政策强刺激下游景气度迎拐点，关注AIoT双雄

Investment Rating - The investment rating for Hikvision and Dahua Technology is "Accumulate" [4] Core Insights - The meeting of the Political Bureau of the Central Committee on September 26, 2024, emphasized increasing counter-cyclical adjustments in fiscal and monetary policies, indicating strong economic stimulus which may alleviate funding and demand issues for downstream clients [3] - The AIoT leaders, such as Hikvision, have strong resilience and broad coverage of downstream clients, positioning them to benefit from policy funding [3] - AI empowerment is expected to resonate continuously with new productive forces, with Hikvision's "Guanlan Model" and Dahua's "Xinghan Model" leveraging AIoT technology to enhance digital transformation across various industries [3] - The market capitalization of AIoT leaders is substantial, with Hikvision at 260.6 billion and Dahua at 49.5 billion, suggesting they may be prioritized in computer sector allocations as the investment environment improves [3] Summary by Sections Company Ratings - Hikvision: Market capitalization of 260.6 billion, closing price of 28.22, 2023A EPS of 1.53, 2024E EPS of 0.02, 2025E EPS of 0.02, PE ratios of 18.47 (2023A), 1696.91 (2024E), 1543.88 (2025E), rated as "Accumulate" [4] - Dahua Technology: Market capitalization of 49.5 billion, closing price of 15.04, 2023A EPS of 2.24, 2024E EPS of 1.16, 2025E EPS of 1.32, PE ratios of 6.73 (2023A), 13.01 (2024E), 11.43 (2025E), rated as "Accumulate" [4]