（石飞月 摄影） 本报（chinatimes.net.cn）记者石飞月 阳泉报道 "前三天放券挺多，今天已经是最后一天了，您抢到了吗？"国庆假期期间，山西阳泉一家家电卖场里， 店员一边展示产品，一边不忘提醒《华夏时报》记者。可当记者跟随店员提示打开"云闪付"App，却发 现自己扑空了——当日券已抢光。 眼下，第四批"国补"资金已下达，也意味着2025年度家电补贴接近尾声。随着双节假期到来，以及消费 者"一券难求"的境况，一些线下卖场和厂家开始自掏腰包加码优惠。业内人士指出，从长远看，企业必 须靠自身竞争力站稳市场，而不能一直指望政府补贴。 苏宁易购方面就此向《华夏时报》记者介绍，作为家电3C消费主阵地，为了让消费者从容选择换新时 机，提前享受优惠，该公司首次将"双11"提前至国庆档，并于9月30日启动"家电普惠日"，全国万店不 打烊、开启"闪购48小时"专场，加码家电"超级补"让利，9月26日，苏宁易购还上线了"真惠补"专区产 品预约通道，以新底价激发新增量。 然而，大促带来的市场效应，或许没有那么乐观。记者走访家电卖场的时间为下午三四点钟，应该是人 流量较高的时候，但多家家电卖场的顾客明显还没有店员多。奥维 ...

近日，国家发展改革委会同财政部，向地方下达今年第四批690亿元超长期特别国债支持消费品以旧换 新资金。至此，全年3000亿元中央资金已全部下达。 随着第四批"国补"资金到位，消费品以旧换新政策持续激活消费市场潜力。 国家发展改革委表示，下一步，各有关部门将进一步组织地方合理把握工作节奏，完善资金使用计划， 均衡有序支出补贴资金，加强产品质量和价格监管，严厉打击骗补套补等违法违规行为，平稳有序实施 消费品以旧换新政策，推动补贴资金用到实处、见到实效。 推荐阅读 美股小幅收涨，中国资产走强 【财经早报】国庆节首日票房，突破3亿元；多家车企9月交付量创新高 圣邦股份拟港股IPO，全球化战略迈出关键一步 "我们这款彩电，政府可以按15%限高补贴2000元，同时还可以享受企业补贴。"在西安市高新区一家苏 宁电器门店内，销售人员向消费者介绍购买家电的优惠政策。 扩大汽车报废更新、家电产品以旧换新补贴范围，将手机等数码产品纳入补贴……今年以来，"两新"政 策加力扩围，支持力度不断增强，为消费市场注入强劲活力。 国家发展改革委数据显示，今年1月至8月，全国共有3.3亿人次申领消费品以旧换新补贴，带动相关商 品销售额超2万亿元 ...

Core Insights - The upcoming National Day and Mid-Autumn Festival are expected to boost consumer demand in the home appliance and home decoration sectors, with Su Ning Yi Gou launching its "Double 11" promotions early to capitalize on this trend [1][2] Group 1: Promotional Strategy - Su Ning Yi Gou has announced that its "Double 11" sales will start on September 30, coinciding with the National Day holiday, creating a 44-day promotional period [2] - The company will offer significant discounts, including a "flash sale" with 100,000 discounted home appliances during the first two days of the promotion [2] - The promotional strategy aims to seamlessly integrate the National Day holiday and Double 11 shopping events, allowing consumers to choose the best time for their purchases [2] Group 2: Consumer Trends - There is a noticeable shift in consumer preferences towards diversified, personalized, and high-quality home appliances, with increased demand for features like energy efficiency, smart technology, and health benefits [1][3] - Su Ning Yi Gou is focusing on practical home appliances that are reliable and energy-saving, promoting a "good quality at a reasonable price" experience [3] Group 3: Product Offerings - The company is launching a "Super Subsidy" program in collaboration with major brands, offering tiered subsidies of 10%-20% on essential, upgraded, and home decoration products [2][4] - Specific products highlighted include energy-efficient air conditioners starting at 1,399 yuan, built-in dishwashers at 3,199 yuan, and 85-inch 4K quantum dot TVs at 3,999 yuan [3] Group 4: Brand Collaboration - Major brands such as Haier, Midea, and TCL are participating in the "Super Subsidy" program, which aims to connect high-quality products with consumers and drive innovation in the home appliance sector [4] - The collaboration is expected to enhance the penetration of smart home appliances and support the industry's upgrade [4] Group 5: Consumer Experience - Su Ning Yi Gou plans to enhance the shopping experience through immersive activities and services, including cooking competitions and free daily services like clothing care and coffee [5] - The company aims to create a new lifestyle experience by leveraging its supply chain and local retail operations to meet consumer demands for quality living [5]

