决生活 中的某个"小痛点"。 ①节日限定款 为了节日氛围购买的"节日限定款"服装，虽然很有 ...

在参与以旧换新的品类及领取次数方面，政策也做出了明确规定。家电涵盖冰箱、洗衣机、电视、空调 等18个品类；家装厨卫包括装修材料类、卫生洁具类等5个品类；3C数码则有手机、平板、智能手表/手 环3个品类。消费者每个品类每月最多可领取1次，政策调整后最多可领取3次。 此外，8月21日将进行家电、3C数码、家装厨卫以旧换新服务平台系统升级，当日暂停领券，望广大消 费者合理安排时间。 为维护市场秩序，杜绝黄牛倒卖消费券的行为，公告中公布了举报热线：0731-88665565，举报时间为 工作日9:00—17:30，欢迎社会各界积极提供线索。 8月20日，长沙市商务局发布公告，根据上级相关部署，对2025年家电、3C数码、家装厨卫以旧换新政 策进行调整，将原本的"每日限额发券"模式改为"集中发券"模式。 公告显示，集中发券时间确定为8月22日至8月26日，以及9月1日、10月1日、11月1日、12月1日。在这 些时间段内，长沙将在全年预算内加大补贴资金投放，以满足更多消费者的需求。领券时间为当日 11:00至24:00，采取先到先得、领完即止的方式。补贴券的使用时间为每日8:00至24:00，有效期至当月 月底。需要注 ...

2025年8月22日，据长江有色金属网获悉，今日长江现货市场1#锡价报265000-267000元/吨，均价 266000元/吨，较前一交易日下跌1000元。这一波动背后，是宏观经济承压、供应扰动持续与需求结构 性分化的多重博弈。宏观面：数据显示，美国 8 月 Markit 制造业 PMI 初值为 54.5，高于预期的 52.5， 为 2022 年以来最快扩张速度，数据强劲推涨美指，美元一度触及98关口附近，以美元计价的大宗商品 价格带来压力，美国加征关税推升市场不确定性，美股三大股指齐跌，市场风险偏好降温，美联储表态 及杰克逊霍尔年会临近，资金观望交投谨慎，本交易日锡价震荡下跌。供应端：全球锡矿供应高度集中 于缅甸、印尼等国，主产国动态直接影响市场供给。缅甸佤邦虽推进复产，但基础设施修复缓慢、劳动 力短缺等问题导致实际出矿量低于预期；印尼受国内政策调整影响，精炼锡出口配额波动，加剧国际市 场供应不确定性。此外，全球锡矿资源品位持续下降，开采成本攀升，部分小型矿山因技术资金不足退 出，进一步收紧供应弹性。需求端：传统疲软与新兴领域强劲的结构性分化 （注：本文为原创分析，核心观点基于公开信息及市场推导，以上观点 ...

格隆汇8月22日｜据沈阳发布，为稳妥有序推进消费品以旧换新活动，满足广大消费者购物需求，综合 研判沈阳市当前工作开展情况，定于8月22日至10月8日期间，恢复开展2025年手机、平板、智能手表 (手环)购新补贴活动。 ...

人民财讯8月22日电，据"沈阳发布"消息，为稳妥有序推进消费品以旧换新活动，满足广大消费者购物 需求，综合研判沈阳市当前工作开展情况，定于8月22日至10月8日期间，恢复开展2025年手机、平板、 智能手表(手环)购新补贴活动。 ...

