家用电器行业25W5周观点：春节消费专题，可选消费表现靓丽，关注对美关税变动与DeepSeek

Investment Rating - The report maintains an "Outperform" rating for the home appliance sector [8]. Core Insights - The report highlights a strong recovery in discretionary consumption during the Spring Festival, with notable performances in home appliances, gold jewelry, and tourism [3][12]. - The announcement of a 10% tariff on Chinese exports to the U.S. by Trump is expected to have a limited impact on domestic export chain enterprises [3][23]. - The emergence of the domestic AI model DeepSeek is anticipated to create new opportunities in the smart home sector [3][28]. Summary by Sections 1. Spring Festival Consumption Trends - High demand in tourism, gold jewelry, and movie sectors during the Spring Festival indicates a sustained recovery in discretionary consumption [12][13]. - The number of tourists during the Spring Festival reached 490 million, a year-on-year increase of 8% [12]. - Gold prices surged, with retail prices for gold jewelry exceeding 846 RMB per gram, leading to a preference for lighter weight products among consumers [13]. 2. Home Appliance Market Performance - The home appliance sector saw a strong performance during the Spring Festival, driven by the "trade-in for new" policy, with 179,300 units sold [21]. - Retail sales of home appliances in major cities showed significant growth, with Beijing reporting an 18.7% increase [22]. 3. Tariff Impact Analysis - The 10% tariff on Chinese goods is deemed to have a limited effect on the domestic market due to prior adjustments made by export chain leaders [23][25]. 4. DeepSeek AI Model - DeepSeek's AI model has gained significant traction, ranking first in app downloads across 140 markets, indicating its potential to enhance smart home technology integration [28][29]. 5. Investment Recommendations - The report suggests focusing on several key areas for investment, including major home appliance brands like Midea Group, Haier Smart Home, and Gree Electric, which are expected to benefit from the ongoing recovery in domestic demand [5][32]. - The pet industry is highlighted as a resilient sector, with companies like Guibao Pet and Zhongchong Co. expected to maintain growth [5][32]. - The report also emphasizes the potential for electric two-wheeled vehicles, recommending companies like Yadea Technology and Aima Technology [5][32]. 6. Global Manufacturing Landscape - Chinese manufacturers maintain a competitive edge in global markets, particularly in home appliances and tools, with companies like Midea Group and Haier Smart Home leading in production capacity [6][33].