智能家居行业双周报：北京出台提振消费24条，美的重金布局AI及机器人-20250713

Investment Rating - The report maintains a "Recommended" rating for the smart home industry [5][30][7] Core Insights - The report highlights the positive impact of government policies aimed at boosting consumption, particularly in the home appliance sector, with a significant increase in retail sales [4][23] - Technological advancements in IoT, AI, and big data are expected to enhance the smart home industry's product offerings and consumer engagement [5][30] - The easing of trade tensions between the US and China is anticipated to benefit Chinese home appliance companies in international markets [5][30] Summary by Sections Market Review - In the past two weeks (June 28 - July 11, 2025), the Shanghai Composite Index rose by 2.51%, while the smart home index increased by only 1.25%, underperforming the broader market indices [12][16] - Year-to-date, the smart home index has gained 5.68%, outperforming the Shanghai Composite Index by 0.95 percentage points [12][15] - The top five performing stocks in the smart home index over the past two weeks include Industrial Fulian (+21.78%) and Jiangxin Home (+18.76%) [16][17] Industry Policy Tracking - Beijing's government has launched a comprehensive plan to boost consumption, aiming for a 5% annual growth in total market consumption by 2030 [18][19] - The plan includes 24 tasks focused on enhancing consumer experience and optimizing the consumption environment [19][20] Industry News Tracking - Retail sales of home appliances and audio-visual equipment grew by 30.2% in the first five months of 2025, reflecting the effectiveness of consumption-boosting policies [23][24] - Midea Group plans to invest 50 billion yuan in AI and robotics over the next three years, indicating a strong commitment to technological advancement [24][25] - The demand for air conditioning has surged in traditionally non-air-conditioned regions due to unprecedented high temperatures [26][27] Investment Recommendations - The report emphasizes the potential for growth in the smart home industry driven by government policies, technological advancements, and increasing consumer demand [5][30] - The smart home industry is expected to benefit across the supply chain, with a recommendation to maintain a "Recommended" rating [5][30][7]