On December 24, Gelonghui reported that Zheshang Research Reports indicated that ShenZhen YUTO Packaging Technology (002831.SZ) is a leader in diversified paper packaging, deeply tapping into customer share and extending the service chain, while possessing both high dividends and growth potential. The company is expected to perform well in 2025, driven by consumer activities in 3C and smart product upgrades. Maintain a 'Buy' rating. Many provinces and cities are launching 3C subsidy activities, and some regions are preparing for subsidies in 2025 following Jiangsu and Guizhou's introduction of national subsidy policies for Consumer Electronics. Recently, Jiangxi Province and Chengdu City have added 3C subsidy activities, and Hebei Province and Henan Province have also issued notifications for merchants to start signing up for the 2025 3C subsidy activities. Overall, the subsidy intensity is in the range of 10-20%, with a single item limit of 600-2000 yuan. It is believed that under the promotion of 3C subsidies for consumer activities, a trend of upgrading and replacing smart clothing products is about to emerge, and there is optimism regarding the order elasticity of ShenZhen YUTO Packaging Technology, a core supplier of 3C packaging.