Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting the potential for growth driven by favorable policies and market dynamics [6][7]. Core Insights - The report emphasizes three main investment themes: the white goods sector, export opportunities, and core components, suggesting a robust growth trajectory for these areas [7]. - Recent developments include a strategic cooperation agreement between Midea Group and Hisense Group, focusing on AI applications and advanced manufacturing [6][14]. - The report notes a significant increase in sales and prices for air conditioners and kitchen appliances, indicating a strong market demand [4][5][33][35]. Summary by Sections 1. Market Performance - The home appliance sector underperformed compared to the CSI 300 index, with a slight increase of 0.1% in the sector index while the CSI 300 rose by 3.3% [6][8]. - Key companies such as Huaxiang Co. and Rongtai Health showed significant gains, while others like Hisense Vision and XGIMI faced declines [10]. 2. Industry Dynamics - The US-China trade agreement resulted in a temporary suspension of 24% tariffs for 90 days, which is expected to benefit the home appliance sector [6][13][59]. - The report highlights the importance of the real estate market's recovery for the white goods sector, with a projected increase in production [7][42]. 3. Sales Data - In April 2025, online sales of air conditioners reached 3.36 million units, a year-on-year increase of 39.2%, while offline sales were 537,000 units, up 9.6% [4][33]. - For kitchen appliances, online sales of range hoods increased by 15.6% to 430,000 units, and offline sales rose by 31.0% to 99,000 units [5][35]. 4. Component Sales - The report indicates a 9.7% year-on-year increase in the sales of rotary compressors, with a total of 31.4 million units sold in March 2025 [23][27]. - The sales of electronic expansion valves also saw a significant increase of 18.4% year-on-year [25]. 5. Macroeconomic Environment - As of May 16, 2025, the USD to CNY exchange rate was reported at 7.1938, reflecting a slight increase of 0.08% since the beginning of the year [41]. - The report notes a 20.21% year-on-year increase in the sales area of residential properties, indicating a positive trend in the real estate market [42].

Financial Performance - In 2024, the company's net profit attributable to shareholders was ¥432,847,009.53, with main business revenue of ¥4,514,279,130.85 and other business revenue of ¥44,961,007.98 [2] - For Q1 2025, the net profit attributable to shareholders was ¥113,038,129.53, with operating revenue of ¥1,093,994,770.04 [2] - In 2024, the overall operating revenue decreased by 14.22% to ¥45.59 billion, and net profit decreased by 24.39% to ¥4.33 billion [10] Market Expansion and Strategy - The company is focusing on global market expansion, particularly through cross-border e-commerce to seek new growth points [2] - In 2024, the company launched the "zero-pressure deep sleep pillow," which received positive feedback and increased brand exposure [3] - The company plans to enhance brand value and market share through digital media investment and optimizing membership operations [4] Product Innovation and R&D - The company emphasizes R&D innovation centered on user needs, focusing on the "super soft bedding" strategy to build core competitiveness [4] - AI applications have been explored in various areas, achieving significant results, such as over a million automated consumer consultations [10] - The company plans to continue investing in AI technology to enhance operational efficiency and product management [10] Supply Chain and Production Efficiency - The completion of the first phase of the smart industrial park is expected to double self-manufacturing capacity and significantly shorten production cycles [9] - The introduction of automated logistics equipment will enhance supply chain efficiency and reduce labor costs [9] - The company aims to improve overall supply chain scale and efficiency, solidifying its leading position in the home textile industry [9] Domestic Retail Strategy - The company is implementing refined management and model transformation in domestic retail, focusing on data-driven decision-making [5] - Strategies include enhancing support for franchisees, optimizing channel layout, and deepening consumer insights to improve user experience [5] - The company plans to increase digital investment to enhance competitiveness and expand new retail applications [5] Challenges and Future Outlook - The home textile industry is in a stable development phase, with market growth rates slowing down but still showing potential [6] - The company faces challenges from external uncertainties, but long-term economic stability and supportive policies are expected to benefit the industry [7] - The U.S. furniture business reported a loss of ¥28.71 million in 2024, primarily due to low real estate demand, with plans to improve cost control and market expansion [8]

