从吃开始，AI智慧揭开美好生活一小角。在现场，如果直接问海尔博观618冰箱"减脂适合吃什么"，它 会即刻响应，并根据要求在屏幕上弹出菜谱推荐。据悉，接入了Deepseek大模型之后，冰箱更显示出其 智慧实力。除了照顾到用户的饮食，冰箱甚至还能提醒天气、联动其他智能设备共同服务…… "这个冰箱居然能帮我健身！"在今日开幕的第137届中国进出口商品交易会（简称"广交会"）上，海尔 智家展区的AI科技展示被各国采购商围得水泄不通。全品类AI科技家电产品的黑科技赢得连连赞叹。 在本届广交会上，记者发现AI科技成为家电领域的主打亮点。随着AI家电品类的延伸，这些AI科技新 品已经覆盖了人们生活的主要场景中，更聪明的智能交互让参观者感受到了科技的跃迁。 "了解用户的需求永远摆在第一位。"已经参加过许多届广交会、深耕海外市场领域超过30年的海尔海外 电器产业有限公司副总裁张庆福对广州日报新花城记者表示，面向需求多元的海外市场，企业最重要的 就是了解当地用户的需求。他举例道，在中东地区推出了在58摄氏度下也能稳定供给足量暖气的空调以 及在东南亚地区推出超大容量的洗干一体产品，就是基于对当地的天气情况和用户需求而设计的产 品： ...

从技术到场景，我们始终以用户价值为创新原点。2025年，随着AI技术的深度融入，海尔空调将成为 懂需求、会思考的"空气管家"，无论你身在何处，住在什么样的房子里，海尔空调都能为你提供健康、 舒适、节能的好空气。 当结束工作踏入家门的那一刻，您是否渴望清新凉爽的空气扑面而来?当孩子打喷嚏时，您是否期望全 屋空气已经过净化?确实，我们对室内空气品质要求不断提高：既要空气流通避免憋闷，又要兼顾家中 每位成员对温湿度感受的不同需求;既要满足敏感人群的空气净化需求，又要兼顾盛夏和寒冬的快速制 冷制热效率与能耗的平衡。 3月27日晚间，海尔智家发布了2024年报，其中，海尔空调表现亮眼。在国内，核心部件自制率持续提 升，郑州压缩机产能已经突破224万台。在海外，收入增长近30%，出口量增速达31%领跑行业。这份 成绩单的背后，是海尔空调对全球用户对空气需求的精准洞察。 针对家庭、商业用户的不同需求，我们从单品逐渐拓宽到全屋空气生态，解决了"空气不流通""各人各 体感"等用户痛点。海尔空调独创的洗空气科技，PM2.5瞬间清零，敏感、多娃家庭直呼"救星";跃频科 技15秒速冷、30秒速热，三伏天就像扎进冰西瓜堆;卡萨帝射流匀 ...

Investment Rating - The investment rating for Haier Smart Home is "Buy" with a target price not specified [6]. Core Viewpoints - Haier Smart Home is leading the industry in various regions, achieving significant growth and maintaining a market share of 28% in China, while also ranking first in the US, Australia, and Japan [1][2]. - The company is focusing on digital transformation and brand diversification, with a strong emphasis on AI technology to enhance product iterations and user experience [2][3]. - Haier's global strategy includes expanding production capacity and enhancing platform collaboration, with overseas revenue expected to exceed 140 billion RMB in 2024 [3]. Summary by Sections Company Overview - Haier Smart Home has been recognized as a leading global brand in large home appliances, maintaining the top retail volume position for 16 consecutive years [1]. Regional Performance - In 2024, the Chinese market is projected to see a doubling of sales scale over seven years, with a focus on high-end branding and digital transformation [2]. Product Innovation - The launch of the "AI Eye" series marks a significant advancement into the fourth stage of AI autonomous intelligence, with ongoing development in home service robots [2]. Global Strategy - The company is enhancing its global footprint with production capacity exceeding 160 million units and ongoing capacity construction in Thailand and Egypt [3]. Financial Projections - Expected net profit for the parent company is projected at 19.11 billion RMB for 2024, with a corresponding PE ratio of 13.6x [3].

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific assets [30]. Core Views - The "Black Monday" event is attributed to three main reasons: loosening of the tech narrative, tariff shocks affecting risk appetite, and concerns over fiscal contraction leading to recession fears [1][8]. - The report suggests that the U.S. stock market, represented by risk assets, has not yet reached a major turning point, as three cycles—technology, credit, and fiscal—are still in play, with the technology cycle being the most decisive [1][17]. - The emergence of Deepseek indicates that China may challenge the U.S. "technological advantage," leading to a systematic revaluation of Chinese assets and a downward adjustment of U.S. assets [1]. Summary by Sections Section 1: U.S. Asset Volatility - Since the Spring Festival, the pricing of U.S. and Chinese assets has begun to reverse, challenging the previous "strong U.S. stock-strong dollar-weak U.S. bonds" narrative [6]. - The Nasdaq index has experienced a significant decline, erasing all gains since Trump's election and reaching lows not seen since mid-2024 [6]. - U.S. Treasury yields have also dropped significantly, with the 10-year yield falling from a high of 4.9% to around 4.2%, and the 2-year yield dropping below 4% [6][7]. Section 2: Reasons for U.S. Asset Adjustment - The report identifies three key reasons for the current adjustment in U.S. assets: the weakening tech narrative, tariff impacts leading to reduced risk appetite, and fiscal contraction raising recession concerns [8]. - The introduction of tariffs under Trump's administration has shifted market perceptions from inflation effects to potential recession effects, leading to an overall reduction in risk appetite [8]. - High interest rates are limiting credit expansion, with signs of weakening demand related to private sector credit [8]. Section 3: Global Technology Cycle and Dollar Trends - The report emphasizes the importance of the U.S. technology cycle, which is still expanding, indicating that the current adjustment in U.S. assets does not resemble the 2001 internet bubble burst but rather the 2024 recession narrative [12][21]. - The ongoing AI-driven industrial revolution is crucial for the U.S., as it allows the economy to transcend global demand, impacting asset pricing and the flow of global capital [12][17]. - The report raises two critical questions post-"Black Monday": whether the U.S. economy is truly facing a recession and if the global technology cycle and dollar trends are reversing [12]. Section 4: Future Outlook - The report suggests that there may be rebound opportunities for U.S. stocks following the recent volatility, with potential upward movement in Treasury yields and a short-term decline in the dollar index [18][21]. - The analysis indicates that the current phase of the technology cycle is still in its early stages, with capital expenditures accelerating, which could lead to a favorable environment for risk assets [21].

