市值超300亿元的家电巨头海信家电，同时也是位购买信托理财的大户。 现在，它又开启了"买买买"模式，硬是在一年中花掉了2024年归母净利润近4倍的数额。 在2024年年底，曾担任海信家电财务负责人的高玉玲，正式出任公司董事长。在她掌握帅印的半年中， 海信家电延续了善于投资理财的"老传统"，并且出手更为大方。海信家电也在今年一季度实现了营收、 净利的双双上扬。 但这只是个开始。炎炎夏日中，已是存量市场的空调业搏杀更为激烈，海信家电在这位精通财务的"80 后"女掌门带领下，一边努力"赚钱"，一边也要拓展市场，来实现更高阶的突围。 01、豪掷124亿元，家电巨头买信托理财 海信家电买理财有多"豪横"？ 根据6月30日海信家电的公告，它的附属子公司在今年6月26日至6月30日期间，和西部信托签订了理财 协议，涉及的金额分别为5.87亿元、3亿元、3亿元、2.7亿元和4.13亿元，共计花了18.7亿元。 它认购的产品是西部信托"永宁1号"债券投资集合资金信托计划，属于固定收益类，风险评级为中低风 险。 这并不是海信家电第一次认购信托产品了。 就在6月26日，海信家电发布公告称，在2024年9月10日至2025年6月26 ...

Core Insights - The extreme heatwave in Europe has led to a surge in demand for Chinese air conditioners, which are now seen as essential for survival rather than luxury items [1][8] - European consumers are increasingly recognizing the superiority of Chinese air conditioning brands over local options, driven by efficiency, cost savings, and rapid installation services [7][10] Market Dynamics - Over 12.77 million Chinese air conditioners were imported into Europe in the first five months of 2025, marking a year-on-year increase of 31.5% [7] - Major Chinese brands like Haier and Midea have seen sales growth exceeding 30%, indicating a significant market penetration [7] Consumer Behavior - European consumers, previously resistant to air conditioning due to cultural perceptions, are now rapidly adopting Chinese brands as they realize their effectiveness and efficiency [3][10] - The shift in consumer sentiment is highlighted by media reports praising the performance and cost-effectiveness of Chinese air conditioners compared to local brands [7][10] Technological Advancements - Chinese air conditioning brands are introducing innovative products tailored to the European market, such as Midea's PortaSplit air conditioner, which requires no drilling for installation [5] - The use of environmentally friendly refrigerants and high energy efficiency ratings (EU A-grade) by brands like Gree is setting new standards in the industry [7][10] Future Outlook - The ongoing climate crisis is expected to increase the demand for air conditioning in Europe, solidifying its status as a necessity [8] - Chinese air conditioning manufacturers are positioned to lead in the global green cooling industry, leveraging their technological advancements to meet new environmental regulations [10]

海信素以技术创新在电视领域独树一帜。2025年，其独创的 RGB-MiniLED技术成为电视画质的革命性突破。该技术通过精细调控，让电视色彩呈现精准无 误，画面鲜艳夺目，动态画面流畅顺滑，色彩还原度极高。以往传统电视常见的色彩偏差问题，在海信RGB-MiniLED技术面前迎刃而解。 近日，海信技术实验室亮相央视《超级生产线》。在 2025 年世俱杯的激情赛场上，海信作为官方合作伙伴，凭借前沿科技，为全球体育爱好者打造了一场 全方位的观赛与生活盛宴，展现出从传统家电制造商向智能生活引领者的华丽转身。 熬夜看球后，高质量睡眠至关重要。海信新风空调化身健康守护者，以双向流换新风技术和超静音设计，重新定义睡眠环境。它不仅能调节室内温度，更能 有效改善空气质量，将清新空气引入室内，排出污浊空气，减少空气中的有害物质。超静音运行模式，让用户在安静舒适的环境中安然入睡，提升深度睡眠 时间，为熬夜看球的球迷们补充精力，守护身体健康。 新鲜的食材让食物更加美味，也意味着不需要在这个炎热的夏天频繁出去采买。海信真空冰箱展现出卓越的创新能力。传统冰箱主要依靠冷冻和冷藏延长食 材保存期，而海信真空冰箱采用真空磁场保鲜技术，有效隔离外 ...

