齐鲁晚报·齐鲁壹点记者 戚淑军 7月8日，在2025享界用户星享之夜上，享界品牌标识图形正式发布。享界体验官沈腾在舞台互动时的一 句"为什么先有车后有车标"引发了全场观众的好奇心，也精准戳中不少网友和用户的真实心声。面对这 一"难题"，华为常务董事、终端BG董事长余承东坦言：用户的呼声，一直记在心上，享界车标早有准 备。 这段看似随性的对话，却成了享界新车标上线后的"热度催化剂"。自新车标发布信息释出，各大社交平 台享界的讨论热度迅速上升，这也不乏享界车主的呼声："太需要了"、"求同款！"，字里行间满是对新 车标的期待。面对老朋友的热情，享界火速做出回应：为老车主送出享界品牌标识纪念品！用行动证明 宠粉无需预热，焕新不必等待。 回应来得又快又暖，老车主获赠专属"星"意 享界一发"标"，全网都热闹，究其原因，其实也不复杂：新标确实好看。享界STELATO凝聚了人们对 星河的万千想象，近3000圈细腻线条绽放出浑然天成的璀璨光芒。星标的每一笔线条，背后都深度融合 了华为30余年ICT技术积淀与北汽60余年的高端制造经验，所以不只是看上去高级，更是看得见的品牌 力量。 而享界这份送"标"的承诺，更是带着毫不掩饰的真 ...

行 业 及 产 业 家用电器 行 业 研 究 / 行 业 深 度 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 (8621)23297818× liujl@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 07 月 09 日 内销政策拉动延续，关税扰动出口 不改长期趋势 看好 ——家电行业 2025 年中报业绩前瞻 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 证 券 究 报 告 相关研究 - ⚫ 25 年 1-5 月空调内销增长、外销高增，地产+以旧换新政策催化白电、大厨电需求。根据产业在线 数据显示，2025 年 1-5 月空调行业实现累计产量 10154 万台，同比增长 8%；2025 年 1-5 月空调 行业实现销量 10349 万台，同比增长 9%，其中内销量同比增长 7%。冰箱 2025 年 1-5 月内销量同 比增长 1%；洗衣机 2025 年 1-5 月内销量同增长 10%。出口方面，20 ...

证券研究报告 | 行业策略报告 2025 年 06 月 27 日 ❑新消费暖风已至。618 期间，以扫地机、高端两轮车、割草机器人为代表的新 技术浪潮，涌现出石头科技、九号公司、科沃斯等代表公司，均发布相关战报， 取得靓丽成绩，其中九号两轮车全渠道销售同比增长 93%，石头扫地机器人份 额 33%位列第一，科沃斯双品牌全渠道成交额 32.5 亿元位列清洁榜单第一；厨 房小家电则在平台反内卷东风下，演绎业绩困境反转，其中小熊电器、北鼎股 份重点把握母婴、个护、养生新人群，拓展新的品类增长点；AI 硬件进入排浪 式增长阶段，以智能投影仪、按摩椅、AI 眼镜等终端产品为载体产业创新加速。 ❑国补暂停无虞，关注价格战出清压力。上半年国补资金 1 月/4 月分两批次分别 下发 810 亿元，其中 6 月份全国 16 个超支省市采取暂停或者限额抢券发放，主 要是平衡季度间国补资金分配节奏、保障全年国补活动的延续性，第三/四批国 补资金预计将于 7/10 月分两批次下发。竞争维度，根据奥维云网统计，小米空 调目前线上份额升至第三，冰洗份额升至第四，美的自 3 月份开始发起价格战， 安装卡 3-5 月增长持续加速，狙击小米产 ...

