市场表现回升，出海景气度高。2 月家用电器板块涨幅为 8.82%，跑赢沪深 300 指数 0.47 个百分点。本月家用电器板块在 31 个申万 一级行业涨跌幅中排名第 8 位。个股方面，涨幅前五标的为九号公司（+25.41%）、爱仕达（+21.37%）、三花智控（+20.91%）、小熊电器 （+19.27%）、德业股份（+17.89%）；跌幅前五标的为毅昌科技（-14.18%）、春兰股份（-13.59%）、春光科技（-12.95%）、开能健康（-12.67%）、金海高科（-12.07%）。

2024 年 2 月中央财经委员会第四次会议鼓励汽车、家电等传统消费品以旧换新，3 月 1 日，国常会审议通过《推动大规模设备更新和消费品以旧换新行动方案》。我们认为，近年来家电政策资金主要来自地方财政，资金规模较小，而本次以旧换新政策的推动主体层级更高，且会议指出“要坚持中央财政和地方政府联动”，“加大财税、金融等政策支持”，预计本轮政策会有中央财政参与，补贴规模或将较大，执行效果或将更好。另外，方案指出“坚持鼓励先进、淘汰落后，坚持标准引领、有序提升”，“更好发挥能耗、排放、技术等标准的牵引作用”，预计本轮政策对高能效等级、绿色节能家电产品的补贴力度更大，有望推动家电行业产品结构升级。

政策定调积极，新一轮“以旧换新”落地可期。2024 年 2 月 23 日习总书记在中央财经委员会第四次会议提出鼓励汽车、家电等传统耐用消费品以旧换新，3 月 1 日国常会审议通过《推动大规模设备更新和消费品以旧换新行动方案》。不同于过去几年主要以鼓励“有条件的地方”配套出台相关政策的基调，我们认为，对于本轮家电政策落地可以更乐观一些，一方面本次是由习总书记召开的中央财经委会议提出，会议级别更高，此外会议也明确提出坚持中央财政和地 方政府联动，全国性补贴政策落地可期。

Intraoperative diagnostic imaging systems refer to medical imaging technologies and devices that are used during surgical procedures. These systems provide real-time imaging capabilities to surgeons and medical professionals within the operating room to assist in visualizing anatomical structures and guide surgical interventions.

Process automation and instrumentation solutions are used for controlling the manufacturing process or control process in production without continuous human intervention. Process instrumentation is used for measuring process variables such as temperature, fluid, and others within industrial premises. Automation control systems include MES, DCS, PLC, and SCADA. Process instrumentation includes transmitters, control valves, and analyzers.

A projector is an optical device that projects an image or a series of moving images onto a surface, typically a projection screen. Lasers are used in some modern types of projectors to project the image directly. Instead of using an external projection screen, a virtual retinal display or retinal projector projects an image directly onto the retina. Video projectors are the most common type of projector used at present.

The global pool equipment industry is witnessing a rapid shift with respect to technological advances, energy efficiency, environmental impact, and customization features. Pool heat pumps have emerged as more favorable and preferred options for space heating due to their unique advantages over conventional fuels and boilers.

The global welding guns and torches market has witnessed steady growth, driven by increasing industrialization and construction activities across various regions. Welding guns and torches are essential tools used in welding, which involves joining metals by melting and fusing them.

The global water & wastewater pump market is expected to grow over the forecast period. APAC and Europe, followed by North America, are expected to witness significant demand in the market. However, the Middle East and Latin America are likely to develop opportunities with the opening of new water management, construction, and other projects.

Profession AV solutions or pro AV equipment are systems involved in transmitting multiple high-quality live audio and video signals, among other transmissions, uncompressed in nature, to multiple devices. The pro AV systems are broadly used in live events, broadcast facilities, commercial installations, recording, and postproduction. Sound reinforcement equipment and solutions form the backbone of any pro AV system, installed or portable.