Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the broader market within the next six months [12]. Core Insights - Automotive companies are increasingly entering the humanoid robot sector, establishing themselves as significant players in the industry. The technological similarities between automotive and humanoid robots, along with overlapping hardware supply chains, provide these companies with a competitive edge in manufacturing and application [3]. - The launch of Xiaopeng Motors' AI humanoid robot, Iron, showcases advanced features such as a 1:1 human scale, 62 degrees of freedom, and a powerful AI chip with 3000T computing power, enhancing its operational capabilities [4]. - Changan Automobile has announced plans to invest over 50 billion yuan in new technologies, including humanoid robots, with a product launch expected by 2027 [5]. - The humanoid robot industry is anticipated to accelerate in 2024, driven by investments from tech giants like Tesla, with increasing demand due to aging populations and rising labor costs [5][10]. Summary by Sections Industry Overview - The humanoid robot sector is emerging as a new industry with significant market potential, although cost remains a barrier to widespread adoption [10]. Company Developments - Xiaopeng Motors has introduced the Iron robot, which integrates advanced AI and robotics technology, currently being tested in its production processes [4]. - Changan Automobile is focusing on a comprehensive transportation solution, including humanoid robots, with substantial investment planned for the next five years [5]. Market Trends - The demand for humanoid robots is expected to grow due to demographic changes and economic factors, leading to increased commercialization opportunities in the near future [5][10].

Investment Rating - The industry investment rating is "Outperform the Market" [6][31]. Core Insights - In October 2024, China's industrial robot production increased by 33.4% year-on-year, reaching 50,916 units, with a cumulative production of 465,684 units from January to October, reflecting a growth trend [3][21]. - The service robot production in October 2024 saw a year-on-year decline of 12.8%, totaling 870,900 units, while the cumulative production for the first ten months of 2024 grew by 18% [4][23]. - The report highlights the robust recovery of the industrial economy in China, with a 5.3% year-on-year growth in industrial added value in October 2024, indicating strong economic resilience and potential [2][15]. Summary by Sections 1. Industrial Robots - China's industrial output is steadily recovering, with a 5.3% year-on-year growth in industrial added value in October 2024, slightly down from the previous month [15]. - The production of industrial robots in October 2024 was 50,916 units, marking a 33.4% increase year-on-year, and a cumulative production of 465,684 units from January to October, which is a 13.3% increase [3][21]. 2. Service Robots - In October 2024, service robot production was 870,900 units, a decrease of 12.8% year-on-year, while the cumulative production for the first ten months was 8,711,900 units, reflecting an 18% growth [4][23]. - The service robot industry is rapidly evolving, with advancements in technology leading to improved performance and quality, expanding application scenarios from simple household tasks to complex medical procedures [25]. 3. Investment Recommendations - The report suggests that the Chinese robotics industry is in a historical opportunity phase, driven by recovering domestic and international demand, continuous policy support, and improving product performance. It recommends focusing on potential core targets within the robotics supply chain and those with strong safety margins [27].

Core Insights - The A-share market continued to show weakness with the Shanghai Composite Index down 0.12% to 3,259.76 points, the Shenzhen Component Index down 0.84%, and the ChiNext Index down 1.15% [2][6] - The total trading volume in the A-share market was 1.30 trillion RMB, with over 3,400 stocks declining [2][6] - In the industry sectors, banking and food & beverage led the gains, while the power equipment sector saw the largest declines [2][6] - The Hang Seng Index in Hong Kong closed up 0.04%, while the Hang Seng Tech Index fell by 0.31% [2][6] - U.S. stock indices all closed higher, with the Dow Jones up 0.28%, S&P 500 up 0.57%, and Nasdaq up 0.63% [2][6] - European and Asia-Pacific stock markets experienced declines [2][6] Important News - The Financial Regulatory Bureau held a symposium on the high-quality development of the insurance industry, gathering opinions from major insurance institutions [2][6] - The meeting emphasized the close relationship between the insurance industry and the macroeconomy, highlighting recent government policies aimed at stabilizing growth [2][6] - The insurance sector is encouraged to leverage historical opportunities, enhance product offerings, and better meet the evolving needs of society [2][6] - There is a focus on increasing investments in strategic emerging industries, advanced manufacturing, and new infrastructure to support the development of new productive forces [2][6] Economic Performance of State-Owned Enterprises - From January to October 2024, the total operating revenue of state-owned and state-controlled enterprises reached 676,606.0 billion RMB, a year-on-year increase of 0.9% [4][7] - The total profit amounted to 35,371.9 billion RMB, reflecting a year-on-year decrease of 1.1% [4][7] - Tax payments totaled 48,524.7 billion RMB, down 0.4% year-on-year [4][7] - The asset-liability ratio stood at 64.9%, an increase of 0.1 percentage points [4][7]

