Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The geopolitical changes are expected to usher in an "Oil Shipping Era" [3] - The U.S. military action against Venezuela may promote the compliance of Venezuelan oil trade, with short-term impacts limiting exports and shifting demand to compliant regions, equivalent to a demand for 19 VLCCs [4] - If U.S. sanctions on Venezuela are lifted, oil exports could reach 2.4 million barrels per day, requiring 141 VLCCs [4] - Iran's oil exports face dual pressures from domestic unrest and U.S. threats, with potential demand shifts to compliant markets equating to a need for 38 VLCCs [4] - Russia's oil exports are maintained through shadow fleets, with potential sanctions impacting 1.5 million barrels per day, equivalent to 36 VLCCs [4] - The new geopolitical landscape highlights the strategic value of oil shipping, with demand expected to improve in the short to medium term [4] Summary by Sections Geopolitical Impact on Oil Shipping - The geopolitical situation is reshaping global oil trade flows, expanding the compliant oil shipping market [4] - Short-term supply changes due to geopolitical conflicts may support shipping rates [4] - The dual logic of trade flow restructuring and compliance transformation is expected to drive demand in the oil shipping industry [4] Demand Projections - Venezuela: - Short-term demand shift due to transport restrictions: 19 VLCCs - Medium-term demand if sanctions are lifted: 46 VLCCs - Long-term potential peak exports: 141 VLCCs [4] - Iran: - Short-term demand shift due to unrest: 38 VLCCs - Long-term potential peak exports: 57 VLCCs [4] - Russia: - Potential sanctions impact: 36 VLCCs - If sanctions are lifted, demand could increase significantly [4]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - The report emphasizes that real estate is a crucial asset allocation and investment direction for Chinese households, and stabilizing housing prices is significant for facilitating economic circulation. The policy environment is expected to strengthen further, promoting high-quality development in the real estate sector. The report suggests that high-quality residential properties may experience a development wave due to policy guidance and changes in supply-demand structure [5][49]. - The report highlights that multiple favorable factors are driving a gradual recovery in the sentiment of the Hong Kong private residential market, indicating that Hong Kong developers may face a new round of value reassessment [5]. Market Performance - The Shanghai Composite Index rose by 3.8%, the Shenzhen Component Index by 4.4%, the ChiNext Index by 3.9%, and the CSI 300 by 2.8%. The real estate sector (Shenwan) increased by 5.1% during the week [5][8]. - The top five stocks in terms of growth were Chengjian Development (+34.5%), Yingxin Development (+22.0%), Shangshi Development (+20.8%), *ST Rong Control (+19.7%), and *ST Sunshine (+16.0%) [5][8]. Data Tracking New Housing Transactions - In the week of January 3-9, new housing transactions in 42 key cities totaled 1.37 million square meters, a week-on-week decrease of 46.7% and a year-on-year decrease of 41.3% [13]. - For January up to the week of January 9, new housing transactions totaled 1.55 million square meters, a month-on-month decrease of 30.1% and a year-on-year decrease of 46.6% [19]. Second-Hand Housing Transactions - In the week of January 3-9, second-hand housing transactions in 21 key cities totaled 2.06 million square meters, a week-on-week increase of 25.4% but a year-on-year decrease of 13.2% [33]. - For January up to the week of January 9, second-hand housing transactions totaled 2.14 million square meters, a month-on-month decrease of 16.1% and a year-on-year decrease of 23.9% [37]. Industry News - The State Council, led by Premier Li Qiang, held a meeting to implement a package of policies to promote domestic demand, including expanding the scope of public rental housing guarantees [49]. - The People's Bank of China emphasized the continuation of a moderately loose monetary policy and the integration of incremental and stock policies to enhance financial services for the real economy [49]. - Local policies include the extension of the down payment ratio in Shenyang to 15% until the end of 2026 and the increase of the public loan limit from 60% to 80% [49].

