荣耀CEO赵明 "各家的人像某种程度更多还是硬件PK，某种程度上秀肌肉的偏多，但是在人像风格上深度思考的偏 少。像很多人说我用了什么硬件拍的更清晰，这是对的，但是这些是不是消费者最需要的，我们还是从 消费者内在和真实需求出发，来构筑荣耀人像价值观和我们人像的价值主张。" 他表示，荣耀数字系列未来会把旗舰产品的很多特性移植过来，比如AI能力，护眼能力等，做到档位 全面领先。 当前，手机市场也正经历着低谷期。根据市场调查机构Counterpoint Research公布的报告显示，2022年 国内智能手机出货量不到2.8亿台，同比下降了16%。 在赵明看来，市场起伏是正常现象，尤其是电子消费品，一款产品或者一两单产品对市场的份额变化很 大。他预计2023年国内智能手机市场也会是2.6亿上下，变化不会太大。在这样海量的市场上，给各个 品牌施展的空间还是非常大的。2023年荣耀还是积极进攻的态势，这才是正确的、良好的、正向发展的 策略和道路。 他透露，第一，后疫情时代虽然带来了一些挑战，但荣耀在反周期加大研发投入，今年的研发投入预计 维持在10%。"你没有足够创新性的产品大家就不换机，先有鸡还是先有蛋，大家进入了一个 ...

Core Viewpoint - The new trade-in policy, supported by a 300 billion subsidy, is reshaping three major industries: home appliances, automobiles, and consumer electronics, presenting investment opportunities for medium to long-term investors [1] Group 1: Home Appliances - The home appliance sector receives the largest subsidy, with up to 20% off for 12 product categories, capped at 2000 yuan per item. Sales surged by 23% year-on-year in the first four months of this year, with leading companies like Midea and Gree operating at full capacity [3] - High-end smart products, such as the Casarte series, have seen sales double post-subsidy, indicating a long-term trend of consumption upgrading [3] Group 2: Automotive Sector - The new energy vehicle segment is the biggest beneficiary, with a 20,000 yuan trade-in subsidy boosting sales. BYD's Han series orders exceeded 80,000 units in April [3] - The battery supply chain, including companies like CATL and Purtai, is also benefiting from this trend. The automotive aftermarket is highlighted as a promising area, with Tianqi's dismantling equipment orders extending to Q4 and Gree's battery recycling business achieving a gross margin of 28% [3] Group 3: Consumer Electronics - Although the subsidies in consumer electronics are smaller, they cover a wide range of products, including mobile phones and tablets. The Honor 90 series has over 40% of its sales through trade-in channels, and the inventory turnover days for core distributor Aishide have decreased to 15 days [3] - VR device manufacturer GoerTek has secured new orders from Meta, with expectations for Q3 performance to exceed forecasts [3] Group 4: Investment Strategy - Investment should focus on three dimensions: core leaders, supporting supply chains, and regional leaders. Recommended stocks include Midea Group and Haier Smart Home in home appliances, BYD and Top Group in new energy vehicles, and Luxshare Precision and Shenzhen South Circuit in consumer electronics [4] - Key timelines for investment include the release of home appliance energy-saving subsidy details in June, the launch of new energy vehicles in August, and the consumer electronics exhibition in November. Early positioning can capture policy-driven benefits [4] Group 5: Market Trends - The policy is expected to accelerate the concentration of the three industries. The market share of the top five companies in the home appliance sector has increased from 68% in 2019 to 79% currently, while the top ten automotive companies now hold over 92% market share [4] - The focus should be on companies with stable cash flow and a dividend yield exceeding 3% to seize structural opportunities [4]