华夏时报记者 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。 与往年国庆假期一样，家电卖场再度点燃金秋促销战。 记者走进当地一家名为桂苑家电的卖场，一进门就看到店员在架着手机直播带货，而他身后是堆满了各种各样礼 品的直播间背景。一名店员介绍道，卖场正在进行大促活动，消费者消费到一定数额能够获赠相应的礼品，比如 满15999元卖场会赠送一台微波炉，满39999元则送一台蒸烤一体机。 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 ...

LG 电子是印度洗衣机、冰箱、变频空调、微波炉等家电细分品类的领导者，并运营着同类企业中最大 的在印分销网络。一位 LG 电子印度高管表示，LG 正寻求将印度打造成其全球制造中心。 LG 电子印度分部此次将向市场供应 1.018 亿股的股票，发行价区间为每股 1080~1140 卢比（IT之家 注：现汇率约合 86.7 ~ 91.6 元人民币），募资规模为 1099.44~1160.52 亿卢比（现汇率约合 88.3 ~ 93.2 亿元人民币），对应估值为 7329.6~7736.8 亿卢比（现汇率约合 588.65 ~ 621.35 亿元人民币）。 IT之家 10 月 3 日消息，根据 LG 电子印度子公司 9 月 30 日提交的最终版招股说明书，这家韩国消费电 子巨头的南亚次大陆分支部门将于 10 月 7 日启动 IPO，出售 15% 的股权。 ...

文/《清华金融评论》 周茗一 2 0 2 5 年 以 来 ， 我 国 坚 持 将 恢 复 和 扩 大 消 费 置 于 宏 观 调 控 优 先 位 置 ， 财 政、货币、产业、就业等政策协同发力。商务部等 9 部门 9 月 1 6 日 对 外发布《关于扩大服务消费的若干政策措施》提出五方面 1 9 条举措，优 化服务消费统计方法。加快推进分地区服务零售额测算工作，客观反映分 地区服务消费发展情况。创新统计监测方法，鼓励有条件的地方利用大数 据等信息技术手段开展服务消费监测分析。 我国坚持恢复经济和扩大消费 部委层面，国家发展改革委、财政部、商务部、工业和信息化部联合发布配套细则，将家电补贴品类由 8 类扩展至 12 类，新增净水器、洗碗机、 微波炉、电饭煲等；首次将手机、平板等数码产品纳入补贴目录，单件补贴限额 500 元，并要求电商平台同步开设政府补贴专区，实现线上立减、 线下直补同质同效。 地方层面，各省（区、市）在国家标准基础上叠加安排预算，形成"中央+地方+企业"组合包。汽车报废更新 ：中央资金最高补贴 2万元/辆 （新能 源）或 1.5万元/辆 （2.0 L及以下燃油车），部分省市再叠加地方补贴、车企 ...

Group 1 - The central government, represented by Wang Huning, presented commemorative gifts to the Xinjiang Uyghur Autonomous Region, including a plaque inscribed with Xi Jinping's message and a "Chinese Unity Respect" statue, symbolizing the government's deep concern and expectations for Xinjiang [1] - The gifts, totaling 11 items, were chosen to meet practical needs while also serving commemorative purposes, including items such as titanium alloy thermos cups, enamel teapots, and medical devices like electrocardiograms and blood pressure monitors [1] - The presentation of these gifts is seen as a commitment from the central government to enhance unity among the diverse ethnic groups in Xinjiang and to support their shared goal of modernization [1]

人民财讯9月10日电，9月10日，通威股份（600438）董事长、CEO刘舒琪率队到访美的，实地参观了美 的微波炉灯塔工厂、美的库卡智能制造科技园、美的总部展厅等。参访过程中，双方围绕财经体系运作 模式、供应链管理、数字化转型、AI技术应用、企业管理等话题展开深入交流与探讨。此前，美的集 团（000333）与通威股份签订了战略合作协议，双方在光伏行业数字化、机器人及物流自动化、智慧楼 宇、物流服务等领域展开全面深度合作。 ...