Investment Rating - The report suggests to pay attention to Guoliang New Materials as a leading provider of overall solutions for high-temperature industrial refractory materials [55]. Core Viewpoints - Guoliang New Materials focuses on high-temperature industrial refractory materials, providing comprehensive contracting services and direct sales to the steel industry, with stable relationships with major clients like Donghai Special Steel [55]. - The company is expected to benefit from the "dual carbon" policy and technological upgrades in the steel industry, leading to increased demand for high-performance and long-lasting refractory materials [55]. - The company plans to invest in capacity upgrades and smart manufacturing, which is anticipated to enhance product competitiveness and market coverage after the completion of fundraising projects [55]. Summary by Sections 1. Issuance Information - The issuance price is set at 10.76 CNY per share with a P/E ratio of 12.68X, and the subscription date is January 14, 2026 [5][6]. - A total of 18.04 million shares will be issued, accounting for 21.58% of the total share capital post-issuance [5][6]. 2. Company Overview - Guoliang New Materials specializes in high-temperature industrial refractory materials, with a net profit of 83.8 million CNY in 2023, representing a year-on-year increase of 107.59% [10]. - The company has a strong R&D team and has received multiple awards for its technological innovations [10]. - The company’s revenue for Q1-Q3 2025 was 787 million CNY, with a year-on-year growth of 21.18% [33]. 3. Industry Overview - The refractory materials industry is closely tied to the steel industry, which accounts for approximately 65% of refractory material usage [44]. - The national production of refractory materials is projected to be 22.07 million tons in 2024, reflecting a year-on-year decrease of 3.94% [40]. - The industry is expected to see increased demand for high-end refractory materials due to the implementation of carbon neutrality policies and advancements in steelmaking technology [38]. 4. Financial Performance - From 2022 to 2024, the compound annual growth rate (CAGR) of the company's net profit is 32.6% [33]. - The company’s gross margin has improved significantly, rising from 16.50% in 2021 to 20.39% in Q1-Q3 2025 [33]. - The revenue for 2024 is expected to be 905 million CNY, with a net profit of approximately 70.96 million CNY [6][33].

Group 1: REITs Market Analysis - The recent performance of newly listed REITs has been disappointing, with significant price drops on their debut days, such as the 华夏安博仓储 REIT [2][6] - Factors contributing to this trend include a strong A-share market in the second half of 2025, leading funds to shift from debt-oriented REITs to equity assets, and a rise in interest rates diminishing the relative value of REITs [2][6][7] - The relaxation of the REITs inquiry limit to 25% in June 2025 has increased market pricing dynamics, resulting in narrower valuation spreads between primary and secondary markets, thus compressing profit margins for new REITs [7][8] - The fourth quarter of 2025 is expected to see a peak in the unlocking of strategic investment shares in REITs, which may further pressure the secondary market performance of newly issued REITs [7][9] - C-REITs may present some low-position investment value after continuous adjustments, with defensive sectors like consumption infrastructure and municipal environmental REITs showing resilience due to stable cash flows and policy support [11] Group 2: Fixed Income and Wealth Management - As of December 2025, the total wealth management scale reached 33.2 trillion yuan, reflecting a seasonal decline of 0.7 trillion yuan from the previous month, but an increase of 3.3 trillion yuan year-on-year [12][13] - The average annualized yield for newly issued fixed-income wealth management products slightly rebounded in December 2025, with the upper limit at 2.75% and the lower limit at 2.25% [13] - The bond market is expected to perform better than anticipated in 2026, with a focus on long-term bonds potentially rebounding from oversold conditions [19] Group 3: CPI and Economic Indicators - In December 2025, the Consumer Price Index (CPI) rose by 0.8% year-on-year, marking the highest increase since March 2023, driven significantly by food prices [16][17] - The Producer Price Index (PPI) saw a narrowing decline of -1.9%, with positive month-on-month growth for three consecutive months, indicating price support from upstream industries [16][17] Group 4: Company Overview - Vision Smart - Vision Smart, a leader in the building intelligence sector, has maintained a growth rate of 20% to 30% in its KNX smart control business since 2022, significantly boosting revenue [22][23] - The global market for KNX products is projected to grow at a CAGR of 10.3% from 2025 to 2031, with the Chinese smart home market expected to exceed 1 trillion yuan by 2025 [23][24] - The company has established a strong presence in over 70 countries and regions, with plans to enhance production capacity through a new industrial park project [24][25]

