东兴证券：东兴晨报-20250228

Group 1: Robotics Industry - Shenzhen government is set to release special policies for humanoid robots, aiming to support application scenarios, breakthrough key technologies, and enhance manufacturing capabilities [1][2] - The government plans to establish a 10 billion yuan fund focused on artificial intelligence and robotics, which is expected to stimulate entrepreneurship and overcome market challenges [2] - Key hardware technologies such as precision reducers and joint motors are anticipated to see accelerated breakthroughs, benefiting related companies [2] Group 2: Dairy Industry - The central government's document emphasizes the need to stabilize the dairy industry and address the challenges faced by dairy farmers, aiming to alleviate the oversupply of raw milk [8][9] - Raw milk prices have decreased by 29% since their peak in August 2021, leading to losses for dairy farmers, but the situation is expected to improve in 2024 [8][9] - The government is focusing on implementing national standards for sterilized milk, which will enhance the quality and safety of domestic dairy products [9] Group 3: Consumer Sector - The upcoming "Two Sessions" are expected to bring policies that will enhance consumer spending, particularly in the food and beverage sector [26][32] - The government is likely to support home appliance and home improvement sectors through subsidies, which will benefit leading brands [27] - The rise of domestic brands in the fashion and beauty sectors is anticipated, driven by the integration of national cultural elements and improved product quality [28] Group 4: Silver Industry - Global silver demand is projected to enter a structural expansion phase, with industrial silver demand being the primary growth driver [19][20] - The silver supply is expected to grow at a low rate, leading to a tightening supply-demand balance, with a forecasted supply gap widening from 6003 tons in 2024 to 7248 tons by 2027 [23] - The demand for silver in the photovoltaic sector is on the rise, driven by the transition to higher-efficiency N-type solar cells [21][22]