9月26日晚间，深康佳A公告，公司对参股公司东莞市莞康宇宏投资有限公司（曾用名为东莞康佳投资 有限公司，以下简称"莞康宇宏"）提供的股东借款逾期。因项目进度不及预期，莞康宇宏未能按合同约 定归还深康佳A提供的股东借款本金1.96亿元及其利息。 截至2025年6月30日，莞康宇宏未经审计的资产总额为3.94亿元，负债总额为5.04亿元，净资产为-1.1亿 元，已陷入资不抵债。2025年上半年，其营业收入为311.93万元。 长江商报消息 ●长江商报记者 黄聪 雪上加霜，连续亏损的深康佳A（000016.SZ），有一大笔借款难以收回。 由此来看，深康佳A的逾期借款恐怕难以收回。 目前，深康佳A也深陷困境，公司的消费电子业务处亏损状态，半导体业务仍处于产业化初期。2022年 至2024年以及2025年上半年，公司净利润已连续三年半亏损，合计亏损金额达73.13亿元。 财务资助已2次展期 9月26日晚间，深康佳A发布关于对参股公司提供股东借款逾期的公告。公司一笔1.96亿元借款恐"打水 漂"。 根据公告，莞康宇宏为深康佳A的参股公司，由深康佳A持股49%，深圳市宇宏荣基投资有限公司（以 下简称"宇宏荣基"）持股51% ...

行 华福证券 投资要点： 始祖鸟/萨洛蒙 8 月天猫平台同比翻倍 行 业 定 期 报 告 7-8 月运动电商平台分化，户外天猫抖音平台保持高增。据久谦 数据，2025 年 7-8 月三大平台运动服饰大盘表现分化，8 月天猫/京东 /抖音分别同比+13%/-11%/+1%，天猫表现较 Q2 显著改善。户外服饰 在天猫、抖音平台延续高增趋势，其中 8 月天猫/京东/抖音分别同比 +50%/-20%/+18%。 行情数据 本周家电板块涨跌幅-0.8%，其中白电/黑电/小家电/厨电板块涨 跌幅分别-0.8%/-0.7%/-2.5%/-3.6%。原材料价格方面，LME 铜、LME 铝环比上周分别-1.46%、-1.04%。 本周纺织服装板块涨跌幅-2.59%，其中纺织制造涨跌幅-1.75%， 服装家纺涨跌幅-2.89%。本周 328 级棉现货 15043 元/吨（-1.57%）， 美棉CotlookA77.7美分/磅（-0.89%），内外棉价差891元/吨（-15.86%）。 投资建议 政策支持下内需有望迎来复苏，建议关注以下方向：1）大家电 预计继续受益以旧换新，建议关注美的集团、海尔智家、格力电器、 海信家电、TC ...

Group 1 - The core viewpoint of the articles highlights the upcoming promotional activities by Suning.com, which will start the Double Eleven shopping festival early, coinciding with the National Day and Mid-Autumn Festival, to stimulate consumer demand in the home appliance and home decoration sectors [2][3] - Suning.com will launch the "Home Appliance Universal Day" on September 30, marking the beginning of a 44-day promotional period that includes various discount events and special sales [2][3] - The company aims to address the evolving consumer demands for diversified, personalized, and high-quality home appliances, emphasizing features such as green technology, intelligence, and health [2][3] Group 2 - Suning.com is implementing a "Super Subsidy" plan in collaboration with brand factories, offering tiered subsidies of 10%-20% on essential, upgraded, and home decoration products to ensure long-term competitive pricing [3] - The company will focus on practical home appliances that are reliable and energy-efficient, promoting a "good quality at a reasonable price" experience for consumers [3] - Suning.com plans to enhance its product offerings in home decoration scenarios, including central air conditioning, water purification systems, built-in dishwashers, and smart locks, to facilitate a one-stop home setup for consumers [3] Group 3 - The home appliance industry is shifting towards a stock market, with an accelerated trend in scenario-based sales [4] - Suning.com is set to open and upgrade new stores in Shanghai, with a focus on creating the largest 3C, home, and appliance super experience center in the city, enhancing the overall consumer experience [4]

Core Insights - The upcoming National Day and Mid-Autumn Festival are expected to drive a surge in demand for home appliances and home decoration, leading to increased consumer spending [1] - Suning.com has announced an early start to its Double Eleven shopping festival, launching promotions from September 30, allowing consumers to enjoy discounts ahead of time [1][2] - The company aims to integrate new features and experiences into home appliances, responding to consumer demands for green, smart, and healthy products [1][3] Group 1: Event and Promotion Details - Suning.com will kick off its Double Eleven campaign with a "Home Appliance Benefit Day" starting September 30, lasting for 44 days, including various promotional phases [2] - The "Flash Sale 48 Hours" event will feature 100,000 discounted home appliances, providing immediate benefits to consumers [2] - The promotion is designed to seamlessly connect the National Day holiday and Double Eleven shopping festival, allowing consumers to choose the best time for their purchases [2] Group 2: Product and Market Strategy - Suning.com is focusing on reliable, energy-efficient home appliances, promoting a "good quality at a fair price" experience [3] - The company is enhancing its offerings in smart home appliances and addressing industry pain points, aiming to make advanced products accessible to more households [3] - A new "True Benefit Product" section will be launched, featuring high-demand home appliances with increased subsidies, establishing a competitive pricing standard in the industry [3] Group 3: Brand Collaboration and Industry Impact - Major brands such as Haier, Midea, and TCL are collaborating with Suning.com to introduce new products and enhance consumer benefits through the "Super Subsidy" program [4] - The initiative is seen as a connector between high-quality products and consumers, promoting the penetration of innovative smart home appliances [4] - The program is expected to accelerate technological upgrades and product innovation within the industry, contributing to high-quality development [4]

