家用电器行业25W7周观点：可选消费公司陆续接入DeepSeek，关注AI+消费标的

Investment Rating - The report maintains an "Outperform" rating for the home appliance sector [7] Core Insights - The integration of AI technology, specifically through DeepSeek, is expected to enhance user experience in home appliances and two-wheeled vehicles, stimulating consumer demand [2][11] - The home appliance sector has shown mixed performance, with white goods declining by 0.8% while black goods increased by 8.8% [3][31] - The report suggests that policy support will lead to a recovery in domestic demand, particularly benefiting large appliances through trade-in programs [4][29] Summary by Sections Investment Recommendations - Focus on large appliances benefiting from trade-in programs, recommending companies like Midea Group, Haier Smart Home, Gree Electric, Hisense, and TCL [4][29] - Pet industry is expected to remain resilient, with recommendations for companies like Guibao Pet, Zhongchong Co., and Petty Holdings [4] - Small appliances and branded apparel are anticipated to recover next year from a low base, with recommendations for leading brands like Bear Electric, Feike Electric, and Anta Sports [4][29] - The electric two-wheeler market is expected to improve, with recommendations for Yadea Holdings, Aima Technology, and Ninebot [4][29] Market Data - The home appliance sector experienced a slight decline of 0.2% this week, with specific segments showing varied performance [3][31] - Raw material prices have increased, with LME copper rising by 5.64% and LME aluminum by 0.85% [3][31] Industry News - The home appliance trade-in program in Shenyang has expanded to include 20 product categories, promoting "green consumption" [49] - The "Guochao" trend in fashion continues to grow, with significant increases in orders for traditional Chinese-style clothing [49]