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2009年家电行业面临30年来最严峻考验,需求低迷,行业游戏规则正发生本质改变,行业迈向“剩者为王”时代,虽然幸存的“王者”将能分享更多竞争格局稳定后行业需求的爆发性增长,但在这过程中,行业整合加速,波动加剧,行业中所有企业都面临大考,尤其是那些在2007年行业景气高点加速扩张的企业。在这转折过程中,虽然品牌、渠道、规模仍是决定家电行业长期发展的关键,但家电行业发展模式正发生本质改变,我们看待行业和选择投资策略的思路也应随之转变。
The appliance industry is facing the most severe test in 30 years in 2009 with sluggish demand and changes in the industry’s game rules. The industry is moving toward an era in which the survivors will share more competitive landscapes However, in the process, industry consolidation accelerates and the volatility aggravates. All enterprises in the industry face the final exams, especially those enterprises that accelerated the expansion of their business sentiment in 2007. In this turning point, although the brand, channel, and scale are still the key factors that determine the long-term development of the home appliance industry, the development mode of the home appliance industry is undergoing fundamental changes. Our thinking on the industry and the strategy for selecting investment should also change accordingly.