Investment Rating - The report maintains an "Overweight" rating for the automotive industry, consistent with the previous rating [1]. Core Insights - The domestic replacement in the mid-to-high-end passenger car market is expected to accelerate, driven by brands like Huawei, Xiaomi, and new energy vehicle manufacturers [2][3]. - The report highlights that luxury brands such as BBA are implementing volume control and price protection measures, which may enhance the competitiveness of domestic brands in the mid-to-high-end market [3]. - The anticipated launch of new models under Huawei's smart selection initiative in Q3 2024 is expected to stimulate growth in the automotive supply chain [3]. - The report emphasizes the strong performance of the automotive electronics sector, particularly in smart driving technologies, which are expected to continue to catalyze growth [3]. Summary by Sections Investment Recommendations - The report recommends several automotive manufacturers for investment, including Jianghuai Automobile, Changan Automobile, BYD, Spring Power, Great Wall Motors, and Li Auto [5]. - For the smart technology sector, recommended stocks include Desay SV, Xingyu Co., Kobot, Huayang Group, Huayi Technology, and Baolong Technology [5]. - In the high-growth new energy sector, recommended stocks include Wuxi Zhenhua, Ruihu Mould, Huguang Co., Songyuan Co., Top Group, Shuanghuan Transmission, Xinquan Co., Aikedi, and Yinlun Co. [5]. Key Company Metrics - Jianghuai Automobile (600418.SH): Closing price 19.6, 2023A PE 279.9, 2024E PE 93.3, Rating: Overweight [6]. - Changan Automobile (000625.SZ): Closing price 15.4, 2023A PE 13.4, 2024E PE 19.0, Rating: Overweight [6]. - BYD (002594.SZ): Closing price 264.1, 2023A PE 25.6, 2024E PE 22.1, Rating: Overweight [6]. - Spring Power (603129.SH): Closing price 146.7, 2023A PE 21.9, 2024E PE 17.6, Rating: Overweight [6]. - Great Wall Motors (601633.SH): Closing price 26.3, 2023A PE 32.1, 2024E PE 21.2, Rating: Overweight [6]. - Li Auto (2015.HK): Closing price 77.3, Rating: Overweight [6]. - Desay SV (002920.SZ): Closing price 99.8, 2023A PE 35.5, 2024E PE 27.5, Rating: Overweight [6]. - Xingyu Co. (601799.SH): Closing price 128.0, 2023A PE 33.1, 2024E PE 23.9, Rating: Overweight [6]. - Kobot (603786.SH): Closing price 54.3, 2023A PE 35.8, 2024E PE 23.7, Rating: Overweight [6]. - Huayang Group (002906.SZ): Closing price 28.0, 2023A PE 29.8, 2024E PE 25.2, Rating: Overweight [6]. - Huayi Technology (688071.SH): Closing price 20.6, Rating: Overweight [6]. - Baolong Technology (603197.SH): Closing price 32.3, 2023A PE 17.7, 2024E PE 13.5, Rating: Overweight [6]. - Wuxi Zhenhua (605319.SH): Closing price 17.2, 2023A PE 15.5, 2024E PE 11.5, Rating: Overweight [6]. - Ruihu Mould (002997.SZ): Closing price 31.6, 2023A PE 29.3, 2024E PE 20.5, Rating: Overweight [6]. - Huguang Co. (605333.SH): Closing price 27.0, 2023A PE 207.9, 2024E PE 61.4, Rating: Overweight [6]. - Songyuan Co. (300893.SZ): Closing price 28.4, 2023A PE 32.3, 2024E PE 22.9, Rating: Overweight [6]. - Top Group (601689.SH): Closing price 39.2, 2023A PE 20.1, 2024E PE 15.9, Rating: Overweight [6]. - Shuanghuan Transmission (002472.SZ): Closing price 22.0, 2023A PE 22.7, 2024E PE 17.7, Rating: Overweight [6]. - Xinquan Co. (603179.SH): Closing price 43.2, 2023A PE 26.2, 2024E PE 19.2, Rating: Overweight [6]. - Aikedi (600933.SH): Closing price 14.0, 2023A PE 13.6, 2024E PE 11.2, Rating: Overweight [6]. - Yinlun Co. (002126.SZ): Closing price 17.0, 2023A PE 22.1, 2024E PE 16.5, Rating: Overweight [6].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 行 业 周 报 股 票 研 究 [Table_Industry] 钢铁 2024.07.21 [Table_Invest] 评级: 增持 上次评级: 增持 | --- | --- | |----------------------------------|-------| | [Table_subIndustry] 细分行业评级 | | | 普碳钢 | 增持 | | 不锈钢 | 增持 | | 特殊钢 | 增持 | | 钢铁贸易 | | | 钒电池 | 增持 | | 钢管 | 增持 | | 铁矿石 | 增持 | | 钢铁制品 | 增持 | | --- | --- | --- | --- | |----------------|---------------------|-------------------|----------------------| | [table_Authors | 李鹏飞](分析师) | 魏雨迪(分析师) | 王宏玉(分析师) | | | 010-83939 ...

