智能家居行业双周报：科沃斯+博西家电战略合作，共创智能家居新生态-20250908

Investment Rating - The report maintains a "Recommended" rating for the smart home industry [5][26][7] Core Insights - The smart home industry is expected to benefit from various factors including government policies aimed at stimulating consumption, advancements in technology such as IoT and AI, and increasing consumer demand driven by rising living standards and aging populations [5][26] - A strategic partnership between Ecovacs and Bosch Home Appliances aims to create a new ecosystem for smart homes, introducing innovative cleaning solutions [3][18] - The report highlights the positive impact of easing US-China trade tensions on Chinese home appliance companies, facilitating their expansion into international markets [5][26] Summary by Sections Market Review - In the past two weeks (August 23 - September 5, 2025), the Shanghai Composite Index fell by 0.35%, while the Shenzhen Component Index rose by 3.49% and the ChiNext Index increased by 10.27%. The smart home index (399996.SZ) decreased by 0.54%, underperforming the Shanghai Composite by 0.19 percentage points [12][16] - Year-to-date (January 1 - September 5, 2025), the smart home index has risen by 27.06%, outperforming the Shanghai Composite by 13.32 percentage points [12][15] Industry Policy Tracking - Ecovacs announced a strategic partnership with Bosch Home Appliances to co-create a new smart home ecosystem, focusing on innovative cleaning solutions [3][18] - India has reduced its consumption tax to stimulate domestic demand and mitigate the impact of US tariffs [19] - Panasonic is investing in a new factory in Shanghai, focusing on AI and energy sectors [20][21] Industry News Tracking - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued the "2025-2026 Action Plan for Stable Growth in the Electronic Information Manufacturing Industry," aiming to stabilize industrial growth [4][24][25] Investment Recommendations - The report emphasizes that government policies since 2025 have expanded appliance subsidy categories, stimulating consumption in home appliances and related sectors [5][26] - Technological advancements in IoT, AI, and big data are expected to enhance the application and interaction of smart home devices, leading to innovative products that meet diverse consumer needs [5][26] - The report concludes that the entire smart home industry chain is likely to benefit from these trends, maintaining a "Recommended" rating [5][26]