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“好房子”为厨电行业发展提供新契机
Zhong Guo Jing Ji Wang· 2025-08-26 05:07
奥维云网数据显示,2025年上半年,油烟机、燃气灶、消毒柜、洗碗机、嵌入式微蒸烤、厨房小家电零 售额分别同比增长11.8%、10.1%、3%、7.5%、5.3%、9.3%,集成灶零售额同比下滑27.6%。 在以旧换新政策助力下,厨卫结构化升级态势明显。京东家电家居数据显示,今年618期间,油烟机、 燃气灶等中高端产品增长显著。用户聚焦健康、节能与超龄换新,关注油烟健康、水质洁净等痛点,同 时年轻群体追求颜值、情绪价值与轻量化产品,推动厨电向场景化、个性化跃迁。 近日,由中国家电网主办的"2025中国厨电行业高峰论坛"在长春召开。中国家用电器协会秘书长王雷表 示,"好房子"的落地实施,为厨电行业提供了很好的发展契机。厨房作为家庭生活核心场景,当下的定 位和功能正发生深刻的变化,用户对厨房空间的优化升级需求也很迫切,尤其是一些旧房改造的用户, 在改造时往往将厨房作为首选。 为进一步提供"以人为本"的美好家居、美好厨房的解决方案,中国家电网联合好住房云研究院、中国建 筑科学研究院有限公司联合推出《2025中国好房子好厨电好生活7大趋势》。该报告从"可变式成长空 间、全龄友好安全系统、多感官舒适系统化、厨房新社交场景 ...
家电行业2025年8月投资策略:白电淡季排产有所承压,美国家电门店出现加库存迹象
Guoxin Securities· 2025-08-04 09:57
Core Viewpoints and Investment Recommendations - The report maintains an "Outperform" rating for the home appliance sector, indicating a positive outlook for the industry [7] - The report highlights the expected stable growth in domestic demand driven by the "old-for-new" policy, while external sales may face challenges due to U.S. tariff policies [15][17] - Key recommended companies include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances, with a focus on those with strong overseas growth potential and efficient operations [14][15][17] Monthly Research Tracking and Investment Insights - In August, the white goods production volume decreased by 5% year-on-year, with domestic sales experiencing a slowdown due to the seasonal demand drop and adverse weather conditions [20][21] - The report notes that in June, domestic sales of major home appliances showed robust growth, with air conditioners, refrigerators, and range hoods achieving over 10% growth [27][29] - U.S. retail sales of home appliances grew by 0.7% year-on-year in June, with inventory levels rising, indicating a stable demand despite tariff impacts [30][33] Key Data Tracking - The home appliance sector experienced a relative decline of 2.90% in July compared to the Shanghai Composite Index, which rose by 3.54% [35][37] - In July, the prices of copper and aluminum decreased by 1.9% and 0.4% respectively, while cold-rolled steel prices increased by 15.8% [38][40] - Shipping indices showed a significant decline in rates for routes to the U.S. West and East coasts, while European routes saw a slight increase [48][49] Key Company Announcements and Industry Dynamics - The report indicates that the home appliance market in China saw significant growth in H1 2025, particularly in the cleaning appliance segment, which grew by 30% year-on-year [52] - The kitchen appliance market is expected to show resilience, with stable performance from leading companies like Robam Appliances, which is focusing on expanding its product categories [15][52] - The report also highlights the ongoing adjustments in the home appliance sector, with companies like Ecovacs and Roborock showing strong overseas growth and product diversification [18][19]
“自己搭台、别人唱戏”的启示(评论员观察)
Ren Min Ri Bao· 2025-08-03 22:04
Group 1 - The core idea emphasizes the importance of collaboration among companies in the supply chain to create a win-win situation, moving from competition to cooperation [1][2] - Companies are increasingly showcasing their entire supply chain ecosystem at exhibitions, highlighting partnerships rather than just individual products [1] - The integration of advanced technologies, such as interactive aerial imaging in household appliances, demonstrates how collaboration can drive innovation and transformation in traditional industries [1] Group 2 - The concept of "doing addition" through collaboration allows companies to advance towards higher value in the industry chain, ultimately benefiting consumers with better products and services [2] - The "factory within a factory" model introduced by companies like Seres Group exemplifies localized production and supply chain synergy [2] - The global perspective on supply chains emphasizes the need for cooperation across different economies, highlighting the shared responsibility of companies to create a "win-win chain" [2][3] Group 3 - China's commitment to open cooperation is reflected in its international initiatives, which aim to foster interconnectedness and mutual development among nations [3] - The integration of global supply chains, such as the transport of high-quality Peruvian avocados to China, illustrates the deep economic interdependence that transcends borders [3] - The ongoing trend of economic integration and China's open-door policy will continue to strengthen the interconnectedness of global economies [3]
国内厨卫电器市场表现亮眼 全年零售额预计达2100亿元