Core Viewpoint - The report from Guolian Minsheng Securities indicates that the home appliance industry is experiencing a positive shift in domestic demand, with a focus on the white goods sector, which is expected to benefit from improved pricing strategies and a favorable cost environment [1][2]. Group 1: Home Appliance Industry Overview - The home appliance sector has shown a slight increase of 0.1% from the beginning of the year to June 5, 2025, outperforming the CSI 300 index by 1.6 percentage points, ranking 17th among primary industries [1]. - The overall performance of the home appliance sector has historically shown a high success rate, with 16 out of the past 20 years outperforming the CSI 300 index during the same period [1]. Group 2: White Goods Sector - The white goods sector is expected to see improved domestic demand, with a lower base for shipments and a potential upward trend [2]. - The usage of funds for the old-for-new policy has accelerated in May, although the impact of elastic marginal reduction and funding constraints may be concentrated in Q4 2025 [2]. - Major players in the white goods sector have adopted aggressive online pricing strategies, leading to significant market share elasticity, while the cost environment has improved, suggesting minimal impact on profitability [2]. Group 3: Black Goods Sector - The overall demand for TVs has shown a weak recovery since 2025, with MiniLED backlight TVs becoming a key driver for domestic product upgrades [3]. - Domestic brands like TCL and Hisense have performed strongly, with Hisense rapidly increasing its market share in MiniLED backlight TVs [3]. - The profitability of leading brands is expected to improve due to product structure upgrades and stable panel prices, with an anticipated increase in industry concentration and ongoing technological advancements [3]. Group 4: Emerging Small Appliances - The demand for emerging small appliances, particularly robotic vacuum cleaners, has seen significant growth since 2025, driven by subsidies and product innovation [4]. - Competition in the domestic and international markets is expected to diverge, with companies like Roborock performing well domestically while facing challenges abroad [4]. Group 5: Kitchen Appliances - The kitchen small appliance sector is showing signs of stabilization after a prolonged adjustment, with domestic sales rebounding due to low bases, reduced competition, and new product launches [5]. - The demand for large kitchen appliances is gradually improving, but recovery is still dependent on the real estate market, transitioning from new home-driven demand to replacement-driven demand [5]. Group 6: Investment Recommendations - The report suggests a positive outlook for the home appliance industry, with a focus on high-quality, high-dividend leading companies such as Gree Electric Appliances, Midea Group, Haier Smart Home, and Hisense Home Appliances [6][7]. - It also highlights the potential of leading TV brands like Hisense Vision and TCL Electronics, as well as emerging consumer brands benefiting from promotional events [7].

2003年的深圳，空气中弥漫着电子元器件的金属气味与创业者的野心。 这一年，29岁的李波，一位从中南大学毕业、在深圳电子行业摸爬滚打六年的工程师，在租来的办公室里成立了华曦达，以数字电视机顶盒芯片设计叩响 了科技创业的大门。 没有人能料到，这家起步于数字电视机顶盒芯片设计的小公司，会在22年后以"全球最大Android TV终端供应商"的身份，定位为AI Home整体解决方案提 供商，在折戟北交所的阴影下，于2025年5月23日向港交所递交招股书，开启第三次IPO征程。 当港交所的招股书替换了北交所的问询函，李波的第三次IPO闯关，押注的不只是资本，更是一家硬件代工厂向AI生态的生死蜕变。 从硬件代工到全球Android TV龙头 从最初从事加密芯片开发销售，到转型成为全球最大的Android TV智能终端供应商，再到如今定位为AI Home整体解决方案提供商，华曦达的每一步都踩 在了技术发展的风口上。 李波在2003年的创业，选择直指当时电视数字化浪潮的核心痛点：信号安全。 2005年推出的加密芯片DM2016成为首款拳头产品，两年后又扩展至数字电视模组和电视棒，初步构建"芯片-模组-终端"产品链。 这一时 ...

转自：中国质量报 □ 熊纹玉 5月20日，《中华人民共和国民营经济促进法》正式施行，为民营经济发展锚定航向。在法治护航民营 经济发展的时代浪潮中，四川省成都市市场监管局以质量技术为画笔，在蓉城大地勾勒出政企协同、创 新驱动的民营经济发展新图景——从精准打通产业链质量堵点，到构建"一站式"服务生态，再到培育叫 响全国的"成都质量名片"，一系列务实举措激活民营经济"质"造引擎，推动成都民营经济在高质量发展 赛道上加速奔跑。 精准帮扶打通产业链堵点 四川特威宁工程技术有限公司（以下简称"特威宁"）是一家专注于合同能源管理（EMC）模式，主要 提供余热蒸汽回收综合利用及节能减排综合解决方案的提供商。2025年初，特威宁被认定为高新技术企 业，并与多家大型企业建立了合作关系，有效打开了市场局面。 然而，前两年，特威宁在推广"双碳减排废汽余热回收装置"全套解决方案时，因市场认知度不足遭遇困 境。"虽然我们有很好的技术，但是到哪里找到客户、如何让客户相信，这是大问题。"特威宁董事长刘 善超在接受采访时说。 四川天府新区市场监管局了解到该公司的情况后，主动服务，组织其参加四川天府新区质量发展论坛， 为其搭建与科研机构对接桥梁 ...

