中信建投：新兴家电与智能硬件领域建议关注三条结构性机会

Group 1 - The restructuring of the U.S. tariff system during the Spring Festival has led to a decrease in the overall tax rate, which is beneficial for the home appliance industry, although the degree of benefit varies by product category [1] - Looking ahead to 2026, overseas demand is expected to be more resilient than domestic demand, and the competitive landscape is likely to improve marginally [1] - Pressure from copper prices can be largely offset through price increases in the industry, indicating a solid and stable fundamental outlook for the sector [1] Group 2 - Emerging home appliances and smart hardware sectors present three structural opportunities to focus on: AI embodied intelligence, consumer-grade 3D printing, and AINAS, with the commercialization process in these areas accelerating [1] - In traditional home appliances, two main themes worth paying attention to are the outward flow of manufacturing capabilities and the increased allocation of insurance capital [1]