1. Report's Industry Investment Rating The report does not explicitly provide a specific industry investment rating. However, it implies that the C - REITs industry may be in a state of being "Neutral" to "Slightly Bullish" in the long - term due to the potential for valuation repair and policy support, but with continued sectoral differentiation [37][38][39]. 2. Report's Core View - Recently, REITs new - issue projects have faced frequent price breaks, shifting from "risk - free arbitrage" to risk - based gaming. Multiple factors in Q4 2025 have dragged down the secondary - market performance of new REITs projects, and investment strategies may shift towards value - based investment [2][11][13]. - From November 16 to December 15, 2025, the REITs market was under pressure. Overall trading volume and turnover rate declined, and most sectors saw price drops. However, data center and water conservancy sectors showed an upward trend [14][15][17]. - After continuous adjustments, C - REITs may have certain low - level allocation value, but sectoral differentiation will continue. Weak - cycle sectors such as consumer infrastructure, affordable rental housing, municipal environmental protection, and water conservancy facilities have strong defensive value [37][38][39]. 3. Summary of Each Section 3.1 Recent REITs Market Overview 3.1.1 Frequent Price Breaks in New - Issue Projects, Shift from Risk - Free Arbitrage to Risk - Based Gaming - Recent REITs new - issue projects have had poor first - day performances. For example, China AMC Anbo Warehouse REIT broke its issue price on the first day, with a 10.16% drop [2][10][11]. - Reasons include: the strong performance of the A - share market in H2 2025, causing funds to flow from bond - like REITs to equity assets; the rise in the 10 - year Treasury yield, weakening the relative allocation value of REITs; the widening of the REITs inquiry range in June 2025, narrowing the valuation gap between the primary and secondary markets; and the large unlocking pressure of strategic allocation shares in Q4 2025 [3][11][12]. 3.1.2 Market Under Pressure, Data Center and Water Conservancy Sectors Rising Against the Trend - From November 16 to December 15, 2025, the REITs market's trading volume and turnover rate continuously declined. The CSI REITs Total Return Index dropped by 2.8% [14][15]. - Most REITs sectors were under pressure, with transportation (- 5.7%), warehousing and logistics (- 3.5%), and energy (- 3.2%) having relatively large average declines. Data center and water conservancy sectors rose by + 0.4% and + 2.1% respectively [17]. - The data center sector benefited from the rapid development of the AI industry and policy support. The water conservancy sector showed strong anti - cycle properties, with rigid demand and continuous policy support [20][22][23]. 3.2 List of REITs Projects Under Review 3.2.1 First - Issue REITs Projects - As of December 19, 2025, there was 1 declared project, 3 accepted projects, 3 in - inquiry projects, 5 feedback - received projects, and 1 project in the pricing process [25][26]. - Newly added projects from November 16 to December 15, 2025, included Bosera Shandong TieTou Road and Bridge REIT (the first "rail - road integration" public REIT in Shandong), Ping An Xi'an High - tech Industrial Park REIT (with certain lease - renewal risks), Dongfanghong Tunnel Co., Ltd. Intelligent Operation and Maintenance Expressway REIT (the first tunnel infrastructure public REIT in China), and AVIC CNNC Energy REIT (composed of two high - quality wind - power projects) [26]. 3.2.2 Expansion or New - Acquisition REITs Projects - As of December 19, 2025, there were 12 projects under review or approved for pending issuance, including 1 in - inquiry project, 2 feedback - received projects, 2 approved projects, and 7 projects registered and awaiting issuance [32]. - From November 16 to December 15, 2025, there was no progress update for the expansion or new - acquisition REITs projects under review [32]. 3.3 Recent REITs Policy Developments - On November 15, 2025, the National Development and Reform Commission expanded the investable asset scope of REITs, adding four major categories of assets, including commercial office facilities, and listing AI infrastructure as a new category [35]. - On November 28, 2025, the China Securities Regulatory Commission launched a pilot program for commercial real - estate REITs, expanding the C - REITs market to the commercial real - estate field [36]. - On December 5, 2025, the chairman of the China Securities Regulatory Commission expressed support for the stable development of REITs and asset securitization [36]. 3.4 Investment Recommendations - After continuous adjustments, C - REITs may have certain low - level allocation value, mainly due to the low valuation of many sectors, the weakening of the unlocking pressure of strategic allocation shares in H1 2026, and the support of policies [37][38][39]. - In a volatile market environment, weak - cycle sectors such as consumer infrastructure, affordable rental housing, municipal environmental protection, and water conservancy facilities are good defensive allocation choices [39].