Investment Rating - The report maintains a "Recommended" rating for Xiaomi Group-W (stock code: 1810.HK) [1][4]. Core Views - The company achieved a revenue of 227.25 billion yuan in H1 2025, representing a year-on-year increase of 38.2%, and a net profit (NON-GAAP) of 21.51 billion yuan, up 69.8% year-on-year [3]. - The automotive business reached a record high in revenue and sales, with Q2 revenue of 21.26 billion yuan, a year-on-year increase of 233.9% and a quarter-on-quarter increase of 14.4% [3]. - The company plans to enter the European market by 2027, leveraging over 95% brand recognition to replicate its domestic success [3]. - The smartphone business showed strong performance in overseas markets, with Q2 shipments in Southeast Asia ranking first, and market share in Europe rising to 23.4% [3]. - R&D expenses increased by 35.8% year-on-year to 14.48 billion yuan in H1 2025, reflecting a commitment to core technology development [3]. Financial Performance Summary - For H1 2025, the company reported an operating profit of 26.56 billion yuan, a year-on-year increase of 177.5% [3]. - The automotive business's gross margin improved to 26.4% in Q2, up 11.0 percentage points year-on-year [3]. - The company forecasts revenues of 497.73 billion yuan, 630.36 billion yuan, and 724.57 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 41.72 billion yuan, 55.71 billion yuan, and 66.79 billion yuan [4][6].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 65.0 [1][7]. Core Insights - The company's revenue and net profit for Q2 2025 exceeded expectations, driven by strong performance in home appliances and automotive sectors, leading to historical highs in both metrics [7][10]. - The "people-car-home" ecosystem strategy is showing positive results, with automotive business emerging as a significant growth driver for the future [7]. - The founder's increasing influence on consumers is expected to support the launch of new products [7]. Financial Performance Summary - For Q2 2025, the company achieved revenue of RMB 116 billion, a year-over-year increase of 30.5%, and a net profit of RMB 118.7 billion, up 134% year-over-year [10]. - The automotive segment delivered 81,000 vehicles, generating revenue of RMB 21.3 billion, with losses narrowing to RMB 300 million [10]. - The company forecasts net profits of RMB 42.32 billion, RMB 53.05 billion, and RMB 66.28 billion for 2025, 2026, and 2027 respectively, reflecting year-over-year growth rates of 79%, 25%, and 25% [9][10]. Business Segment Performance - The smartphone segment's revenue was RMB 45.5 billion, with a slight year-over-year decline of 2% [10]. - The Internet of Things (IoT) segment reported revenue of RMB 38.7 billion, a year-over-year increase of 44.7%, with major appliances seeing a 66% increase [10]. - The automotive business is highlighted as a key area for future growth, with significant improvements in both revenue and margin [7][10].

Group 1 - The core viewpoint of the report indicates that due to weak smartphone demand and rising raw material costs, the adjusted net profit forecast for Xiaomi Group-W (01810) for 2025 has been lowered by 5.9% to 46.139 billion yuan, while the profit forecast for 2026 remains unchanged [1] - The current stock price corresponds to a price-to-earnings ratio of 27.0 times for 2025 and 18.5 times for 2026, with a target price of 70.0 HKD, implying a potential upside of 33.6% [1] Group 2 - In Q2 2025, the adjusted net profit exceeded expectations, with revenue reaching 1159.56 billion yuan, a year-on-year increase of 30.5%, slightly below expectations by 1.7%, while the adjusted net profit attributable to shareholders was 10.831 billion yuan, a year-on-year increase of 75.4%, exceeding expectations by 6.4% [2] - The growth in IoT business revenue was a key driver, alongside better-than-expected automotive gross margins [2] Group 3 - In Q2 2025, Xiaomi's smartphone shipments increased by 0.6% year-on-year to 42.4 million units, maintaining a global market share of 14.7%, ranking third [3] - Market share improvements were noted in Southeast Asia, Europe, Latin America, and Africa, with increases of 1.6 percentage points, 3.4 percentage points, 1.0 percentage point, and 2.7 percentage points respectively [3] - The ASP (average selling price) of smartphones decreased by 2.7% year-on-year to 1,073 yuan, while the smartphone gross margin fell by 0.7 percentage points to 11.5% due to a higher proportion of low-margin products [3] Group 4 - IoT revenue grew by 44.7% year-on-year to 38.712 billion yuan in Q2 2025, driven by significant growth in major appliances, wearables, and tablets, with air conditioner shipments exceeding 5 million units [4] - The IoT gross margin decreased by 2.7 percentage points to 22.5% due to the impact of the "618" promotional event, but it remained at a good level [4] - Internet business revenue increased by 10.1% year-on-year to 9.097 billion yuan, with a gross margin decline of 3.0 percentage points to 75.4%, attributed to changes in advertising revenue structure [4] Group 5 - In Q2 2025, the company delivered 81,300 vehicles, with an ASP of 253,700 yuan, and the gross margin increased by 3.27 percentage points to 26.4%, primarily due to economies of scale and increased deliveries of the Ultra model [5] - The company is optimistic about the profit elasticity from automotive order deliveries and the long-term ecological value of its "people, vehicles, and home" strategy [5]