AI基金易方达产业机遇混合A（021179）披露2025年四季报，第四季度基金利润412.61万元，加权平均基金份额本期利润0.1396元。报告期内，基金净值增 长率为10.89%，截至四季度末，基金规模为4298.18万元。 该基金属于偏股混合型基金。截至1月22日，单位净值为1.612元。基金经理是杨宗昌，目前管理的2只基金近一年均为正收益。其中，截至1月22日，易方达 供给改革混合近一年复权单位净值增长率最高，达70.29%；易方达产业机遇混合A最低，为55.4%。 基金管理人在四季报中表示，四季度，本基金继续延续三季度以科技创新为配置主线，同时结合自下而上个股挖掘方式构建组合，结合三季度以来市场变化 对组合进行较大调整和再平衡，整体配置在风格上更趋均衡。考虑到存储模组公司、AI 产业链温控及电源公司涨幅较大，估值提升明显，我们大幅减持了 相关持仓。在 TMT 板块内，配置方向转向半导体设备与材料，重点布局受下游存储客户扩产影响较大的股票或者国产替代渗透率较低环节的公司。在周期 板块，我们提高了煤炭行业的配置比例，同时增配化工板块中部分调整较为充分、估值回归合理的个股。汽车板块，我们继续保持了相关公司的 ...

智通财经APP获悉，国泰海通发布研报称，美国家具零售商主动补库，2025年9月批发商进入被动去库 周期。若美国继续降息，与利率环境高度相关的地产有望继续复苏，零售商销售额同比继续改善，同时 由于库销比在历史低位，有望启动补充，直接带动家具进口金额上行，中游制造订单回暖。出口链头部 公司的超额利润往往来自精确的细分行业定位，工艺成本管控know-how积累，以及具备差异化的产品 和渠道运营能力。 地产先行，零售商动销加速，同时启动补库。若美国继续降息，与利率环境高度相关的地产有望继续复 苏，零售商销售额同比继续改善，同时由于库销比在历史低位，有望启动补充，直接带动家具进口金额 上行，中游制造订单回暖。 国泰海通主要观点如下： 风险提示：原材料价格大幅波动、国际贸易形式变化等。 美国家具库存周期位置：零售商主动补库，批发商被动去库 从家具品牌及渠道最新财报库销比看，家居品牌商库销比普遍历史低位，基本符合零售商2023年5月年 以来多去库、少补库的趋势。家具建材渠道商库存表现分化，但整体看库存水位高于品牌商，基本符合 2024年9月以来批发商多补库、少去库的趋势。此外，家得宝最新库销比已回归历史常态水平，进一步 补 ...

Core Viewpoint - The consumer goods export chain is expected to face multiple external disturbances in 2025, leading to structural differentiation in market conditions, with motorcycles and ATVs remaining strong while other segments see declining growth rates [1][2]. Group 1: 2025 Review - The consumer goods export chain encompasses a wide range of industries with varying growth drivers, resulting in a bottom-up driven market where individual stock logic is relatively independent, and sector effects are weak [2]. - In the first three quarters of 2025, revenue and net profit growth rates for export chain companies showed a declining trend, primarily due to tariff impacts and early inventory stocking by overseas clients [2]. - Despite the overall decline, certain segments like motorcycles and ATVs continue to outperform expectations, leading to sustained high growth in related companies' performance and stock prices [2]. Group 2: 2026 Outlook - The macroeconomic environment is expected to improve in 2026, with easing tariff issues and low freight costs, alongside the Federal Reserve initiating a new round of interest rate cuts, which will stimulate U.S. consumer and investment activities [3]. - The recovery of the U.S. real estate cycle is anticipated to benefit the tool industry, with continued attention recommended for the bathroom pump sector and domestic motorcycle exports [3]. Group 3: Tool Industry - Tool demand is directly correlated with the real estate industry's conditions, which are highly sensitive to mortgage rates currently suppressed by high rates, placing the real estate cycle at its lowest since 1999 [4]. - As the Federal Reserve's interest rate cuts take effect, mortgage rates are expected to decline, leading to a recovery in new and existing home sales, which will subsequently drive tool demand [4]. Group 4: Plastic Bathroom Pump Industry - The plastic bathroom pump sector, used in facilities like massage bathtubs and swimming pools, sees strong demand in Europe and North America [5]. - This sector is linked to new construction projects and also benefits from upgrades in existing facilities, with demand likely to increase following interest rate cuts [5]. Group 5: Motorcycle Industry - The global motorcycle market is vast and resilient, with 2023 sales reaching 54.6 million units, a year-on-year increase of 2.44%, and a market size of $139.6 billion, up 2.72% year-on-year [6]. - The competitive landscape features Japanese brands leading, Indian brands in the second tier, and Chinese brands breaking through, while European and American brands maintain a presence in high-end segments [6]. - Domestic brands are gradually moving away from reliance on low-end commuter models, shifting towards high-value segments like large displacement and electric motorcycles, aiming to increase market share in Europe and the U.S. [6]. - Key recommendations include companies like Juxing Technology (hand tools + power tools) and Quan Feng Holdings (power tools + garden tools), with additional attention suggested for Lingxiao Pump Industry, Chunfeng Power (small and mid-cap), Longxin General (automotive), and Taotao Industry (automotive & home appliances) [6].