Core Insights - The upcoming National Day and Mid-Autumn Festival are expected to boost consumer demand in the home appliance and home decoration sectors, leading to increased physical consumption [2] - Suning.com has announced that its Double 11 promotional activities will start early, beginning on September 30 with a "Home Appliance Benefit Day" [2] - The promotional campaign will last for 44 days, featuring various stages including a "9 days and 9 nights" subsidy season and a Double 11 carnival [2] Promotional Strategy - Suning.com will launch a "Flash Sale 48 Hours" event from September 30 to October 1, offering 100,000 discounted home appliances nationwide [2] - The "Super Subsidy" plan will be implemented in collaboration with brand factories, focusing on essential needs, upgrades, and home decoration, with subsidies ranging from 10% to 20% [2][3] - A "True Benefit Subsidy Product" section will be introduced, featuring high-frequency essential home appliances with increased subsidy levels [3] Product Offerings - The promotional offerings will include energy-efficient air conditioners, built-in dishwashers, and large-screen TVs at competitive prices [3] - Suning.com plans to launch over a hundred new and popular products during the Double 11 period, covering various categories such as washing machines, large TVs, and smart home appliances [3] Offline Experience - During the National Day holiday, Suning.com will open new stores, including six flagship Max stores, which will feature expanded product categories and interactive zones [3] - The stores will include areas for kitchen experiences, personal care, and member activities, enhancing the shopping experience [3] Consumer Engagement - Suning.com will host various experiential activities during Double 11, including gaming and cooking competitions, to create an immersive shopping experience [4] - The company aims to meet the evolving consumer demand for smart home appliances that integrate new functions and experiences [4]

Group 1 - The stock price of Deep Konka A fell by 2.01% on September 25, trading at 5.35 CNY per share with a total market capitalization of 12.883 billion CNY [1] - Year-to-date, Deep Konka A's stock has decreased by 3.08%, with a 3.95% drop over the last five trading days and a 10.23% decline over the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" five times this year, with the most recent appearance on April 15, where it recorded a net purchase of 123 million CNY [1] Group 2 - Deep Konka Co., Ltd. was established on October 1, 1980, and went public on March 27, 1992, primarily engaged in the production and sale of various electronic products [2] - The main business revenue breakdown includes: color TV business 42.78%, white goods business 39.93%, other businesses 10.43%, PCB business 5.01%, and semiconductor and storage chip business 1.86% [2] - As of June 30, 2025, the company reported a revenue of 5.248 billion CNY, a year-on-year decrease of 3.05%, and a net profit of -383 million CNY, a year-on-year increase of 64.75% [2] Group 3 - Since its listing, Deep Konka A has distributed a total of 2.557 billion CNY in dividends, with no dividends paid in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders include China Merchants Securities (Hong Kong) Co., Ltd., holding 19.3095 million shares, a decrease of 200,000 shares from the previous period [3] - Hong Kong Central Clearing Limited is the tenth largest circulating shareholder, holding 10.9024 million shares, an increase of 1.4358 million shares from the previous period [3]

Core Viewpoint - The stock of Deep Konka A has shown mixed performance in recent trading sessions, with a slight year-to-date decline and notable fluctuations over different time frames [2][3]. Stock Performance - As of September 24, Deep Konka A's stock price increased by 2.05% to 5.47 CNY per share, with a trading volume of 143 million CNY and a turnover rate of 1.67%, resulting in a total market capitalization of 13.171 billion CNY [1]. - Year-to-date, the stock has decreased by 0.91%, with a 1.26% drop over the last five trading days and a 7.13% decline over the last 20 days, while it has increased by 7.47% over the last 60 days [2]. Trading Activity - The stock has appeared on the "Dragon and Tiger List" five times this year, with the most recent instance on April 15, where it recorded a net purchase of 123 million CNY [2]. - The net outflow of main funds was 1.41 million CNY, with large orders accounting for 19.50% of purchases and 20.57% of sales [1]. Financial Performance - For the first half of 2025, Deep Konka A reported a revenue of 5.248 billion CNY, reflecting a year-on-year decrease of 3.05%, while the net profit attributable to shareholders was -383 million CNY, showing a significant year-on-year increase of 64.75% [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Deep Konka A was 151,800, a decrease of 9.90% from the previous period [3]. - The company has cumulatively distributed 2.557 billion CNY in dividends since its listing, with no dividends paid in the last three years [4]. Company Overview - Deep Konka A, established on October 1, 1980, and listed on March 27, 1992, is based in Shenzhen, Guangdong Province, and primarily engages in the production and sale of various electronic products, including televisions and communication devices [2]. - The company's main business revenue breakdown includes: 42.78% from color TV business, 39.93% from white goods, 10.43% from other businesses, 5.01% from PCB business, and 1.86% from semiconductor and storage chip business [2].