2024.07.20 [Table_Invest] 评级: 增持 上次评级: 增持 本周生胶、维生素 E 价格涨幅居前,重视 具备业绩韧性子行业 [Table_subIndustry] 细分行业评级 ——基础化工行业周报 | --- | --- | --- | --- | |----------------|--------------------------|----------------------------|-----------------------------| | [table_Authors | 钟浩](分析师) | 钱伟伦(分析师) | 王瑞健(研究助理) | | | 021-38038445 | 021-38038878 | 021-38031022 | | | zhonghao027638@gtjas.com | qianweilun027712@gtjas.com | wangruijian028700@gtjas.com | | 登记编号 | S0880522120008 | S0880523040003 | S0880123070136 | [Table_Report] 相关报 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 指引积极,短暂回调不改长期趋势 ---海外科技行业 2024 年第 50 期 | --- | --- | --- | |----------------|---------------------------|----------------------| | [table_Authors | 秦和平](分析师) | 李奇(分析师) | | | 0755-23976666 | 0755-23976888 | | | qinheping027734@gtjas.com | liqi028295@gtjas.com | | 登记编号 | S0880523110003 | S0880523060001 | 本报告导读: 台积电产能持续释放,指引积极,对后市保持乐观;PC、智能手机 Q2 出货持续边 际复苏;博通指引积极,大客户算力投资规模未见放缓。 投资要点: [Table_Summary] [Table_大盘行情上,(2024.07.05-2024.07.19)恒生指数下跌 4.79%, ...

Industry Investment Rating - The report maintains an **Overweight** rating for the automotive industry, consistent with the previous rating [1] Core Views - **Robotaxi** is expected to enhance consumer awareness of intelligent driving and improve technical solutions through mileage accumulation As costs decrease and technology iterates, the penetration rate of intelligent driving is likely to gradually increase [3] - The domestic ride-hailing and taxi market is estimated to exceed **100 billion RMB**, with a potential market size of nearly **3000 billion RMB** in 2023 [3][10] - **Robotaxi** is gradually expanding its operational areas and entering commercial operations, with participation from ride-hailing platforms and autonomous driving technology companies [3][17] - In the short term, **Robotaxi** faces economic challenges due to high hardware and safety personnel costs, but in the medium term, cost advantages are expected to improve as scale effects and hardware costs decrease [3][49] Domestic Ride-Hailing and Taxi Market - By the end of 2023, the number of ride-hailing and taxis in China exceeded **4 million vehicles**, with the market size approaching **3000 billion RMB** [10] - The number of ride-hailing vehicles increased from **1.12 million** in 2020 to **2.95 million** in the first half of 2024, while the number of taxis remained stable at around **1.36 million** [10] - The daily average orders per ride-hailing vehicle have remained at **8-9 orders** since 2022 [12] - The main cost for ride-hailing platforms is driver-related expenses, accounting for **79.1%** of revenue in 2020 [14] Robotaxi Commercialization and Operations - **Robotaxi** is gradually entering commercial operations in specific regions and scenarios, with participation from ride-hailing platforms and autonomous driving technology companies [17] - The operational areas of **Robotaxi** are expanding, with some cities like Wuhan opening up **3000 square kilometers** for testing and operations [23] - **Robotaxi** is currently used as a supplementary tool for commuting, with **67%** of users considering it a primary or supplementary commuting tool [28] - The transition from **onboard safety personnel** to **remote safety personnel** is underway, with some cities allowing **driverless operations** in specific areas [39][40] Policy and Regulatory Support - National policies are supporting the development of **Robotaxi**, with guidelines issued for autonomous driving in ride-hailing services [29] - Local governments are refining regulations, with cities like Shanghai and Wuhan setting detailed requirements for testing, demonstration, and commercialization [32][35] - The transition from **testing** to **demonstration** and finally to **commercialization** is a key process for **Robotaxi** development, with some cities already allowing commercial operations [43][45] Technological Advancements - **Robotaxi** is equipped with **L4+** high-level autonomous driving solutions, with ongoing optimization and iteration of technical solutions [49] - The current **Robotaxi** solutions rely on multi-sensor fusion, with most vehicles using **500+ TOPS** computing platforms and high-performance chips like NVIDIA Orin [53][54] - Sensor integration and design improvements, such as the **"starship keel design"** used by some manufacturers, are helping to reduce wind resistance and improve vehicle performance [53]