Core Viewpoint - The implementation of several important national standards related to artificial intelligence, cybersecurity, smart home appliances, electric bicycles, and furniture will support the healthy development of emerging industries, promote energy conservation and emission reduction, create a favorable consumer environment, and ensure the safety of people's lives and property [1] Group 1: Artificial Intelligence and Cybersecurity Standards - The mandatory national standard "Methods for Identifying AI-Generated Synthetic Content" (GB45438—2025) aims to prevent security risks associated with AI-generated content and enhance the safety level of the AI industry [2] - The recommended national standard "Criteria for Network Attacks and Incident Determination" (GB/T37027—2025) provides guidelines for monitoring and analyzing network attacks, contributing to improved cybersecurity [2] Group 2: Electric Bicycle and Kitchen Appliance Standards - The mandatory national standard "Safety Technical Specifications for Electric Bicycles" (GB17761—2024) sets technical requirements for electric bicycles, enhancing product safety and promoting fair competition in the industry [3] - The mandatory national standard "Energy Efficiency Limits and Levels for Kitchen Appliances" (GB21456—2024) establishes energy efficiency levels for kitchen appliances, encouraging advanced products and promoting green consumption [3] - The mandatory national standard "Energy Efficiency Limits and Levels for High Voltage Three-Phase Asynchronous Motors" (GB30254—2024) aims to improve energy-saving technology in motor manufacturing [3] Group 3: Smart Home Appliances and Furniture Standards - The recommended national standard "Voice Interaction Technology for Smart Home Appliances Part 1: General Requirements" (GB/T45354.1—2025) aims to enhance the convenience and safety of voice interaction in smart home appliances [4] - The mandatory national standard "Flame Retardant Performance Safety Technical Specifications for Furniture" (GB17927—2024) sets requirements for the flame retardant performance of soft furniture, improving product quality and market order [5] Group 4: Drug Testing Standards - The mandatory national standard "Threshold Values and Testing for Drug Content in Vehicle Drivers" (GB45248—2025) establishes testing methods for 11 types of drugs, providing technical support for combating drug-related driving offenses [6][7]

Core Insights - The article emphasizes the simplicity of calculating electricity costs by understanding power and time, which helps identify energy-consuming appliances [1][2][4] Group 1: Understanding Power and Electricity Costs - The concept of power is introduced, with an example of an oven having a power rating of 3 kW, indicating its energy consumption [1] - A formula for calculating electricity consumption is provided: Power (kW) × Time (hours) = Consumption (kWh) [1] - The cost of electricity is calculated based on a rate of 0.6 yuan per kWh, demonstrating that using the oven for one hour costs approximately 1.8 yuan [2] Group 2: Practical Examples of Electricity Consumption - The article provides practical calculations for various appliances, such as a heater with the same power rating of 3 kW, costing 3.6 yuan for two hours of use [4] - An old kettle with a power rating of 1500 watts (1.5 kW) consumes 0.5 kWh for boiling water, costing about 0.3 yuan [4] - Other appliances are analyzed, showing that a refrigerator consumes 1 kWh over 10 hours and a heater consumes 2 kWh in one hour, highlighting the importance of energy efficiency [6] Group 3: Energy Efficiency and Savings - The article suggests that newer energy-efficient appliances can save up to 10% of electricity compared to older models, promoting long-term savings [4] - A reminder is given to unplug unused appliances to avoid standby power consumption, which can accumulate over time [6] - The overall message encourages families to estimate electricity usage before operating appliances, leading to cost savings and a greener lifestyle [6]

