渤海证券研究所晨会纪要-2025-03-25

Group 1: Light Industry Manufacturing & Textile Apparel - The old-for-new policy is showing significant results, leading to improvements in the operational performance of companies in the light industry manufacturing and textile apparel sectors [3] - In January-February, the retail sales of furniture reached 26.21 billion yuan, a year-on-year increase of 11.70% [3] - The retail sales of clothing, shoes, hats, and textiles amounted to 262.41 billion yuan, with a year-on-year growth of 3.30% [3] - From March 5 to March 21, the light industry manufacturing sector outperformed the CSI 300 index by 0.43 percentage points, while the textile apparel sector outperformed by 2.90 percentage points [3] - The government has prioritized boosting consumption, with the issuance of a special action plan to stimulate consumption and an increase in the scale of long-term special bonds to 300 billion yuan [3] - The furniture retail sector is expected to see continued recovery, benefiting from the old-for-new policy and the overall expansion of domestic demand [3] Group 2: Mechanical Equipment Industry - The report highlights the clear production roadmap for humanoid robots, which is expected to drive demand for lead screws [5] - Lead screws are essential components in precision transmission, widely used in various applications including aerospace, robotics, and machine tools [5] - The domestic production of lead screws is improving, but there remains a gap compared to international standards [6] - The demand for lead screws is expected to grow significantly, particularly in the machine tool industry and the automotive sector, driven by the rapid development of domestic electric vehicles [6] - The humanoid robot market is projected to create substantial demand for lead screws, with an estimated market size of 14 billion yuan if annual production reaches 500,000 units [6]