Group 1 - The domestic kitchen and bathroom appliance market has shown strong performance in the first five months of 2025, with retail sales reaching 77.4 billion yuan, a year-on-year increase of 9% [1][2] - The retail sales of the water heater market reached 21.04 billion yuan, with a year-on-year growth of 5.8% [1][2] - The overall market is expected to reach 210 billion yuan in retail sales for the year, with a year-on-year growth rate of 6.0% [1] Group 2 - The China RoHS regulations have been upgraded to include additional phthalates, increasing the restricted substances from 6 to 10, aligning with EU standards [2] - The testing methods for the restricted substances have been updated to match international IEC standards [2] - The conference recognized brands that have passed the "CHCT voluntary certification" and highlighted leading products and brands in the kitchen and bathroom appliance industry [2]
家电行业周报(25年第29周):6月家电社零增长超30%,家电出口额续降8%-20250722
Guoxin Securities· 2025-07-22 11:21
Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [3][4][10] Core Views - The home appliance retail sales in June showed a strong growth trend, exceeding 30% year-on-year, driven by high temperatures boosting air conditioning demand [1][15] - The export value of home appliances continued to decline by 8% in June, with washing machines and vacuum cleaners showing good growth [1][40] - The ongoing high temperatures in northern China are expected to further stimulate air conditioning demand [1][52] Summary by Sections 1. Market Performance - In June, the retail sales of home appliances grew by 32.4% year-on-year, significantly outperforming the overall retail sales growth of 4.8% [1][16] - Major categories such as air conditioners, washing machines, and small kitchen appliances showed positive retail performance, with air conditioner online and offline sales increasing by 20.8% and 37.5% respectively [1][16] 2. Export Performance - The export value of home appliances decreased by 7.8% year-on-year in June, with significant declines in air conditioners (23.5%), refrigerators (9.1%), and televisions (16.2%) [1][40] - In contrast, washing machines and vacuum cleaners saw export growth of 10.4% and 12.8% respectively, indicating resilience in these segments [1][40] 3. Temperature Impact on Demand - The average maximum temperature in major cities in China reached 32.1°C from July 1 to 20, which is 1.0°C higher than the same period in previous years, creating favorable conditions for air conditioning sales [1][52] - The penetration rate of air conditioners in northern regions remains low compared to the national average, suggesting significant growth potential as demand increases due to high temperatures [1][52] 4. Key Company Recommendations - Recommended companies include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances for white goods; Boss Electric for kitchen appliances; and Bear Electric, Roborock, and Ecovacs for small appliances [2][10][12]
2025年6月厨电品类零售数据点评:25H1以旧换新效果显著,传统品类高增,新兴回暖
Investment Rating - The report gives an "Overweight" rating for the home appliance industry, indicating an expectation for the industry to outperform the overall market [3][12]. Core Insights - The "old-for-new" policy has significantly stimulated the home appliance market, with an expanded subsidy range leading to notable demand increases across various categories [3]. - In the first half of 2025, major kitchen appliance categories such as range hoods and gas stoves experienced double-digit growth, while dishwashers showed signs of recovery [3]. - The report highlights specific companies within the kitchen appliance sector, recommending Midea Group, Gree Electric, and Vatti Corporation due to their strong market positions [3]. Summary by Sections Old-for-New Policy Impact - The 2024 "old-for-new" policy has expanded to include eight categories, significantly boosting demand, with range hoods achieving retail sales of 36.2 billion yuan, a 14.9% year-on-year increase [3]. - The government plans to allocate 300 billion yuan in special bonds to support the "old-for-new" initiative, enhancing market activation [3]. Sales Performance - In H1 2025, range hoods sold 778,000 units, up 36% year-on-year, with sales revenue reaching 3.48 billion yuan, a 44% increase [3]. - Gas stoves saw sales of 768,000 units, a 25% increase, with revenue of 1.76 billion yuan, up 41% [3]. - Dishwashers, newly included in the subsidy list, showed a recovery with offline sales of 180,000 units, a 28% increase, and online sales of 602,000 units, a 9% increase [3]. Investment Recommendations - The report suggests focusing on companies with solid positions in traditional categories, specifically recommending Boss Electric, Vatti Corporation, and Wanhe Electric for their leading market shares in water heaters [3].