煤炭高速是传统的分红股，有几位老师提到以后看了一下，这煤炭是一江春水向东流啊，查了一下动力 煤价格今年跌了不少，但应该不至于亏损吧？最多盈利缩水，看一季报吧。 奇怪的是钢铁期货最近走势也不行，但是钢铁股倒是比较强，唯一的利好也许就是传闻中的产能压缩？ 大部分钢铁股年报都还是亏损的。 大部分电力股最近也在下跌，不管火电水电，按道理煤炭降价是利好啊，全社会用电量也在上升吧。 高速公路去年走了一大波行情，在降息背景下，还是值得投资的吧。或许股市本来就不是讲道理的地 方。 又或者是市场资金不足，搞板块轮动，所以看着指数还是3300，暴涨的板块涨了很多，上述这些板块资 金悄悄流出。最后，也许这些目前不好的板块就是下一波行情的领头羊？ psz2017 每天在消费和红利挨打，不看就行，every dog has his day。 kkqq999 说明你不懂股市啊。老股民都知道，煤电油铁老三样都是周期防御性板块，在熊市的时候就会比较好， 牛市就不行。 今年年初还看见有人在这里推荐长江电力，真是惯性思维严重。 kkqq999 @copchen 照说科技股您涨您的，没必要砸红利吧，本来两者就不是一路人。只能说，故意引诱市场资 金 ...

Core Viewpoint - The article emphasizes that Chinese assets, particularly in the Hong Kong technology sector, are experiencing a significant revaluation, driven by a combination of improved fundamentals and external capital inflows [4][29]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) has seen a substantial increase, achieving a new high with three consecutive days of gains [1]. - Since the market rally began on January 14, the Hang Seng Index and the Hang Seng Tech Index have risen by 29.12% and 43.74%, respectively, while the Hong Kong Internet Index has surged by 51.53% [2]. Group 2: Institutional Insights - Morgan Asset Management believes that the revaluation of Chinese assets is just beginning, predicting a "Davis Double Play" where both valuations and corporate earnings improve [4]. - The macroeconomic environment is stabilizing, which is conducive to a better pricing environment for the market [7]. Group 3: Foreign Capital Inflows - There is a significant amount of capital waiting to enter the market, primarily from long-term foreign investors, which could lead to a new rally in Chinese technology assets [3][15]. - The CEO of Norway's sovereign wealth fund has suggested reallocating investments from U.S. tech stocks to Chinese stocks, indicating a shift in foreign investment strategies [12]. Group 4: AI and Technology Investments - The article highlights the increasing capital expenditures by Chinese tech companies in AI, with ByteDance investing hundreds of billions in AI technology, similar to investments made by U.S. tech giants [20][27]. - The rise of AI technology in China is seen as a pivotal moment that could attract long-term foreign capital back into the market [29]. Group 5: Market Sentiment and Future Outlook - Despite skepticism from some investors due to past market volatility, the current upward trend in Hong Kong tech stocks is expected to continue as more capital flows in [30][36]. - The article suggests that the current valuations of major Hong Kong tech stocks like Tencent and Alibaba are still below their 2021 highs, indicating potential for further growth [36].

中信证券 两会政策对大类资产的影响（策略&固定收益） 20250305 摘要 政府工作报告在具体政策上有哪些亮点？ 报告在具体政策上有几个亮点。首先，在消费和投资方面，提出了消费的提振 专项行动，并计划通过 3,000 亿特别国债进行以旧换新。此外，还提出提高投 资效益，包括 7,350 亿中央投资项目。在产业政策上，将主要产业分为三类： 新兴产业、未来产业、传统制造业，以及数字经济。近期资本市场热衷的新兴 和未来产业如低空商业航天、低空经济及数字经济中的 AI+等都被重点提及。 今年（2025 年）的宏观经济目标是什么？如何实现这些目标？ Q&A 请您总结一下今年（2025 年）政府工作报告的核心特点和政策取向。 今年（2025 年）的政府工作报告可以分为需求和供给两端。从需求端来看，主 要内容是更加积极有为的宏观政策，特别强调了"能早尽早"和"宁早勿晚"， 这与去年（2024 年）的政策节奏有所不同。此外，还提到了民生导向，特别关 • 2025 年政府工作报告设定经济增长目标为 5%，通胀目标为 2%，强调逆周 期调节，财政融资规模达 11.86 万亿，若包含专项债则接近 13.86 万亿， 占 GDP ...