Summary of Key Points from Conference Call Industry Overview - The solid-state battery sector is experiencing significant changes in both fundamentals and trading factors, making it a key area of focus. The CIBF conference is expected to catalyze the lithium battery supply chain, with companies like Guoxuan High-Tech set to unveil new products and technologies [1][2][3] - The lithium battery supply chain has shown good progress recently, with CATL's Hong Kong listing indicating an expansion of overseas capacity. Market risk appetite has returned post-Q1 reports, with solid-state batteries demonstrating clear advantages and new product launches driving technological iterations [4] Key Companies and Technologies - Sulfide materials in solid-state electrolytes are seen as the future direction, with companies like Yuhuan New Materials, Tianci Materials, and Jiaze New Energy actively positioning themselves in this area. Xiamen Tungsten New Energy leads in NL cathode materials and has begun mass shipments for consumer applications [1][5][6] - In the humanoid robotics sector, companies such as Keda Li, Fulian Precision, and Zhenyu Technology are highlighted for their solid performance and reasonable valuations. The electric motor sector is benefiting from the humanoid robotics concept [1][10][11] AI and Data Center Developments - Apple is making slow progress in AI applications, planning to add AI services to its browser. Despite the slow development, the potential for AI-driven changes in search engines remains noteworthy [7] - The demand for AI applications is significantly driving computing power construction, particularly in data centers, with HVDC and AC-DC power supply systems showing strong performance [8][9] Capital Expenditure Trends - AIDC capital expenditures are showing positive changes, with major companies like Meta and Alibaba increasing their investments in AI hardware, making it a key investment focus for the second half of the year [12] Renewable Energy Sector - The photovoltaic industry may face short-term pressures, but there is strong enthusiasm for mass production of high-efficiency battery technologies. A new round of leading projects is expected to drive positive changes in the supply-demand relationship [13] - The traditional power grid sector is entering a prosperous cycle, with a second round of bidding totaling approximately 17.6 billion yuan. New energy distribution network power forecasting needs are emerging, and expectations for ultra-high voltage construction are catalyzing the sector [14]

Summary of Key Points from the Conference Call Records Industry Overview - The computer industry experienced a revenue growth of 16.14% year-on-year in Q1 2025, with net profit attributable to shareholders increasing significantly by 608.38% [1][5][6] - The industry shows signs of improvement, with both overall and median methods indicating a turning point in performance [1][5] Core Insights and Arguments - Hardware performance outperformed software, and companies with B/C-end business models performed better than those focused on G-end [1][6] - Companies with overseas business showed better performance, particularly in sectors like computing power, securities IT, and automotive electronics [1][6] - Kingsoft Office is highlighted as a key investment opportunity due to its strong performance in the信创 (Xinchuang) business, leading AI applications, and solid growth fundamentals [1][9] - The SaaS sector has seen many companies reach bottom valuations after adjustments, benefiting from AI model developments, with strong commercial models and solid data/user bases [1][11][12] Specific Company Highlights - **Kingsoft Office**: Current stock price is low with potential for recovery; aims for over 100 million AI users this year, with a high valuation ceiling [1][9][10] - **Newland**: Despite a negative absolute return of -10.24% in April, it has shown resilience with a historical absolute return of 446.36% since 2020 [2] - **Unisplendour**: Benefiting from AI computing power and acquisition of Xinhua San, with a Q1 revenue growth of 22.25% [4][33] - **Han's Laser**: Reported a 1.27% revenue growth in Q1, with a nearly 30% increase in net profit [14][16] - **Tax Friend**: Significant recovery in profits with effective cost control and a focus on AI product matrix [15][16] Investment Opportunities - The AI application sector is a focal point for investment in May 2025, particularly in agent product series and related industries [1][13] - Companies like Han's Information, Newland, and Tax Friend are recommended due to their strong performance and growth potential [1][14][15] - The financial technology sector is also highlighted, with a focus on potential policy changes that could improve market liquidity [27][31] Market Trends and Predictions - The month of May typically shows better performance for the computer industry compared to April, with historical data indicating a higher probability of positive returns [7][8] - The信创 (Xinchuang) industry is expected to benefit from international dynamics and policy support, accelerating the localization of foundational software products [4][22][24] - The computing power leasing industry is on an upward trend, with companies like Xuechuang Hongjing showing significant revenue growth [26] Additional Insights - The impact of recent AI model developments, including OpenAI's advancements, is expected to enhance the competitive landscape [17][18] - The eCall system in the automotive sector is becoming increasingly important, with significant market growth anticipated by 2027 [19][20] - Companies like Huizhan and Hongquan are positioned for growth in the eCall sector, with strong performance in Q1 2025 [21] This summary encapsulates the key points from the conference call records, providing a comprehensive overview of the computer industry, specific company performances, and investment opportunities.

