智能家居行业双周报：AI+引领AWE，美的工厂落地AI智能体-2025-03-30

Investment Rating - The report maintains a "Recommended" rating for the smart home industry [5][34]. Core Viewpoints - The smart home industry is expected to benefit from a combination of policy support, technological advancements, and evolving consumer demands, driving rapid growth in the sector [5][34]. - The government's expansion of the old-for-new policy is anticipated to stimulate consumption in the home appliance and home sectors, with the number of covered appliance categories increasing from 8 to 12 [5][34]. - The integration of advanced technologies such as IoT, AI, and big data is broadening the application boundaries of smart home devices, leading to the creation of high-value innovative products and services [5][34]. Summary by Sections Market Review - In the past two weeks (March 17-28, 2025), the Shanghai Composite Index fell by 2.00%, the Shenzhen Component Index by 3.38%, and the ChiNext Index by 4.42%. The smart home index (399996.SZ) decreased by 4.72%, underperforming the Shanghai Composite by 2.73 percentage points [2][12]. - Year-to-date (January 1 - March 28, 2025), the Shanghai Composite Index decreased by 0.01%, while the smart home index increased by 9.92%, outperforming the Shanghai Composite by 9.94 percentage points [12][14]. Industry Policy Tracking - The State Council has revised the "Regulations on Ensuring Payment of Funds to Small and Medium Enterprises," which will take effect on June 1, 2025, emphasizing the responsibilities of various government departments in ensuring timely payments to SMEs [3][17]. - The Ministry of Commerce has announced new measures aimed at expanding consumption, focusing on upgrading product consumption and enhancing service consumption [3][19]. Industry News Tracking - The "2025 China Home Appliance Consumption Trend White Paper" was released, highlighting trends such as the shift towards smart home appliances and the growing importance of green and health-oriented products [20][21]. - Midea Group has successfully implemented AI technologies in its factories, enhancing operational efficiency and product quality [4][24]. - JD.com has unveiled its 2025 home appliance service strategy, focusing on service upgrades to drive industry growth [4][28]. Investment Recommendations - The report emphasizes that the combination of policy support, technological innovation, and changing consumer preferences will drive the smart home industry into a rapid growth phase, benefiting the entire industry chain [5][34]. - The demand for smart home solutions is shifting from single-product intelligence to comprehensive home automation, driven by rising living standards and the aging population [5][34].