▲专题会议现场 4月30日，《中华人民共和国民营经济促进法》（以下简称"民营经济促进法"）正式通过，并于今日正式施行。这是国内第一部专门关于民营经济发展的基 础性法律，落实到地方，四川又该如何发力？ 5月19日，在民营经济促进法施行前夕，四川省人大常委会召开推动贯彻实施《中华人民共和国民营经济促进法》专题会议，省发展改革委、省经济合作 局、省法院、省市场监管局汇报过往成效以及未来布局。 一系列具体而详细的政策举措，激励了不少四川民营企业代表敢于闯、大胆干。信心，是他们在会上提到的最为频繁的关键词，成都人形机器人创新中心有 限公司希望未来能通过"技术突破+场景创新+资本赋能"三管齐下，助力四川打造世界级人形机器人产业集群；极米科技股份有限公司则认为，民营经济促 进法的正式颁布实施，将创造更加公平、公正、透明的市场竞争环境，激发民营企业创新活力和发展动力。 "一方面，我们将推动出台《四川省公平竞争审查办法》，以民营经济组织遭受歧视性待遇反映最为集中的政府采购、奖补、政企合作等领域为重点，进一 步细化公平竞争审查规则，充分保障民营经济组织公平参与竞争。"董若洁提到，另一方面，还将聚焦社会关注和群众关切的垄断和不正当 ...

Core Viewpoint - Sichuan Province has launched the "Tianfu Famous Products" initiative, promoting high-quality regional brands to enhance market recognition and quality standards [1][2]. Group 1: Brand Development - The "Tianfu Famous Products" brand is designed as a high-end regional public brand, focusing on innovation, quality, and social responsibility [1]. - A total of 31 products from 30 companies have received the "Tianfu Famous Products" brand authorization, covering various sectors including high-end manufacturing and quality agricultural products [2]. Group 2: Product List - The list of "Tianfu Famous Products" includes items such as: - 40-80MW high-parameter single-cylinder reheat cogeneration industrial steam turbine from Dongfang Electric Group [3] - Wuliangye liquor from Yibin Wuliangye Co., Ltd. [3] - OLED flexible display from Chengdu BOE Optoelectronics Technology Co., Ltd. [4] - Premium extra virgin olive oil from Sichuan Tianyuan Olive Co., Ltd. [4]

丨证券研究报告丨 公司研究丨点评报告丨极米科技（688696.SH） [Table_Title] 毛利率提升加费用率有效控制，业绩大幅增长 报告要点 [Table_Summary] 2025 年一季度公司实现营收 8.10 亿元，同比下滑 1.89%，实现归母净利润 6263.91 万元，同 比增长 337.45%，实现扣非归母净利润 5542.42 万元，同比增长 583.28%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 极米科技（688696.SH） cjzqdt11111 [Table_Title2] 毛利率提升加费用率有效控制，业绩大幅增长 公司发布 2025 年一季报：2025 年一季度公司实现营收 8.10 亿元，同比下滑 1.89%，实现归 母净利润 6263.91 万元，同比增长 337.45%，实现扣非归母净利润 5542.42 万元，同比增长 583.28%。 事件评论 风险提示 1、竞争加剧带来产品均价回落对公司营收和利润 ...

Core Viewpoint - Anker Innovations reported strong financial performance for 2024, with significant revenue and profit growth despite a slowing consumer electronics industry, highlighting its resilience and strategic focus on R&D and new business areas [2][4]. Financial Performance - The company achieved a total revenue of 24.71 billion yuan in 2024, representing a year-on-year increase of 41.14% [3][8]. - Net profit reached 2.11 billion yuan, up 30.93% from the previous year [3][8]. - In Q1 2025, revenue was 59.93 billion yuan, a 36.91% increase year-on-year, with net profit at 4.96 billion yuan, growing 59.57% [2]. R&D Investment - Anker Innovations significantly increased its R&D investment to 2.11 billion yuan in 2024, a 49.13% rise, marking a historical high [4]. - The R&D team expanded to 2,672 members, focusing on robotics, embodied intelligence, and energy storage [4]. Product Performance - Charging and energy storage products generated 12.67 billion yuan in revenue, accounting for 51.26% of total revenue, with a growth of 47.23% [6][8]. - Smart innovation products contributed 6.64 billion yuan, representing 25.64% of total revenue, with a year-on-year increase of 39.53% [6][8]. - Smart audio products achieved 5.69 billion yuan in revenue, up 32.84%, making up 23.04% of total revenue [6][8]. Sales Channels - Amazon remained the primary revenue channel, contributing 13.42 billion yuan, a 34.23% increase, accounting for 54.30% of total revenue [7]. - Other third-party platforms generated 1.68 billion yuan, growing 57.33%, while six independent sites collectively achieved 2.50 billion yuan, a 101.34% increase [7]. Market Dynamics - Anker Innovations demonstrated strong resilience in a challenging consumer electronics market, but faces increased competition and geopolitical uncertainties [2][4]. - The company is adapting to cost fluctuations and shifting production capacities while focusing on business innovation [2][4]. Strategic Focus - Anker Innovations is transitioning from a charging accessory company to a broader technology player, emphasizing energy storage, robotics, and AI [10]. - The company has initiated a strategic shift, closing or adjusting several product lines, including lawn mowers and electric bicycles, to streamline operations [10][11].