Core Viewpoints - The A-share market experienced a "V" shaped reversal at the end of trading on Monday, with the Shanghai Composite Index down 0.11% to 3263.76 points, the Shenzhen Component Index down 0.17%, and the ChiNext Index down 0.02%. The total trading volume in the A-share market was 1.49 trillion RMB, with over 3600 stocks rising. The social services and textile industries led the gains, while the communication sector lagged behind. The solid-state battery concept sector also saw significant gains [1][10] - In the international markets, the three major US stock indices all closed higher, with the Dow Jones up 0.99%, the S&P 500 up 0.3%, and the Nasdaq up 0.27%. Most European and Asia-Pacific stock markets also saw increases [1][10] Important News - The Central Committee of the Communist Party of China and the State Council issued the "Action Plan for Food Conservation and Anti-Food Waste," aiming to establish a long-term mechanism for food and grain conservation by the end of 2027. The plan includes improving statistical surveys, standards, and indicators for food loss and waste, with a focus on reducing food waste in various sectors, including restaurants and canteens [2] - A meeting was held by the People's Bank of China and nine other departments to promote technology innovation and technical transformation loan policies. As of November 15, banks had signed loan contracts with 1737 enterprises and projects totaling nearly 400 billion RMB, supporting technology companies and large-scale equipment updates. The meeting emphasized the need for banks to enhance efficiency and ensure comprehensive financing coverage for listed enterprises and projects [3][11] Industry Insights - In October, China's excavator sales reached 16,791 units, a year-on-year increase of 15.1%. Domestic sales accounted for 8,266 units, up 21.6%, while exports totaled 8,525 units, increasing by 9.46%. For the first ten months of 2024, total excavator sales were 164,200 units, a slight increase of 0.47% year-on-year [12][15] - The loader sales in October also saw a year-on-year increase of 11.1%, with total sales of 8,355 units. Domestic sales were 4,032 units, down 7.08%, while exports were 4,323 units, up 36%. For the first ten months, total loader sales reached 90,200 units, a year-on-year increase of 5.29% [15] - The gradual implementation of debt reduction policies is expected to support the construction machinery market's recovery. The National People's Congress approved a resolution to increase local government debt limits, which will provide additional resources for infrastructure projects, thereby boosting demand for construction machinery [15]

Investment Rating - The report maintains an "Outperform" rating for the media industry, indicating a projected relative increase of over 10% compared to the broader market in the next six months [3]. Core Insights - The media industry experienced a decline of 2.06% last week, outperforming the CSI 300 index, which fell by 2.60%. The media sector's performance was better than the ChiNext index by 0.97 percentage points [22]. - In October, global AI application traffic increased by 13.64%, with total visits exceeding 6 billion. AI application advertising spending surpassed 400 million, marking a fivefold increase over the past six months [15][60]. - The gaming sector is expected to benefit from the stable issuance of domestic and imported game licenses, providing growth potential for new game supply [15]. Summary by Sections 1. Core Insights and Investment Recommendations - AI industry continues to show growth, with Chat assistant products leading in traffic increase. The focus remains on developing head products and exploring multi-modal applications [15]. - Investment suggestions include focusing on gaming companies with strong R&D capabilities and a rich game reserve, video platforms excelling in micro-short dramas, and companies with established AIGC applications [16][17][18]. 2. Media Industry Weekly Review - The media industry saw a decline of 2.06% last week, ranking 18th in the market. Year-to-date, the media sector has underperformed the CSI 300 index by 8.75 percentage points [22][24]. - The average daily trading volume for the media sector decreased by 7.82% compared to the previous week, with a total trading volume of approximately 376.77 billion [32]. 3. Industry News and Company Announcements - In November, 112 game licenses were issued, including 7 imported games, indicating a significant increase in the number of imported game licenses this year [60]. - The report highlights the success of "Black Myth: Wukong," which won the Golden Joystick Award for Game of the Year and was nominated for the TGA "Game of the Year" [60].