《2025/7/14-2025/7/18》家电周报:新一轮以旧换新国补资金本月有望到位,美的深化全球体育营销布局-20250719
Investment Rating - The report maintains a positive outlook on the home appliance sector, indicating a "Buy" rating for key companies in the industry [3][4]. Core Insights - The home appliance sector outperformed the CSI 300 index, with the Shenwan home appliance index rising by 1.9% compared to a 1.1% increase in the CSI 300 index [3][4]. - The issuance of 123 billion yuan in ultra-long-term special bonds is expected to support the "old-for-new" consumption policy, with a total of 300 billion yuan allocated for this initiative [9][62]. - Midea Group has become the official sponsor of the 2025 Africa Cup of Nations, indicating a strategic investment in the African market, which is seen as having strong consumer potential [10][11]. Summary by Sections 1. Market Performance - The home appliance sector has shown resilience, with key companies like Yitian Smart (up 25.0%), Ecovacs (up 20.9%), and Roborock (up 9.7%) leading the gains, while Huaxiang Co. (-4.8%) and Hisense Visual (-2.4%) faced declines [3][6]. 2. Industry Dynamics - The issuance of 123 billion yuan in ultra-long-term special bonds aims to bolster consumer spending through the "old-for-new" policy, with 3 billion yuan allocated for this purpose [9][62]. - Midea's partnership with the African Football Confederation marks a significant step in expanding its investment in Africa, with plans for new manufacturing facilities in Egypt [10][11]. 3. Data Observations - In June, the average retail price of white goods increased, with air conditioners seeing a 10.1% rise in retail volume and a 14.6% increase in retail value [28][30]. - The average price of refrigerators rose by 2.7% to 7,137 yuan, despite a 2.4% decline in retail volume [31][34]. - The kitchen appliance segment also saw growth, with range hoods and gas stoves experiencing retail volume increases of 18.4% and 9.9%, respectively [36][37]. 4. Economic Environment - As of July 18, 2025, the exchange rate of the US dollar against the Chinese yuan has decreased by 0.54% since the beginning of the year [39][40]. - The sales area of commercial housing in June 2025 increased by 11.84% year-on-year, indicating a recovery in the real estate market [41][42].
一把“老虎钳”拧紧文明之魂
Hang Zhou Ri Bao· 2025-07-16 03:14
Core Viewpoint - The article highlights the integration of corporate social responsibility and cultural values within the operations of Boss Group, showcasing its commitment to community welfare and employee respect through initiatives like the "Beautiful Kitchen Action" and "Warm Kitchen Plan" [1][4][5]. Group 1: Corporate Culture and Values - The "Tiger Pliers Spirit" represents a relentless pursuit of innovation and responsibility, which has been a driving force behind Boss Group's success since its inception in 1979 [2][5]. - The company emphasizes skill development and respect for talent, fostering a competitive environment that encourages employees to excel and innovate [2][3]. Group 2: Employee Welfare and Community Engagement - Boss Group has implemented a free shuttle service for employees to address commuting challenges, reflecting its commitment to employee welfare and a harmonious work environment [3]. - The "Beautiful Kitchen Action" has successfully renovated over 300 kitchens for low-income families, while the "Warm Kitchen Plan" has provided safe kitchen appliances to nearly 5,000 households, demonstrating the company's dedication to social responsibility [4]. Group 3: Future Vision and Commitment - The company aims to continue its cultural and social initiatives, believing that the construction of a civilized corporate environment is essential for sustainable development [5].
