消费电子系列跟踪：产业趋势向上+政策催化，重视消费电子加仓窗口

Investment Rating - The industry is rated as "Outperform the Market" with a maintained rating [5] Core Viewpoints - The consumer electronics sector is experiencing a rebound in undervalued stocks, with the consumer electronics index rising by 3.47% during the week of November 24 to November 29, compared to a 1.78% increase in the CSI 300 index [1] - The expansion of consumption subsidies, particularly for 3C products, is expected to stimulate demand, with new policies being introduced in various regions such as Jiangsu and Guizhou [2] - The launch of the Mate 70 series has seen significant upgrades in optics and communication features, indicating strong market interest and potential for increased demand for related components [3] - The upcoming release of the iPhone SE 4, featuring Apple's self-developed 5G chip and a full-screen design, is anticipated to generate high market expectations [4] - The consumer electronics industry is at a critical juncture with short-term stabilization, an innovation cycle driven by AI, and continuous product launches from major players, suggesting a positive long-term trend [4] Summary by Sections Market Performance - The consumer electronics index outperformed the broader market indices, with notable stock performances from companies like Pengding Holdings (+7.8%) and Transsion Holdings (+7.4%) [1] Policy Impact - New consumption subsidies are being introduced, focusing on 3C products, which are expected to drive demand and create investment opportunities within the industry [2] Product Innovations - The Mate 70 series has been launched with significant upgrades, including satellite communication capabilities and advanced camera technology, which may lead to increased demand for related components [3] - The iPhone SE 4 is set to be released with advanced features, including a self-developed 5G modem, which is a significant step for Apple in the 5G technology space [4] Investment Recommendations - The report suggests focusing on various supply chains and sectors within consumer electronics, including companies like Luxshare Precision, Dongshan Precision, and others involved in smart speakers, AIPC, XR, and foldable screens [5]