商贸零售行业：重视“人工智能+消费”的广阔应用场景

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report emphasizes the potential benefits of integrating "Artificial Intelligence + Consumption" across various sectors, highlighting four key areas: AI smart glasses, AI education, cross-border e-commerce, and smart home technology [3][4] - The report notes that the Ministry of Commerce plans to implement effective policies to boost consumption, including upgrading product consumption, expanding service consumption, fostering new consumption types, and innovating consumption scenarios [4] Performance Overview - Over the past twelve months, the industry has shown a relative return of -3.5% over one month, 16.14% over three months, and -5.33% over twelve months compared to the CSI 300 index [2] - Absolute returns were -7.38% over one month, 13.01% over three months, and 9.64% over twelve months [2]