内需预期回暖,修复趋势延续 [Table_Industry] 食品饮料 2024.07.21 [Table_Invest] 评级: 增持 上次评级: 增持 [Table_subIndustry] 细分行业评级 | --- | --- | --- | |----------------|------------------|-----------------------| | | | ——食品饮料行业周报 | | [table_Authors | 訾猛](分析师) | (分析师) | | | 021-38676442 | 8621-38675854 | | | zimeng@gtjas.com | liyao022899@gtjas.com | | 登记编号 | S0880513120002 | S0880520090001 | 本报告导读: 我们认为市场对板块业绩预期调整充分,板块低位之下构筑修复空间,内需预期回 暖、旺季临近及总量数据环比改善构成潜在催化,板块修复趋势或延续。 投资要点: [Table投资建议: _Summary]1)白酒:阶段性价值凸显,修复延续。板块前期受淡季需 求弱、高端酒批价等因素影 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 [Table_Industry] 传播文化业 2024.07.20 [Table_Invest] 评级: 增持 上次评级: 增持 《抓娃娃》引燃观影热情,多款头部影片待映 ——传媒行业周报 2024 年 28 期 [Table_subIndustry] 细分行业评级 | --- | --- | --- | --- | |----------------|--------------------|---------------------|------------------| | [table_Authors | 陈筱](分析师) | 陈俊希(分析师) | 李芓漪(分析师) | | | 021-38675863 | 021-38032025 | 021-38038428 | | | chenxiao@gtjas.com | chenjunxi@gtjas.com | liziyi@gtjas.com | | 登记编号 | S0880515040003 | S0880520120009 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 衰退预期扰动,板块弱势下行 2024.07.20 [Table_Invest] 评级: 增持 上次评级: 增持 ——工业金属周报 [Table_subIndustry] 细分行业评级 | --- | --- | --- | |----------------|-------------------|----------------------------| | [table_Authors | 于嘉懿](分析师) | 孟宪博(分析师) | | | 021-38038404 | 021-38038432 | | | yujiayi@gtjas.com | mengxianbo029249@gtjas.com | | 登记编号 | S0880522080001 | S0880523120001 | 本报告导读: 宏观衰退预期扰动,工业金属的金融属性承压,叠加淡季下游需求及库存的压力,板 块整体弱势下行。 投资要点: [Table周期研判: _Summary]继美国 6 月 CPI 全线低 ...

公用事业 2024.07.20 [Table_Invest] 评级: 增持 上次评级: 增持 用电增速放缓,火电连续负增长 ——公用事业行业周报(2024.7.15-2024.7.19) [Table_subIndustry] 细分行业评级 | --- | --- | --- | |-----------------|-------------------------------------------------------|-------------------------| | 于鸿光](分析师) | 孙辉贤(研究助理) | 汪玥(研究助理) | | 021-38031730 | 021-38038670 | 021-38031030 | | | yuhongguang025906@gtjas.comsunhuixian026739@gtjas.com | wangyue028681@gtjas.com | | S0880522020001 | S0880122070052 | S0880123070143 | 本报告导读: 2024 年 6 月用电增速放缓,关注迎峰度夏保供形势;水电增速加快,火电降幅 ...

2024.07.20 [Table_Invest] 评级: 增持 上次评级: 增持 衰退预期扰动,板块弱势下行 ——工业金属周报 [Table_subIndustry] 细分行业评级 | --- | --- | --- | |----------------|-------------------|----------------------------| | [table_Authors | 于嘉懿](分析师) | 孟宪博(分析师) | | | 021-38038404 | 021-38038432 | | | yujiayi@gtjas.com | mengxianbo029249@gtjas.com | | 登记编号 | S0880522080001 | S0880523120001 | 本报告导读: 宏观衰退预期扰动,工业金属的金融属性承压,叠加淡季下游需求及库存的压力,板 块整体弱势下行。 投资要点: [Table周期研判: _Summary]继美国 6 月 CPI 全线低于预期后,美联储在本周四的《褐 皮书》中表示,在坚持高利率的近一年时间内,美国经济增速放缓、 消费降级等现象正变得更加普遍。美国 ...