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core Views of the Report - In December 2025, the wealth management scale decreased seasonally. By the end of December 2025, the total wealth management scale was 33.2 trillion yuan, an increase of 3.3 trillion yuan from the end of the previous year and a decrease of 0.7 trillion yuan from the end of the previous month. The increase in the wealth management scale in Q4 2025 was 1.1 trillion yuan, stronger than the same period of the previous year [2][5]. - In December 2025, the average monthly annualized yield of fixed - income wealth management products of wealth management companies rebounded slightly from the previous month. The average upper limit of the performance comparison benchmark of newly issued RMB fixed - income wealth management products of wealth management companies was 2.75%, and the average lower limit was 2.25%, showing an overall rebound from the previous month [2][11]. - In the past two years, the cost rate of interest - bearing liabilities of A - share listed banks has declined rapidly. It is expected that the cost rate of interest - bearing liabilities of A - share listed banks in Q4 2025 will drop below 1.60%. In the next three to five years, the liability cost of commercial banks is expected to decline year by year, which may support the bond yield to fluctuate downward [2][16]. - Ultra - long bonds may rebound from oversold conditions. Attention should be paid to the coupon opportunities of 3 - 5Y capital bonds. It is recommended to obtain coupons from 3 - 5Y capital bonds, trade ultra - long bonds for price differentials, and explore multi - asset opportunities [2][21]. Group 3: Summary by Relevant Catalogs 1. December Wealth Management Scale Seasonal Decline - By the end of December 2025, the total wealth management scale was 33.2 trillion yuan, with an annual increase of 3.3 trillion yuan and a monthly decrease of 0.7 trillion yuan. The increase in the wealth management scale in Q4 2025 was 1.1 trillion yuan, stronger than the same period of the previous year. The decline in December 2025 was close to the seasonal pattern and slightly larger than that in December 2023 and 2024 [2][5][7]. 2. Fixed - Income Wealth Management Yield in December 2025 - Since the beginning of 2022, the average performance comparison benchmark of newly issued RMB fixed - income wealth management products of wealth management companies has been fluctuating downward. In December 2025, it rebounded slightly. It is expected that the lower limit of the average performance comparison benchmark of wealth management products will slowly drop to around 2.0% [11]. - Since the beginning of 2024, the average 7 - day annualized yield of cash - management wealth management products of wealth management companies has been significantly declining. In December 2025, it remained stable at a low level. As of January 4, 2026, the average 7 - day annualized yield of cash - management wealth management products of wealth management companies was 1.24%, and that of money market funds was 1.15% [12]. - In December 2025, the yield of fixed - income wealth management products was relatively stable, with an average monthly annualized yield of 2.34%, a slight increase from the previous month [16]. 3. Investment Suggestions: Decline in Bank Liability Cost May Support the Bond Market - The cost rate of interest - bearing liabilities of A - share listed banks in Q3 2025 was 1.63%, a quarterly decrease of 9BP and a decrease of 54BP from the high point in Q4 2023. It is expected to drop below 1.60% in Q4 2025. In the next three to five years, the liability cost of commercial banks is expected to decline year by year, which may support the bond yield to fluctuate downward [2][16]. - China has entered a low - interest - rate era. It is recommended to lower the return expectation for bond investment. In 2026, the bond market trend may be better than expected [20]. - In December 2025, long - term bonds, especially ultra - long bonds, were significantly adjusted. It is expected that the yield of the active 30Y Treasury bond will return to around 2.2% in Q1 2026. It is still recommended to obtain coupons from 3 - 5Y capital bonds, trade ultra - long bonds for price differentials, and explore multi - asset opportunities [21]. - Since the second half of 2025, the bond market trend has often deviated from the fundamentals and is mainly dominated by institutional behavior. The stable growth of the wealth management scale will strongly support credit bonds with a remaining term of less than 3Y. It is expected that the wealth management scale will increase by more than 3 trillion yuan in 2026, and wealth management will significantly increase the allocation of credit bonds with a remaining term of less than 3Y and allocate 5Y credit bonds through amortized cost open - end bond funds [24].

