英文暖通空调季度更新：2025年第一季度总结

North America Equity Research27 May 2025JPMORGANwww.jpmorganmarkets.comElectrical Equipment & Multi-IndustryC. Stephen Tusa, Jr CFA AC(1-212) 622-6623stephen.tusa@jpmorgan.comPatrick M. Baumann, CFA(1-212) 622-0160patrick.m.baumann@jpmchase.comChigusa Katoku(1-212) 622-0855chigusa.katoku@jpmchase.comPiyush Khaitan(1-212) 622-0605piyush.khaitan@jpmchase.comJ.P. Morgan Securities LLCThe authors wish to thank Chandreyee Sengupta, of the J.P. Morgan Global Research Center, for contributions to this report.In this wrap up note we provide a summary of key information from 1Q25, a quarter that saw OEMs reaffirming guidance despite tariffs with pricing as the primary measure despite divergent volume trends. In the residential market, growth remains above the Sector average, albeit with a considerable variation underneath the top-line headline, with down volumes but significant price and mix benefits. Most of the OEMs have implemented further price increases in the channel to offset tariffs, th