Group 1 - The "Consumption Season" event in Yantai, Shandong, launched on July 1, featuring a large-scale drone show and a consumption exhibition called "Five Colors of Mountain and Sea" [2] - The consumption exhibition attracted 46,000 visitors on the first day, generating total sales of approximately 173,000 yuan [2] - Local seafood, particularly salmon from Yantai's Changdao area, received positive feedback for its freshness and quality, leading to significant sales during the event [2] Group 2 - The DaDe Wine Culture Museum showcased locally produced fruit wines, which were popular among attendees, selling 500-600 bottles daily [3] - The exhibition featured a "Renewal" section for home appliances, promoting energy-efficient products with substantial discounts through government and manufacturer subsidies [5] - The event included a collaboration with Wushan, offering traditional dishes like Wushan grilled fish, enhancing cultural exchange and local culinary experiences [5] Group 3 - The consumption exhibition will run until July 6, featuring various activities such as parades, flash mobs, electronic music parties, and family-friendly experiences [6]

6月26日，珠海格力电器股份有限公司（以下简称"格力电器"）董明珠健康家石家庄店正式开业，这是 格力电器全国第5家由传统专卖店升级更名的新业态门店。 据悉，截至今年5月份，董明珠健康家全国门店数量已经超过600家。探索智能化零售模式和门店转型已 经成为家电企业的主流"操作"。"渠道转型背后是家电业态变革的提速。在消费需求分层、线上渠道挤 压的背景下，家电企业正通过场景化、体验化、IP化的业态重构，探索线下渠道的新价值。"海豚智库 创始人、电商天使投资人李成东对记者表示。 当日，谈及董明珠健康家的建设进度，格力电器董事长董明珠表示，门店战略升级不仅是专卖店铺形象 焕新，更是为生态企业打造的增长引擎。这一模式是对传统家电门店的颠覆性升级，也是格力从"家电 产品制造商"向"健康生活服务商"转型的关键一步。 当下，家电企业的门店转型形成多条差异化路径，品类扩充、运用AI实现全场景互联成为企业门店升 级的主要方向。 华为全屋智能授权体验店以鸿蒙智家打造全场景门店；海信璀璨生活馆则融入咖啡吧、影音区，打 造"家电+生活方式"混合业态。 另外，家电品牌还在加速渠道下沉，部分品牌推出"轻量化"社区店，在县级市场布局"智家小镇 ...

从长远看，以旧换新政策的意义不止于刺激短期消费。在构建新发展格局的背景下，这既是畅通国内大 循环的重要环节，也是推动绿色低碳发展的有力抓手。通过淘汰老旧产品、推广节能新品，以旧换新政 策正同步实现"惠民生""促消费""稳增长"的多重目标。随着政策体系的进一步完善、服务体验的持续提 升，以旧换新将释放更大效能，为中国经济高质量发展注入更多活力。 《 人民日报 》（ 2025年06月25日 19 版） (责编：赵欣悦、袁勃) 关注公众号：人民网财经 以旧换新的深层价值，更在于其对消费结构优化的引领作用。从市场表现看，政策加速推动消费 向"新"向"质"发展，今年一季度手机市场中，2000—6000元中高端机型在购新补贴中的占比达 76%；"618"期间，新风空调、嵌入式家电、百寸大屏电视等高端智能产品成为"销量担当"，扫地机器 人、微蒸烤一体机等品质家电增速显著。汽车市场同样呈现品质化趋势，中汽数据和懂车帝的一份调研 显示，超半数置换用户倾向选购20万—50万元中高档车型，B级车市场单月占比从2024年的不足40%提 升至42%以上。需求端的增长向供给端传导，有力带动了相关行业加快创新升级。这表明，以旧换新不 仅是 ...

Group 1 - High temperatures in regions such as Beijing, Tianjin, and Hebei have led to a surge in air conditioning sales, with Su Ning reporting year-on-year sales growth of 68%, 83%, and 65% respectively since June 20 [2] - The "618" promotion period saw significant increases in air conditioning orders, with AI energy-saving and fresh air air conditioners experiencing over 500% growth, and central air conditioning sales up over 220% [3] - Domestic air conditioning retail sales in May grew by 30.4% online and 27.1% offline, driven by the "618" promotion and the old-for-new policy [3] Group 2 - The second quarter is expected to see domestic air conditioning sales reach 39.94 million units, a year-on-year increase of 15.8% [3] - The old-for-new subsidy program has 138 billion yuan available for the second half of the year, with funds to be distributed in July and October [4] - Analysts predict that the stimulating effects of the subsidy program will gradually weaken over the next two years, with a projected 30% increase in the recycling of old household appliances by 2027 compared to 2023 [4] Group 3 - The market may experience a slowdown in July due to demand front-loading and the potential pause or limitation of subsidy funds, leading to a temporary decrease in market demand [3][4] - Air conditioning companies are advised to manage inventory risks and explore opportunities in rural markets in response to market fluctuations [4]

