智能家居行业双周报：美的再抛大额回购计划，海尔发布银发经济新品牌-20250623

Investment Rating - The report maintains a "Recommended" rating for the smart home industry [7][30]. Core Insights - The smart home industry is expected to benefit from government policies aimed at stimulating consumption, particularly through the expansion of the appliance replacement and recycling programs. The integration of advanced technologies such as IoT, AI, and big data is enhancing product innovation and meeting diverse consumer needs. Additionally, the easing of trade tensions with the US is likely to favor Chinese home appliance companies in international markets, while domestic demand is driven by rising living standards and an aging population [5][30]. Summary by Sections Market Review - In the past two weeks (June 7 - June 20, 2025), the Shanghai Composite Index fell by 0.75%, the Shenzhen Component Index by 1.75%, and the ChiNext Index by 1.45%. The smart home index (399996.SZ) decreased by 2.98%, underperforming the Shanghai Composite by 2.23 percentage points [1][12]. - Year-to-date (January 1 - June 20, 2025), the Shanghai Composite Index rose by 0.24%, while the smart home index fell by 0.31%, outperforming the Shenzhen Component and ChiNext indices [12][17]. Industry Policy Tracking - The Guangdong Provincial Department of Industry and Information Technology is initiating pilot projects for smart elderly care service robots, requiring selected units to validate applications in at least 200 households and 20 community or institutional settings within two years [3][19]. Industry News Tracking - A total of 138 billion yuan in central funds will be allocated to support the appliance replacement program, with significant sales growth reported during the "618" shopping festival due to government subsidies and platform promotions. Haier launched a new brand targeting the elderly, "Haier care," and Midea announced a share buyback plan of up to 10 billion yuan [4][20][24][26][28]. Investment Recommendations - The report emphasizes that the smart home industry is poised for growth due to supportive policies, technological advancements, and increasing consumer demand driven by demographic changes. The entire smart home supply chain is expected to benefit, leading to a "Recommended" rating for the sector [5][30].