Current Situation Analysis - The current Chinese real estate market is undergoing a structural adjustment, characterized by a decline in both volume and price, with ongoing inventory and investment pressures [3] - In 2025, new home transactions continued the downward trend observed since 2022, with prices in 70 cities showing a month-on-month decline [3][5] - Inventory pressures remain significant, with new home inventory slightly decreasing but still facing high average de-stocking periods [3] Policy Review - Historical cycles indicate that weakened real estate demand is often triggered by policy tightening, and subsequent policy easing can lead to rapid rebounds in transactions and prices [3] - However, the current cycle from 2022 to 2024 has seen multiple rounds of easing policies without sustained recovery, primarily due to natural demand peaks and high leverage levels among residents and developers [3] - Future recovery may require a combination of further policy support and natural demand stabilization, with a shift towards structural tools like interest rate cuts and housing loan subsidies [3] Industry Outlook - Three major trends are anticipated for 2026: 1. The real estate adjustment cycle may be nearing its end, with historical data suggesting that the current price adjustments are relatively sufficient [3] 2. A shift in policy focus from "housing for all" to "quality housing" is expected, promoting the development of high-quality residential markets [3] 3. The recovery of the Hong Kong property market is anticipated, supported by various positive factors including interest rate cuts and population return [3] Investment Recommendations - The report suggests that the current market conditions indicate a potential turning point, with signs of improvement in new home sales and a gradual narrowing of decline rates [5][10] - The cautious sentiment among developers regarding land acquisition and new project launches is expected to persist in the short term, influenced by ongoing market demand challenges [73] Sales Performance - New home sales in 2025 showed a cumulative decline of 11.1% in value and 7.8% in area compared to the previous year, although the rate of decline is gradually narrowing [5][10] - In contrast, the second-hand housing market has demonstrated relative strength, with a cumulative increase of 8.0% in transaction area across 21 tracked cities [17] Inventory Analysis - As of October 2025, new home inventory in 80 cities was reported at 470 million square meters, with a de-stocking period of 29.8 months, indicating a slight improvement but still under pressure from weak sales [40][43] - High-tier cities are experiencing more stable de-stocking rates, while lower-tier cities face significant inventory challenges [43] Price Trends - New home prices continue to decline, with a year-on-year decrease of 2.8% reported in November 2025, reflecting ongoing market adjustments [53] - Second-hand home prices also face downward pressure, with a year-on-year decline of 5.7% in November 2025, indicating a broad-based adjustment across the market [56][59]

1. Report Industry Investment Rating No relevant content provided. 2. Report Core Viewpoints - In December 2025, China's prices recovered. CPI rose 0.8% year-on-year, reaching a new high since March 2023, with food prices playing a significant role, and core CPI remaining stable. PPI's year-on-year decline narrowed to -1.9%, with three consecutive months of positive month-on-month growth, and prices in upstream and new-quality productivity-related industries were well-supported. In 2026, the central bank may continue its moderately loose monetary policy, with a new focus on "optimizing supply." It may focus on price recovery, keeping financing costs low, strengthening the prevention and control of financing platform debt risks, and promoting financial opening-up. In the US, the December non-farm payrolls were lower than expected, but the unemployment rate decreased. Traders postponed the first interest rate cut in 2026 to June, with an expected total cut of 50BP for the year [2][4][118]. 