[Table_RightTitle] [Table_Title] 重视人工智能、数据要素产业链投资机遇 [Table_ReportType] ——计算机行业周观点(11.18-11.24) [Table_ReportDate] 2024 年 11 月 25 日 [Table_Summary] 行业核心观点： 证 券 研 究 报 告 行业周观点 行业研究 3236 上周（11.18-11.22）沪深300指数下跌2.60%，申万计算机行业下跌 3.27%，落后于指数0.67pct，在申万一级行业中排名第26位。本周建议 关注AI大模型应用的加速落地以及数据要素的价值释放。人工智能方 面，近期海内外的AI大模型持续迭代更新，通过技术创新赋能AI产品应 用，为AI Agent、AI办公、AI营销广告等场景的应用落地提供了更扎实 的基础，头部公司都在积极布局AI Agent等场景应用，建议关注AI应用 的创新落地和产品力提升；AI产品的创新研发和AI应用的加速落地，有 望进一步提升对AI算力的需求，同时有望更好的落地端侧应用，带动 AIPC、具身智能等AI终端的需求。数据要素方面，伴随国内数据要素政 策的不断落地，数 ...

Investment Rating - The industry investment rating is "Outperform the Market" [3] Core Viewpoints - The report suggests focusing on investment opportunities in 6G construction, satellite internet, and low-altitude economy industries. The low-altitude economy is entering a new development stage with eVTOL pilot projects in six cities. The completion of a 6G prototype test by China Telecom Research Institute provides a practical basis for satellite-ground integration research, which is expected to promote 6G technology applications. Shanghai Yanshin Satellite Technology Co., Ltd. has signed a memorandum of cooperation with Brazil's state-owned telecommunications company, marking the beginning of overseas business operations [35][36]. Summary by Sections 1. Core Viewpoints and Investment Suggestions - The report emphasizes investment opportunities in 6G, satellite internet, and low-altitude economy sectors. It highlights the significance of the eVTOL pilot projects and the completion of the 6G prototype test, which supports the integration of satellite and ground communication [35][36]. 2. Industry Dynamics - Low-altitude Economy: The central air traffic management committee will conduct eVTOL trials in six cities [40]. - 5G: The 2024 China 5G+ Industrial Internet Conference was held in Wuhan [41]. - 6G: China Telecom completed a prototype test for 6G technology [42]. - Satellite Internet: Yanshin Satellite has initiated overseas business with a partnership in Brazil [42]. - SpaceX successfully conducted its sixth test flight of the Starship [42]. - Vehicle-road cloud: China Unicom released its integrated solution for smart connected vehicles [44]. - Data Elements: The National Data Bureau is soliciting opinions on the construction guidelines for national data infrastructure [45][46]. 3. Market Review - The report notes a decline in the communication industry, with the SW communication industry index down 3.78%, ranking 29th among 31 industries. The average daily trading volume decreased by 19.82% compared to the previous week [48][55]. The current PE ratio for the SW communication industry is 19.41, significantly below the historical average of 34.04 [53].

