自上任以来，特朗普迅速签署行政令要求冻结资金，解雇联邦政府员工，以试图削减政府巨额开支。那么，特朗普新政对于财政平衡的想法能否实现？对于大类资产走势又有怎样的影响呢？

近期市场机器人概念火爆，早在 2015 年国内指数公司便已发布机器人相关指数，当前有挂钩指数的产品可供投资。我们梳理了国内的 20 只机器人相关指数，各指数在选样空间、成份股数量、加权方式、业绩表现上有所差异。已有产品挂钩的中证机器人指数和国证机器人产业指数在 1 年、3 年、5 年期业绩上也有差别。14 家基金公司提供了包括指数基金、ETF 和 ETF 联接基金在内的 32 类产品份额供投资者选择。

2024 年，中国电视品牌继续强化海外消费者认知、提升全球份额（奥维睿沃，2024Q1-Q3 TCL/海信全球出货量分别同比+10.3%/+4.7%，行业仅+2.2%），我们认为中国电视产品的高质量、创新力正逐步改变海外年轻消费群体对中国家电产品的刻板印象，迭代更快的电视产品有望通过 Mini LED 背光电视，率先突破“性价比”的固有标签，在众多家电品类中脱颖而出。我们认为随着 2025 年面板价格压力缓解叠加国内以旧换新政策驱动产品结构升级，电视板块有望迎来盈利改善周期，建议关注 TCL 电子（全球化积极，Mini LED 领先）、海信视像（高端化突破，全球份额提升）、兆驰股份（垂直整合，成本优势明显）。

Virtual reality is a computer-generated simulation or recreation of an environment that simulates physical presence in real or imagined worlds. This technology enables the user to interact with the environment and experience a sense of presence in that world. Virtual reality typically involves the use of a headset or multi-projected environments to create realistic images, sounds, and other sensations that simulate a user's physical presence in a virtual or imaginary environment. It is widely used in various fields, including entertainment, gaming, education, training, and simulations.

A virtual card is a digital payment that exists solely in electronic form, lacking a physical card. It is typically used for online transactions and is associated with a specific payment account. Virtual cards enhance security by generating unique card numbers for each transaction, reducing the risk of fraud. These are often employed for business expenses, subscription services, and other situations where secure, trackable, and temporary payment methods are needed.

The vehicle-mounted crane market encompasses a range of cranes mounted on vehicles designed to facilitate the transportation and installation of heavy materials across various industries. This type of vehicle-mounted crane includes truck￾mounted cranes, all-terrain cranes, and crawler cranes which are used for applications in mining and oil & gas, construction, logistics and warehousing, and utility and maintenance and other sectors. Vehicle-mounted cranes are characterized by their mobility, allowing easy transport to job sites and the capability to operate in diverse environments. They serve various lifting needs, including heavy construction materials, equipment installation, and maintenance tasks, making them essential for enhancing operational efficiency in industries that require lifting and positioning capabilities.

本轮库存周期于 2023 年中开启，但补库力度偏弱。规上工业企业的产成品存货同比增速在 2023 年 7 月达到历史低位后（1.6%）有所回升，开启新一轮库存周期。但对比 2002 年以来的六轮库存周期，目前来看本轮库存周期中，补库阶段的补库力度弱于以往，产成品同比增速最高时为 5.2%（2024 年 7 月），仍处于历史偏低水平。本轮库存周期还出现了多次库存阶段的切换。从 2023 年 7 月以来，新一轮库存周期启动后的一年半的时间里，库存阶段已经经历了五次变动。  

我们认为资金最紧的阶段可能即将过去。下周政府债缴款维持高位，可能对资金面形成扰动，但 MLF 投放、税期走款结束等因素将缓解资金压力；此外， 2 月末资金面大多边际转松，可能与跨月财政投放、两会前央行呵护有关。

2 月 10 日晚，比亚迪董事长兼总裁王传福在智能化战略发布会上宣布，比亚迪全系车型将搭载“天神之眼”高阶智驾技术，首批 21 款车型即将上市。“天神之眼”分为三个版本：A 版（三激光版） 主要应用于仰望品牌，B 版（激光版）用于腾势和比亚迪品牌，C 版（三目版）则搭载于比亚迪品牌。C 版由 3 个前视摄像头、5 个周视摄像头、4 个环视摄像头、5 个毫米波雷达和 12 个超声波雷达组成，全系标配代客泊车功能，城市记忆领航功能将于年底前通过 OTA 升级推出。王传福强调，比亚迪将安全作为智驾的核心，提出“智驾是安全出行最强的守护”，并承诺推动智驾普及，保障出行安全。

Underfloor heating is used to heat the floor as well as the ambient surroundings, utilizing an underfloor warm water pipe or an electric cable. The heat from an underfloor heating system travel from the ground to cool the above-head level, thus ensuring uniform heat distribution. An underfloor heating system helps in controlling indoor climatic conditions by elevating the surface temperatures. The thermal comfort provided by these systems eliminates the need for radiators or other heating systems.