The Ethernet switch is a type of network hardware that is vital to networking and the internet. Ethernet switches enable communication between cabled devices in an Ethernet LAN, such as computers, servers, Wi-Fi access points, Power over Ethernet (PoE) lighting, and Internet of Things devices.

Endoscopic closure devices are medical instruments used to seal puncture sites created during minimally invasive endoscopic procedures. These devices are designed to help prevent bleeding and promote tissue healing at the site of endoscope entry or exit. Endoscope closure devices can include clips, sutures, or other closure mechanisms to securely close the puncture site, reduce the risk of complications, and aid in the patients recovery following the procedure.

An EV charging infrastructure is used to supply electric energy for the recharging of battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV).

An electric vehicle (EV) charger or electric vehicle supply equipment (EVSE) is a piece of equipment that supplies electrical power for charging plug-in electric vehicles.

The electric power steering (EPS) market focuses on the production, sale, and distribution of electric-powered steering systems for automobiles. EPS technology has replaced traditional hydraulic power steering systems with an electrical motor, which helps the driver steer the vehicle easily. EPS components and systems are used in passenger cars, trucks, buses, and other vehicles that use electrical power steering.

2024 年 7 月 24 日，国家发展改革委、财政部印发《关于加力支持大规模设备更新和消费品以 旧换新的若干措施》的通知，推动本轮全国性大规模消费品补贴走向高潮，本轮补贴相比历史 上的补贴政策有着力度大、速度快、效果显著的特征，体现出家电、消费电子等消费品海量换 机需求；目前主要集中在家电、家居领域的补贴政策有望在未来扩容至消费电子领域，我们从 本轮以旧换新效果中，基于补贴的拉动效应、换机周期及补贴资金总额展望消费电子补贴，测 算国内智能手机销量增长弹性，以期分享政策提振下的投资机会。

AIDC 产业放量在即，供电体系需求扩容，服务器为 AI 数据中心最主要电耗来源，围绕服务器 的供电体系有望充分受益于 AIDC 放量趋势。从需求量角度，总算力、芯片单位功耗、冗余因 素奠定需求基础；从供给侧角度，高功率密度、高效率构成行业高壁垒。AIDC 服务器单机柜功 率预计将持续增加，目前最高功率约为 130~250kW，远期有望达 1000+kW。立足长期，伴随 终端放量+功率密度提升，我们重点看好具备供应链卡位优势的大陆电源厂。

以旧换新政策包括报废更新和置换更新，报废更新指将车辆报废回收后购入新车，由国家制定补贴细则；置换更新是指将旧车转让 并购入新车，由各省制定细则，报废更新和置换更新不可同时享受。2025年以旧换新政策对报废更新和置换更新均做出调整。  报废更新：将国排放四标准纳入补贴范围，注册登记时间较上一年向后推迟，新增可享受报废更新的车辆合计约1296.4万辆，与 2024年体量相当。

展望后续出海资产，风险与机遇并存。特朗普获得美国大选胜利后，关税 阴云再度笼罩，但国内企业海外产能布局自 2018 年起已逐步完善，龙头企业 陆续在海外布局分公司、子公司、生产基地等，全球化经营理念日益落实； 在此进程中，部分企业注重品牌建设，实现从制造出海到品牌出海，绑定海 外渠道端、构筑深厚护城河，出海步伐日趋稳健。

餐厨设备需求回暖，国产品牌有望实现智能厨电弯道超车。2023 年美 国餐饮行业增加值同比+7.39%；伴随美国进入降息通道，餐饮经济有 望触底反弹。全球智能厨房电器市场迎来显著的增长机遇，根据 Grand View Research 研究预测，2024-2030 年 CAGR 预计将达到 17.9%，国 内餐厨设备龙头企业银都股份建立独特完善的销售售后渠道，差异化 优势凸显。