Investment Rating - The report maintains a "Buy" rating for the company [3][35]. Core Views - The company is expected to benefit from an increase in demand for kitchen appliances, particularly due to government subsidies and a shift towards renovation and replacement needs in the housing market [6][25][26]. - The company holds a leading position in the kitchen appliance market, with significant market shares in both offline and online retail channels [7][8]. - The financial outlook shows a gradual recovery in revenue and profit margins, with projected earnings per share (EPS) increasing from 1.67 yuan in 2024 to 1.97 yuan in 2027 [36][35]. Financial Performance Summary - **Revenue Forecast**: - 2024A: 11,213 million yuan - 2025E: 11,578 million yuan - 2026E: 12,113 million yuan - 2027E: 12,702 million yuan - Revenue growth rates are projected to be modest, ranging from 0.1% in 2024 to 4.9% in 2027 [36]. - **Net Profit Forecast**: - 2024A: 1,577 million yuan - 2025E: 1,607 million yuan - 2026E: 1,740 million yuan - 2027E: 1,861 million yuan - The net profit growth rate is expected to recover from a decline of -9.0% in 2024 to a growth of 6.9% in 2027 [36]. - **Earnings Per Share (EPS)**: - 2024A: 1.67 yuan - 2025E: 1.70 yuan - 2026E: 1.84 yuan - 2027E: 1.97 yuan - Corresponding price-to-earnings (PE) ratios are projected to decrease from 11.86 in 2024 to 10.05 in 2027 [36]. Market Position and Trends - The company has maintained its leading market share in the kitchen appliance sector, with offline retail market shares of 31.2% for range hoods and 31.4% for gas stoves in the first half of 2025 [6][7]. - The overall kitchen appliance market is showing signs of recovery, driven by government subsidies and a shift in consumer demand towards more affordable products [25][26]. - The company is adapting to market changes by introducing new product lines to meet the rising demand for cost-effective kitchen appliances [6][25].

Core Insights - The report by Zhiyan Consulting highlights a decline in China's microwave oven exports, with a total of 5.82 million units exported in June 2025, representing a year-on-year decrease of 9.5% [1] - The export value for the same period was $280 million, which also reflects a year-on-year decline of 8.7% [1] Industry Overview - The data is sourced from Chinese customs, indicating a significant downturn in the microwave oven export market [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1]

Core Viewpoint - Supor's 2025 semi-annual performance report shows a slight increase in revenue but a minor decrease in net profit, reflecting the challenges in the small home appliance market and the impact of new subsidy policies on consumer demand [1][2][3]. Group 1: Company Performance - Supor reported an operating income of approximately 11.478 billion yuan, a year-on-year increase of 4.68% [1]. - The net profit attributable to shareholders was about 940 million yuan, a slight decrease of 0.07% year-on-year, with basic earnings per share at 1.18 yuan, down 0.08% [1]. - From 2020 to 2024, Supor's operating income fluctuated, with figures of 18.597 billion yuan, 21.585 billion yuan, 20.171 billion yuan, 21.304 billion yuan, and 22.427 billion yuan, showing year-on-year changes of -6.33%, 16.07%, -6.55%, 5.62%, and 5.27% respectively [1]. Group 2: Market Trends - Since 2022, the small home appliance market has faced significant challenges due to declining consumer purchasing power, but signs of recovery have emerged in 2023 as the economy rebounds [2]. - The expansion of national subsidy policies in 2025 to include kitchen appliances like rice cookers and microwaves is expected to benefit leading small appliance companies [2]. - The first quarter of 2025 saw a 2.1% year-on-year increase in the overall home appliance market (excluding 3C), with kitchen small appliances achieving a retail revenue of 16.2 billion yuan, up 2.5% year-on-year [2]. Group 3: Product Pricing and Sales - In May 2023, the average prices of various kitchen small appliances increased significantly, with rice cookers up 20.74% and steamers up 37.42% year-on-year [3]. - Supor's domestic sales remained stable due to continuous innovation and strong channel advantages, while export orders also saw growth [3]. - The slight decline in net profit was attributed to the impact of export business and lower investment income due to declining interest rates, prompting the company to enhance resource allocation in core categories and optimize product structure [3]. Group 4: Financial Position - Supor reported a decrease in total assets and equity attributable to shareholders by 12.37% and 20.33% respectively, primarily due to the implementation of the 2024 profit distribution plan [4].