Investment Rating - The report maintains an "Outperform" rating for the media and internet sector [5]. Core Views - The report highlights the rapid advancements in AI applications and the significant growth in the millet trading volume, with a 105% year-on-year increase in 2024 [2][4]. - The first quarter of 2025 saw record-high millet trading volumes, indicating a strong upward trend in the IP millet industry [2][4]. - The report emphasizes the importance of performance in the gaming sector and the recovery of the domestic film industry, recommending specific companies for investment [4][41]. Summary by Sections Industry Performance - The media sector experienced a slight increase of 0.14% during the week of April 19-25, underperforming compared to the CSI 300 index (0.38%) and the ChiNext index (1.74%) [12][19]. - Notable gainers included companies like Shengyi Technology and Happiness Blue Sea, while major decliners included Rebate Technology and Mango Super Media [12][19]. Key Developments - Manus AI, a general-purpose AI entity, successfully raised $75 million, quadrupling its valuation to nearly $500 million [2][16]. - Baidu launched its new Wenxin large model series, significantly improving processing speed and reducing costs by 80% [2][17]. - ByteDance's AI application platform "Kouzi Space" began internal testing, enhancing collaborative office capabilities [2][18]. - The "2025 Xianyu Millet Trend Report" indicated a substantial increase in domestic millet consumption, surpassing Japanese millet [2][18]. Important Data Tracking - The box office for the week of April 20-27 reached 191 million yuan, with "Nezha: The Devil's Child" leading at 51 million yuan [19][21]. - The gaming sector's top revenue generators in March 2025 were "Whiteout Survival," "PUBG Mobile," and "Gossip Harbor: Merge & Story" [28][29]. Investment Recommendations - The report suggests focusing on AI applications and IP trends, with specific recommendations for companies like Bubble Mart and others in the industry chain [4][41][42]. - It also highlights the gaming sector's recovery and recommends companies such as Kaiying Network and Giant Network [4][41]. - The report advises monitoring the media sector for advertising growth as the economy improves, recommending companies like Focus Media and Mango Super Media [4][41].

证券研究报告·行业点评报告 2025 年 4 月 18 日 江海证券研究发展部 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -6.58 1.3 8.21 绝对收益 -12.42 0.56 15.65 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-传媒行业：智 谱发布 AutoGLM 沉思，集深度研究和操 作能力于一体 – 2025.04.01 2. 江海证券-行业点评报告-传媒行业：智 元启元大模型 GO-1 发布，具身智能再上 新台阶 – 2025.03.11 3. 江海证券-行业点评报告-传媒行业：AI 应用发展迅猛，提示投资机会 – 2025.03.07 包大模型团队提出全新超稀疏架构，推理 成本大幅下降 – 2025.02.13 执业证书编号：S1410525010001 联系人：吴雁宇 执业证书编号：S1410124010015 行业评级：增持（维持） 5. 江海证券-行业点评报告-传媒行业：AI agent 产业进展不断，提示相关投资机会 – 2025.02.10 分析师：张婧 AI 应用催化不断，重点提示机会 事件： 2025 年 4 月 ...