3. Summary by Relevant Catalogs 3.1 Macro News - **CPI and PPI Trends**: In December 2025, CPI rose 0.8% year-on-year, with food prices rising 1.1% and contributing significantly. Core CPI was stable at 1.2%. PPI's year-on-year decline narrowed to -1.9%, and it had three consecutive months of positive month-on-month growth [4][13][29]. - **Factors Affecting CPI**: Food prices, especially fresh vegetables and fruits, drove CPI growth, while energy prices, affected by international oil prices, restricted CPI growth [19]. - **Factors Affecting PPI**: Domestic policies, seasonal demand, input factors, and new-quality productivity all influenced PPI trends. Upstream prices were supported by policies and seasonal demand, and new-quality productivity-related industries contributed to price increases [33][38]. - **Central Bank Policy**: The 2026 central bank work conference added "optimizing supply" as a policy focus, emphasizing balanced credit supply, reasonable price recovery, and support for financing platform debt risk resolution [43]. - **US Non-farm Payrolls**: In December 2025, US non-farm payrolls increased by 50,000, lower than expected, and the unemployment rate decreased to 4.4%. Traders postponed the first interest rate cut to June, with an expected 50BP cut for the year [4][48]. 3.2 Meso-level High-frequency Data - **Consumption**: Passenger car retail and wholesale volumes increased year-on-year, but movie box office revenue decreased. Three major household appliances' retail volume and revenue showed mixed trends [4][9][54]. - **Transportation**: Passenger transportation activities were relatively high, with increases in migration, flight numbers, and subway ridership. However, freight transportation, including postal, railway, and highway, decreased [4][9][59]. - **Industry**: Most industrial indicators showed a year-on-year decline, including steel production, coal consumption, and factory operating rates [4][9][64]. - **Real Estate**: The real estate market continued to decline, with decreases in housing sales area and land transactions [9][76][80]. - **Prices**: Food prices showed mixed trends, with pork prices down and vegetable prices up. Industrial product prices also varied, with some rising and some falling [4][9][90]. 3.3 Bond and Foreign Exchange Markets - **Bond Yields**: Most government bond yields increased, with significant adjustments at the long end. The yields of national debt, policy bank bonds, local government bonds, and interbank certificates of deposit all changed to varying degrees [4][104][109]. - **Foreign Exchange Rates**: The US dollar to RMB exchange rate decreased, and the yields of ten-year government bonds in the US, Japan, the UK, and Germany also changed [113][117]. 3.4 Investment Recommendations - The bond market in 2026 may perform better than expected. Attention should be paid to the potential rebound of long-term bonds. It is recommended to focus on long-term bond trading opportunities, allocate 3 - 5Y capital bonds for coupon income, and explore multi-asset investment opportunities [4].

证券研究报告 晨会 hyzqdatemark 2026 年 01 月 12 日 投资要点： 科创 50 1,511.84 2.43% 7.73% 北证 50 1,605.77 5.35% 9.50% 资料来源：聚源，华源证券研究所，截至2026年01月12日 华源晨会精粹 20260112 固定收益 关注边际修复行业的配置机会——信用分析周报：本周信用热点事件：（1） 交易商协会发布《关于进一步规范债务融资工具发行工作的业务提示》；（2）贵州 省人民政府印发《支持推动兴业强县富民一体发展若干政策措施》。本周不同行业 不同评级的信用利差大多有 10BP 以内的压缩幅度，非银金融 AA+信用利差大幅走 扩 20BP。城投债方面，本周不同期限的城投信用利差较上周有 1-4BP 的压缩幅度。 产业债方面，本周产业债信用利差 1Y 短端大幅走扩，1Y 以上大多有不同程度压缩。 银行资本债方面，本周银行二永债 1Y 以内短端利差小幅走扩，3Y 显著压缩，5-10Y 中长端小幅压缩。2025 年下半年以来，"反内卷"政策催化商品价格企稳回升，部 分行业基本面现修复迹象。截至 2026/1/7，有色金属行业存量债券共 290 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][9]. Core Insights - The company is a leader in the building intelligence sector, focusing on smart home solutions and has a strong presence in the KNX product market, which is expected to grow significantly [8][11]. - The company has a competitive edge due to its early entry into the KNX technology field and continuous investment in research and development, which is anticipated to enhance its market share as production capacity expands [6][11]. Summary by Sections 1. Company Overview - The company, established in 2011, specializes in building intelligence, providing integrated solutions including smart control systems and visual intercom systems, with a focus on smart homes, visual intercoms, and LCD displays [16][19]. 2. Market Growth - The Chinese smart home market is projected to exceed 1 trillion yuan by 2025, with a compound annual growth rate (CAGR) of 10.3% for global KNX products from 2025 to 2031 [48][46]. 3. Technical Advantages - The company holds the largest number of KNX products in China and ranks sixth globally, with a strong emphasis on R&D, having developed proprietary technologies and standards in the KNX domain [62][64]. 4. Financial Projections - The company forecasts a net profit of 0.64 billion yuan in 2025, increasing to 0.88 billion yuan by 2027, with corresponding price-to-earnings (P/E) ratios of 33.5, 28.5, and 24.4 [6][9]. 5. Revenue Breakdown - The revenue from smart home products is expected to constitute 65.7% of total revenue in 2024, with a growth rate of 21.2% and a gross margin of 63.21% [19][24].