浙商证券浙商早知道-20250319

Investment Rating - The report indicates a positive outlook for the home appliance industry, particularly with the integration of AI technologies [2][3][6]. Core Insights - The home appliance sector is experiencing a transformation driven by AI, with black appliance brands actively embracing this trend [2][3]. - The low-altitude economy is expected to see significant growth in 2025, with orders being the main focus and mergers and acquisitions as a secondary aspect [6][7]. - Consumption policies are anticipated to gradually strengthen as a counter-cyclical measure, with potential for extraordinary measures such as nationwide consumption vouchers [5]. Summary by Sections Market Overview - On March 18, 2025, major indices showed slight increases, with the Shanghai Composite Index up by 0.1% and the Hang Seng Index up by 2.5% [4]. - The best-performing sectors included home appliances (+1.9%) and non-ferrous metals (+1.4%), while the worst performers were food and beverage (-0.7%) and beauty care (-0.7%) [4]. Important Insights Macro Research - The report discusses the gradual implementation of consumption policies as a response to structural transformation, with a focus on consensus-building [5]. - If US-China trade tensions escalate, there may be a significant increase in counter-cyclical policy measures [5]. Electric Power Equipment - The report highlights 2025 as a pivotal year for the low-altitude economy, with expectations for policy guidance to facilitate local implementation [6][7]. - The low-altitude economy is seen as a new productive force that could aid macroeconomic recovery and enhance competitiveness in emerging industries [6][7]. Home Appliances - The integration of AI in home appliances is expected to create new investment opportunities, particularly for black appliance brands [3][6]. - The DeepSeek model is identified as a catalyst for a new wave of AI applications in the home appliance sector [3][6].