The HVAC aftermarket represents the market for spare parts, accessories, and components related to HVAC systems. The aftermarket also includes replacement, maintenance, and repair services. In terms of geographic segmentation, the Americas accounts for the highest revenue in the global market. This is because the region has a large HVAC installed base. In addition, there are regulatory reforms in the region that are modulating HVAC maintenance procedures and encouraging consumers to adopt energy-efficient and environment-friendly HVAC parts and components. The maintenance and repair service is in tandem with the demand for HVAC components and parts, as all equipment require continuous maintenance.

HVAC chillers help in cooling the commercial establishments. They use either a vapor compression or absorption cycle. Absorption, reciprocating, screw, scroll, and centrifugal are the different types of chillers. Vapor-compressor chillers use hydrochlorofluorocarbons (HCFC) or chlorofluorocarbons (CFC) as refrigerants, which is sent from a compressor to a condenser unit. This transfer allows the gas to condense into a liquid, which is then sent to a metering device. The warm gas is then sent back to the compressor to start the process over again, while the chilled water is used for cooling.

Gas turbines are majorly used in gas-fired power plants in which an internal combustion engine is placed, where the fuel is mixed with air and is ignited. The resultant high-temperature gas is directed toward a gas turbine through a nozzle, which results in the rotation of the turbine.

Hydraulic pumps are devices that are used to generate energy in different machines. The pump takes in a fluid and uses the force of the fluid to produce energy that is used to power machines while the fluid is released. In this manner, the mechanical energy of the fluid is converted to hydrostatic energy. The mechanical action of the pump creates a vacuum and lets the atmospheric pressure to force the liquid from the reservoir into the duct. After this pressure is created inside the system, the fluid is forced out of the system.

Heating, ventilation, and air conditioning (HVAC) services include installation, replacement, maintenance, and repair services. Installation services are the highest in APAC as the countries have recently adapted to HVAC equipment. Maintenance and repair service go in hand with the demand for HVAC equipment, as all equipment require continuous maintenance. Replacement services are seen to be the highest in the Americas because of innovation in models.

消费升级预期下，消费品行业从高端奶、白酒等中低单价产品向高单价产品渗透，家电也开始从小家电向高端大家电渗透。以卡萨帝品牌为代表的自主高端产品增长显著，目前占有率已经超过外资高端品牌，且高端领域壁垒逐步形成，卡萨帝将有望成为公司强势品牌竞争的核心驱动力。 

家电板块的 ROE，主要受净利率的影响，其次是杠杆率，周转率基本保持稳定。根据 ROE 的提升幅度基本可以分为三阶段：第一阶段：2006 年至 2010 年，净利率增长带动 ROE 快速提升。 第二阶段：2010 年至 2014 年，净利率增速放缓，杠杆率、周转率略有下降，ROE 整体趋稳。 第三阶段：2014 年至2016 年，周转率下降导致 ROE 略有下降。