Summary of Conference Call on Computer Sector Industry Overview - The conference call focused on the computer sector, highlighting recent market adjustments and their impacts on various companies within the industry [2][4]. Key Points and Arguments - **Market Adjustment Impact**: The computer index dropped by 12.55% on Monday, with a near 1% recovery on Tuesday. Many computer stocks experienced a 20% adjustment, with around 180-190 companies seeing declines over 15% [2][3]. - **Overseas Revenue**: In 2023, overseas revenue for the computer sector was only 12%, with the U.S. market contributing 2%. This limited exposure means that overall performance is less affected by international market fluctuations [4]. - **Stable IT Spending**: Downstream IT spending remains stable, and the risk from tariff increases is limited due to the low overseas revenue share [4]. - **Investment Opportunities**: Companies with solid fundamentals and good Q1 performance are highlighted as potential investment opportunities, such as: - **New大陆**: Expected Q1 profit growth over 20% and has initiated stock buybacks [5]. - **通行宝**: Anticipated annual growth of 70%-100% [5]. - **新国都**: Currently undervalued with a projected profit of approximately 7 billion yuan and a market cap of 90 billion yuan [7]. - **科远智慧**: Expected to achieve 3.2-3.5 billion yuan in revenue this year, with a market cap of 48 billion yuan and a P/E ratio of 14, indicating it is undervalued [8]. - **鸿泉物联**: Potential for significant profit growth if domestic policies are fully implemented by 2027 [9]. - **云赛智联**: Projected growth of over 20% this year, with involvement in Shanghai's smart computing initiatives [10]. - **Market Sentiment**: Market sentiment has a diminishing marginal effect on the computer sector. As confidence returns, the sector is expected to rebound more robustly [6]. - **AI Sector Performance**: Companies in the AI application field, such as 赛意信息, 合合信息, and 虹软科技, have strong fundamentals despite market volatility. Their revenue is not heavily reliant on the U.S. market, mitigating risks from international fluctuations [11]. - **信创 Industry Development**: The 信创 industry is accelerating due to international environmental changes, with companies like 华大九天 and 海天瑞声 poised to benefit. Mergers and acquisitions in the tech sector are expected to strengthen foundational capabilities [12]. Additional Important Insights - The overall sentiment in the computer sector suggests that while recent adjustments have been significant, the underlying fundamentals of many companies remain strong, presenting potential investment opportunities in a recovering market [2][6][12].

Group 1 - The report highlights the recent performance of the CSI 300 and ChiNext indices, showing a decline of 32% and 16% respectively over the past year [2] - The top-performing sectors yesterday included non-ferrous metals, home appliances, and banks, with respective gains of 1.14%, 0.95%, and 0.88% [2] - Conversely, the worst-performing sectors included computers, real estate, and defense, with declines of 1.92%, 1.77%, and 1.68% [2] Group 2 - The fixed income analysis indicates that high real interest rates are not a sufficient condition for interest rate cuts, emphasizing that current monetary policy is already supportive of the real economy [8][10] - The report discusses the efficiency of monetary policy transmission in China, stating that changes in policy rates directly influence lending rates without the need for intermediary market adjustments [11] - It is noted that the actual interest rate is more of an academic concept with limited impact on the real economy, as evidenced by the U.S. experiences during past crises [12] Group 3 - The automotive sector is witnessing significant advancements in autonomous driving technology, with multiple companies announcing progress towards Level 3 capabilities expected to be achieved by 2025 [20][21] - BYD has made notable announcements regarding its charging infrastructure and vehicle sales, indicating strong market activity and consumer interest [19] - The report emphasizes the importance of the automotive industry's transition to higher levels of automation and the competitive landscape among various manufacturers [20] Group 4 - The service consumption sector is experiencing robust growth, with travel bookings for the Qingming Festival showing positive trends, and companies like Tongcheng reporting significant revenue increases [26] - The education sector is also highlighted, with companies like Excellence Education Group and Thinking乐 reporting impressive revenue and profit growth, indicating a strong market recovery [27] - The report notes that the average per capita service consumption expenditure in China is expected to exceed 50% by 2030, reflecting a growing trend in service-oriented spending [27] Group 5 - In the chemical industry, the report indicates a continued upward trend in organic silicon prices, driven by strong manufacturer pricing intentions and potential supply shortages [32] - The urea market is also showing signs of recovery, with prices slightly increasing due to various market dynamics, including reduced inventories and seasonal demand [33] - The report recommends several companies in the chemical sector, including 合盛硅业 and 兴发集团, as potential investment opportunities [35] Group 6 - The media sector is focusing on AI applications and gaming, with significant developments in virtual reality films expected to enhance audience engagement and revenue generation [42] - The report highlights the approval of numerous new games, indicating a healthy pipeline for the gaming industry, which is expected to contribute positively to revenue growth [41] - Companies like Tencent and NetEase are recommended for their strong positions in the gaming market and ongoing innovations in AI technology [40]