国君2025春季策略|家电:AI赋能与渠道重塑

Investment Rating - The report does not explicitly state an investment rating for the industry [2]. Core Insights - The transition to "AI+ home appliances" is highlighted, emphasizing that AI integration leads to substantial upgrades in product functionality beyond mere connectivity [1]. - AI empowers products by creating three core advantages: 1) Traditional appliances can evolve into new categories with multiple functions (e.g., AI glasses); 2) AI enables appliances to think, decide, and execute tasks autonomously, reducing the need for human intervention; 3) Appliances transition from "passive response" to "active service," acting as a "butler" for users [1]. - AI also enhances channel efficiency, promoting a trend towards flatter organizational structures and improving overall management efficiency. Additionally, AI-driven creative marketing and consumer insights are expected to sustain the popularity of platforms like WeChat [1]. Summary by Sections - AI Empowerment of Products: The report discusses how AI allows traditional home appliances to break existing boundaries and develop into innovative product categories, while also enabling them to operate independently without human input [1]. - AI Empowerment of Channels: The report notes that AI is reshaping distribution channels, leading to increased operational efficiency and enhanced marketing strategies, particularly through consumer insights [1].