强化内功，蓄力改善。2025年行业呈现“需求筑底、渠道去库、批价企稳”特征。1）需求端，结构分化延续，大众价位较好、部分单品升级、宴席环比回暖；伴随龙头酒企强化渠道管控，主流单品批价企稳。2）供给端，酒企增速规划较以往偏保守、追求高质量发展，聚焦组织架构、品牌底蕴、产品结构、渠道体系、营销打法等内功持续发力。同时龙头酒企在分红回报上积极树立标杆，一方面白酒行业发展范式有望逐步走向稳增长、强分红，另一方面在头部酒企示范效应的带动下未来预计将有更多现金流充裕的酒企强化股东回报。

小家电板块子行业众多，整体较为分散。清洁电器、净水器、电饭煲以及台式微蒸烤是规模较大的细分板块，从增速来看，咖啡机、清洁电器、净水器、榨汁机以及净化器同比增速居前。从赛道维度对比，清洁电器自 2015 年以来销额保持正增长，咖啡机自 2022 年以来销额保持正增长。2024 年 10 月以来，在国补助力下，小家电品类终端销额表现明显回暖，2024 年 10 月 - 2025 年 3 月的 6 个月累计销额同比数据中，咖啡机、清洁电器、净水器、榨汁机、净化 器销额同比增速居前。量价拆分来看，国补对刚需品类价格拉动明显。

国内外巨头算力资本开支预计持续保持高企，算力集群扩展推动数据中心互联（DCI）技术升级。建议持续聚焦业绩确定性强的光模块和光器件环节，同时建议关注光芯片领域国产替代的加速。全球800G需求保持旺盛，1.6T稳步升级。建议关注：中际旭创、新易盛、天孚通信、太辰光、源杰科技等。

板块分化，盈利承压。25Q1 商业银行净利润同比减少 2.3%，增速环比 24 年基本持平。分板块来看，25Q1 单季度国有行、股份行、城商行、农商行净利润同比增速 0.08%、-4.53%、-6.68%、-2.03%，环比 24Q4 单季度分别变动-2.07pct、-11.80pct、+80.92pct、+77.40pct；国有行和股份行业绩回落，预计主要受一季度重定价压力集中释放以及债市利率回调背景下其他非息对业绩扰动影响，而城商行、农商行业绩大幅回升，预计主要是中小银行改革化险提速、合并重组步伐加快背景下数据口径有所调整，各板块表现分化，关注后续情况。

5 月 20 日，据《金融时报》报道“新一轮存款利率调整开始”。我们静态测算 LPR 下调 10BP 和存款降息对上市银行净息差影响分别为-6.15BP，和+8.33BP，预计本次存贷款利率调整对息差影响正向积极。从银行资产负债管理出发，MAX{OMO，1 年期存款利率}≤1 年期同业存单发行利率≤MAX{吸收存款最高利率}，考虑到 OMO，1 年期存款利率和长期限存款利率分别下调 10BP，15BP 和 25BP，国股银行同业存单定价下行有望超预期。配置的10年期国债最低成本≥MIN{5年期存款挂牌，5 年期商业银行普通债}+期限溢价，存款利率调降或有利于银行通过增配政府债券来支持实体经济。

债市 3-4 月经历过山车，利率先上后下，十年国债在 1.65%附近时，机构已全部上车。我们以 4 月债市作为参考系，月初在对等关税扰动下，利率快速下行，5 大类机构全面增配（银行间+交易所口径），商业银行、广义基金、券商、保险、外资的托管余额明显增加。

Automotive belt tensioner pulleys can be defined as the devices used in automotive engines to maintain the proper tension of the belts that drive various engine components. These pulleys are essential in ensuring that the belts operate efficiently and do not slip or wear prematurely. The market encompasses the manufacturing, distribution, and sale of belt tensioner pulleys worldwide, catering to the needs of both original equipment manufacturers (OEMs) and aftermarket customers. OEMs are the major customers in this market as they require belt tensioner pulleys to be installed in new vehicles during production. The global automotive belt tensioner pulleys market includes various types of pulleys, such as automatic and manual tensioner pulleys, idler pulleys, and auxiliary tensioner pulleys. These pulleys are used in different automotive applications, including passenger cars, commercial vehicles, and off-road vehicles.

Automatic milking machines, also known as robotic milking systems, are designed to milk dairy animals, particularly cows, without human intervention. These systems utilize advanced technologies such as sensors, laser technology, and software-based systems to ensure efficient and hygienic milking processes. The integration of data analytics and herd management software enables farmers to monitor the health and productivity of their livestock, further enhancing farm efficiency.

An autoclave is an instrument that is designed to operate at high pressure and temperature to sterilize equipment and materials. It also helps in decontaminating medical or biological waste before disposal. The high temperature generated inside the chamber of the autoclave helps in killing the microorganisms and spores present in the materials placed inside the chamber.

Auto parts are different components or pieces of an automotive vehicle that are designed and manufactured separately and are used while building the vehicle or in repair.