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [12]. Core Insights - In October 2024, China's excavator sales reached 16,791 units, marking a year-on-year increase of 15.1%. Domestic sales accounted for 8,266 units, up 21.6%, while exports totaled 8,525 units, up 9.46% [4][5]. - Loader sales in October 2024 were 8,355 units, reflecting an 11.1% year-on-year growth. Domestic sales decreased by 7.08% to 4,032 units, while exports surged by 36% to 4,323 units [4][5]. - The gradual implementation of debt reduction policies is expected to stabilize and boost the construction machinery market. A recent resolution approved an increase of 6 trillion yuan in local government debt limits to replace hidden debts, which will enhance funding for infrastructure projects [4][5]. Summary by Sections Excavator Sales - October 2024 excavator sales were 16,791 units, a 15.1% increase year-on-year. Domestic sales were 8,266 units (up 21.6%), and exports were 8,525 units (up 9.46%). For the first ten months of 2024, total excavator sales were 164,200 units, a 0.47% increase year-on-year [4][5]. Loader Sales - October 2024 loader sales reached 8,355 units, an 11.1% increase year-on-year. Domestic sales were 4,032 units (down 7.08%), while exports were 4,323 units (up 36%). For the first ten months of 2024, total loader sales were 90,200 units, a 5.29% increase year-on-year [4][5]. Policy Impact - The debt reduction policy is anticipated to revitalize infrastructure projects that were previously halted, leading to increased demand for construction machinery. The policy aims to replace hidden debts with a total of 10 trillion yuan in resources over five years, which will support capital expenditures in various infrastructure projects [4][5].

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [5]. Core Insights - The report highlights that the U.S. may intensify export controls against China, particularly targeting advanced processes, which could lead to a significant impact on around 200 Chinese chip companies [34][17]. - The first domestic computing Power of Choice (PoC) platform has been launched, which is expected to accelerate the development of domestic AI computing capabilities [34]. - In the medium to long term, the intensification of technological friction is anticipated to drive upgrades in Chinese chip manufacturers' technologies and enhance their market share in the semiconductor supply chain [34]. Industry Dynamics - **Foldable Smartphones**: In Q3 2024, China's foldable smartphone sales reached 3.54 million units, marking a 79% year-on-year increase and a 35% quarter-on-quarter increase, with a market penetration rate of 4.1% [38]. - **Consumer Electronics**: The global personal smart audio device market saw a strong rebound in Q3 2024, with total shipments nearing 126 million units, reflecting a 15% year-on-year growth [39]. - **Panels**: As of late November 2024, prices for TV and laptop panels remained stable, while display panel prices continued to decline, albeit at a slower rate [39]. - **Domestic Substitution**: New U.S. export control measures are expected to be announced, potentially affecting 200 Chinese chip companies and restricting their access to U.S. products [39]. - **AI Chips**: The launch of the first domestic computing PoC platform is expected to facilitate the commercial application of domestic computing capabilities [39]. Market Performance - The report notes that the SW electronic sector's current PE (TTM) is 67.66 times, which is above the historical average of 49.73 times since 2019, indicating a high valuation relative to historical levels [48]. - The average daily trading volume for the electronic sector was 231.77 billion yuan, down 34.11% from the previous week [52]. - Among 471 stocks in the SW electronic sector, 104 stocks rose while 362 fell, resulting in a rise ratio of 22.08% [54].

[Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 11 月 25 日 星期一 [Table_Summary] 概览 核心观点 证 券 研 究 报 告 晨会纪要 市场研究 3236 【市场回顾】 上周五，A 股低开低走，午后单边下挫大幅收跌，上证指数跌 3.06%， 报 3267.19 点，深证成指跌 3.52%，创业板指跌 3.98%。两市 A 股成 交额 1.79 万亿元人民币，约 4700 股下跌。申万行业方面，全部申万 一级行业下跌，非银金融行业领跌；概念板块方面同样全部下跌，科 创次新股、BC 电池概念跌幅居前。港股方面，香港恒生指数跌 1.89%， 恒生科技指数跌 2.57%。海外方面，美国三大股指全线收涨，道指涨 0.97%，标普 500 指数涨 0.35%，纳指涨 0.16%。欧洲及亚太股市全线 上涨。 【重要新闻】 【李强主持召开国务院常务会议，研究推动平台经济健康发展有关工 作等】国务院总理李强 11 月 22 日主持召开国务院常务会议，研究推 动平台经济健康发展有关工作，讨论《中华人民共和国危险化学品安 全法（草案）》，审议通过《国务院关于修 ...