家电行业2025年中报前瞻:内升外降,高景气维稳
Guoxin Securities· 2025-07-15 07:41
Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [4] Core Views - The home appliance industry is experiencing internal growth while external sales are under pressure, with a stable outlook for the second quarter [4][13] - Domestic sales are benefiting from national subsidy policies, leading to positive retail and shipment growth, while external sales face challenges due to high base effects and tariff disruptions [13][14] - The overall performance of listed home appliance companies is expected to remain stable with revenue growth driven by structural upgrades and efficiency improvements [13] Summary by Sections White Goods - Domestic sales growth is accelerating, while external sales are declining due to high base effects and tariff disruptions [2][14] - In April and May, air conditioner shipments increased by 2.6% year-on-year, with domestic sales up 9.5% and external sales down 6.3% [2][14] - Revenue growth for white goods companies is expected to be around double digits, with profit margins showing slight improvement [2][22] Kitchen Appliances - Kitchen appliance demand is improving due to national subsidy policies, with online retail sales growth for range hoods and gas stoves between 10%-20% [2][38] - However, the real estate sector continues to exert pressure, particularly on integrated stove companies [38] - Traditional kitchen appliance companies are expected to see improved profit margins due to declining raw material prices [38] Black Goods - The black goods segment is experiencing structural upgrades, with television sales and revenue increasing by 9.7% and 14.5% respectively during the 618 shopping festival [3][49] - Panel prices have begun to decline, which is expected to improve profitability for black goods companies [49] Small Appliances - The small appliance sector is seeing a recovery in kitchen small appliances, with online retail sales for kitchen small appliances growing by 25% during the 618 period [4][57] - However, external sales are facing short-term pressure due to tariffs and overseas factory setups [57] - Companies like Roborock and Ecovacs are expected to see significant revenue growth, with Roborock projected to grow by 40% [72]
家电行业2025年中报业绩前瞻:内销政策拉动延续,关税扰动出口不改长期趋势
Investment Rating - The report maintains a "Positive" outlook on the home appliance industry for the mid-2025 performance forecast [3] Core Insights - The home appliance sector is expected to benefit from domestic sales policies and the "old-for-new" program, which is driving demand for major appliances and kitchen appliances [4][5] - The air conditioning industry saw a cumulative production of 101.54 million units from January to May 2025, representing an 8% year-on-year increase, while sales reached 103.49 million units, up 9% year-on-year [4][17] - The report identifies three main investment themes: 1. **White Goods**: The reversal of real estate policies and the "old-for-new" program are expected to catalyze growth in the white goods sector, which is characterized by low valuations, high dividends, and stable growth [5][6] 2. **Exports**: Companies like Ousheng Electric are recommended due to stable income growth driven by large customer orders, while Dechang shares are highlighted for their expanding automotive parts business [6] 3. **Core Components**: The report suggests that the demand for core components will exceed expectations due to the strong performance of white goods, recommending companies like Huaxiang and Shun'an Environment for their competitive advantages [6] Summary by Sections 1. Air Conditioning and Major Appliances - The air conditioning sector is experiencing high growth in exports, with a 11% year-on-year increase in external sales from January to May 2025 [4][17] - The "old-for-new" policy is expected to enhance the average price of white goods, with major companies like Midea and Gree projected to see revenue growth of 8% and 5% respectively in Q2 2025 [4][29] 2. Kitchen Appliances - The kitchen appliance market is recovering due to real estate policies and the "old-for-new" program, with online sales of range hoods and gas stoves increasing by 17.5% and 16.5% respectively [40] - Companies like Boss Appliances are maintaining strong market shares in the kitchen appliance sector, with expected revenue growth of 5% in Q2 2025 [41] 3. Small Appliances - The small appliance sector is benefiting from high growth in domestic sales and exports, with companies like Supor and Joyoung expected to see revenue increases of 5% and 120% respectively in Q2 2025 [4][41] - The "old-for-new" policy is set to include small appliances, which is anticipated to significantly boost sales [5][20] 4. New Displays and Lighting - The emerging display market is at a turning point, with companies like Hisense and Jimi Technology expected to see revenue growth of 5% in Q2 2025 [4][5] 5. Investment Highlights - The report emphasizes the potential for a rebound in the home appliance sector driven by favorable policies and market conditions, recommending a combination of leading companies such as Midea, Haier, and Gree for investment [5][6]