IQOS 正式入美，泡泡 IP 明星化，老铺&润本高景气延续， AI 端侧持续迎来催化，加强低位价值个股布局

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights the official launch of IQOS in the US, with PMI aiming for a 10% market share by 2030. The initial pricing for the device is set at $60 and $8 for the tobacco sticks [4] - The report emphasizes the strong growth potential in various sectors, including paper, home furnishings, consumer goods, and AI-driven products, indicating a favorable outlook for companies like Xianhe Co., Sun Paper, and others [2][4] - The report notes that the AI mattress market is expected to reach $1.8 billion by 2024, with significant consumer interest in AI-driven sleep solutions [2] - The report discusses the impressive revenue growth of Pop Mart, which achieved a 106.9% increase in revenue to 13.038 billion yuan in 2024, driven by both domestic and international sales [4] Summary by Sections Pulp and Paper - April pulp prices are expected to rise, with Suzano announcing a $20 increase in Asia and a $60 increase in Europe and America. This is anticipated to improve profitability for companies like Xianhe Co. and others [2] Home Furnishings - AI sleep technology is rapidly developing, with leading companies like Mousse launching new AI smart mattresses that significantly enhance sleep quality [2] Consumer Goods - New products from Runben are anticipated to perform well, and the AI toy market is diversifying with innovative offerings [2] Two-Wheelers - Yadea and Luyuan are expected to recover in 2025, with Yadea projecting a 60% increase in sales in Q1 [3] Electrical Appliances - Bull Group is actively innovating in products and channels, maintaining steady growth in revenue [3] Beauty and Personal Care - Mao Geping's revenue grew by 35% in 2024, with a focus on high-quality growth and international expansion [4] Gold and Jewelry - Old Pulp Gold and Chao Hong Ji are expected to maintain high growth despite industry challenges, with sales growth anticipated in March and April [4] IP Retail - Pop Mart's revenue growth is driven by its strong IP strategy, with significant increases in both domestic and international markets [4] New Tobacco Products - The report highlights the launch of IQOS in the US and PMI's strategic goals for market penetration [4] Exports - Steelcase and MillerKnoll report stable growth in US orders, indicating resilience in the market [5] Cross-Border E-commerce - Companies like Karot and Aukey are experiencing good revenue growth, although profitability is showing signs of volatility [5] Maternal and Infant Products - The collaboration between Kid's King and Volcano Engine aims to innovate in AI products for the maternal and infant sector [5] Packaging - Yongxin and Yutong Technology are performing steadily, with expectations for continued growth despite potential pressures in the two-piece can market [5]