Core Insights - The 618 home appliance market is experiencing significant growth driven by national subsidies and promotional discounts, with JD.com leading the market with a 51% share of total sales since May 30, achieving over 50% sales growth [1][3][18] - Consumer preferences are shifting towards green, smart, and health-oriented appliances, indicating a trend from simply upgrading to enhancing quality [7][18] Market Performance - JD.com maintains a strong position in the home appliance sector, with 59.5% of consumers stating they purchase over 90% of their appliances from JD.com, and 21.7% purchasing over 80% [6][16] - The most popular categories during the 618 event include air conditioners, personal care appliances, and kitchen small appliances, with air conditioners being the top choice at 51.2% [2][3] Consumer Behavior - A significant portion of consumers (52.7%) budget between 3000-10000 yuan for major appliances, while 47.8% budget between 300-1500 yuan for small appliances [5] - The decision-making process is increasingly rational, with 52.8% prioritizing product quality and 49.5% valuing efficient delivery services [5][18] Trends in Product Preferences - Consumers are increasingly opting for energy-efficient and smart appliances, with 48.3% purchasing energy-saving products and 33.6% choosing smart devices [7][9] - In the television segment, 48.4% of consumers seek high-quality displays, while 39.8% prioritize energy efficiency [9] Impact of National Subsidies - The combination of promotional discounts and national subsidies has made high-end appliances more accessible, with 38.7% of consumers using subsidies for planned upgrades and 45.0% being motivated to upgrade due to the attractive offers [13][15] - Consumers report significant savings when using subsidies, with 25.2% saving between 500-1000 yuan and 18.9% saving between 1000-2000 yuan [15] JD.com's Competitive Advantage - JD.com is favored for its comprehensive pre-sale and post-sale services, with 93.9% of consumers choosing it for subsidy purchases due to its service quality and product guarantees [16][18] - The platform's ability to meet consumer demands for quality, price, and service reinforces its leading position in the home appliance market [18]

文 | 闰然 统筹 | 苏玮 视觉 | 顾芗 最近，一场"老家电考古热"在社交媒体悄然兴起，不少人在社交平台上晒出自己家中珍藏的"老伙计"， 泛黄的冰箱、复古的收音机、笨重却耐用的洗衣机，这些带着岁月痕迹的物件，一经亮相便引发集体共 鸣。 上世纪90年代末的中国家电市场，上演着前所未有的消费革命，空调不再是挂在商店橱窗里可望而不可 即的 "奢侈品图腾"。 彼时，张先生购入了人生中第一台空调，在他的记忆里，"变频" 二字就代表着当时市场上最先进的技 术。而今，这台已经服役27年的海信空调，依然坚守岗位，强劲的冷风依旧"冻人"，外机历经风雨依然 光洁如新。 另一个故事的主角杨先生，在2005年斥资购入一台海信变频空调。此后三次搬家、家具全换，唯有它始 终悬在老位置。遥控器包浆发亮，外壳泛起琥珀色光晕，见证着婴儿的啼哭、少年的台灯，还有老人摇 椅上的蒲扇。这台"空调坚强"，早已成了家中最沉默却最长情的守护者。 空调市场的竞争比大家想象中更为激烈。 奥维云网监测数据显示，2025年第一季度空调降价明显，第一季度空调线上零售均价同比下滑1.9%，单 品价格下降幅度更是超过10%。 今年4月，占据线上空调零售总额54%的 ...

请介绍一下近期家电行业的整体情况，包括内销和外销的表现。 海信家电 20250605 摘要 空调市场竞争激烈，流量机型和性价比机型价格压力大。国补政策在东 部沿海地区使用较快，部分地区资金紧张但预计后续将到位，政策对消 费拉动效果显著。 外销方面，对美出口恢复正常，泰国工厂建设按计划进行，预计明年投 产。5 月下旬或 6 月外销订单环比三四月有望改善。 5 月空调安装卡增速为高个位数，新风空调增长超过 50%，收入占比内 销超 20%。克隆牌和海信牌流量机型积极拓展线上渠道。 海信家电采取 K 型价格策略，高端产品均价改善，流量机型降价促销。 国补政策执行中存在区域额度紧张和不规范行为，但总体对市场影响积 极。 企业应对国补政策采取经销商先垫资策略，可能推出套系购买优惠。预 计二季度国补效果显现，政府或需追加资金。 二季度中央空调市场偏弱，预计持平或微增。渠道库存约 90 天。精装 修板块承压，C 端和公建维持个位数增长，利润率预计稳定在 17%左右。 海外市场新兴市场增长预期较高，尤其是东盟地区。海外收入增速和利 润率改善确定性强，冰洗产品利润率有望提升 0.5 个百分点以上。 Q&A 近期家电行业内销在四 ...