德邦证券认为，中共中央政治局会议定调2025年要实施“更加积极的财政政策”，预计到2025年，消费惠民政策叠加端侧AI渗透带来的换机需求，有望推动手机、PC、平板等消费电子设备销量强势复苏。消费电子产业链有望演绎出货量提升和价格端修复逻辑，业绩有望加速成长。The mobile Industry Chain rose broadly in the early market. As of the time of writing, Sunny Optical (02382) rose by 3.31%, priced at 67.2 HKD; Q TECH (01478) rose by 2.23%, priced at 6.43 HKD; BYD Electronics (00285) rose by 1.68%, priced at 42.45 HKD; AAC TECH (02018) rose by 1.29%, priced at 39.3 HKD.
According to the Zhitong Finance APP, the mobile Industry Chain rose broadly in the early market. As of the time of writing, Sunny Optical (02382) rose by 3.31%, priced at 67.2 HKD; Q TECH (01478) rose by 2.23%, priced at 6.43 HKD; BYD Electronics (00285) rose by 1.68%, priced at 42.45 HKD; AAC TECH (02018) rose by 1.29%, priced at 39.3 HKD.
In recent news, Jiangsu, Guizhou, and other regions have included Consumer Electronics in the subsidy categories for promoting consumption, and the stores that launched the activities first received enthusiastic responses. CITIC SEC's Research Reports indicate that in addition to local subsidies introduced in certain regions, there is a significant possibility that mobile phones and AIoT terminal Electric Appliances will be included in the "National Subsidy" by 2025, with a duration likely to exceed six months.
Debon Securities believes that the Central Committee of the Communist Party of China has set the tone for implementing "more proactive fiscal policies" by 2025. It is expected that by 2025, consumer benefits policies combined with the replacement demand brought by AI penetration on the client side will strongly promote the sales recovery of mobile phones, PCs, tablets, and other Consumer Electronics. The Consumer Electronics Industry Chain is expected to manifest a logic of increased shipments and price recovery, with performance likely to accelerate growth.
