晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年11月22日 [晨会纪要 Table_NewTitle] 20241122 [table_main] 重点推荐 [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 联系人： 董经纬 djwei@longone.com.cn ➢ 1.10月社零超预期，关注后续政策持续落地——10月社零报告专题 ➢ 2.智能化与高端化并进，构建全球竞争力——汽车零部件行业研究框架专题报告 财经要闻 ➢ 1.商务部印发促进外贸稳定增长若干政策措施。 ➢ 2.日本准备制定一项价值约21.9万亿日元经济刺激计划。 ➢ 3.美国上周初请失业金人数21.3万人，预期22.0万人。 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 | --- | |-----------------------------------------------------------------------| | | | | | 正文目录 ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年11月21日 [晨会纪要 Table_NewTitle] 20241121 [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 联系人： 董经纬 djwei@longone.com.cn [table_main] 重点推荐 ➢ 1.智能化与高端化并进，构建全球竞争力——汽车零部件行业研究框架专题报告 ➢ 2.工业机器人复盘：关键下游推动放量，行业随产业结构发展应时而变——机械设备行业 周报（20241111-20241117） 财经要闻 ➢ 1.11月LPR报价按兵不动。 ➢ 2.10月全社会用电量同比增长4.3%。 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 正文目录 1. 重点推荐 1.1. 智能化与高端化并进，构建全球竞争力――汽车零部件行业研究框架专题报 | --- | |----------------------------------------------------- ...

行 业 研 究 [Table_Reportdate] 2024年11月21日 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年11月20日 [晨会纪要 Table_NewTitle] 20241120 [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 联系人： 董经纬 djwei@longone.com.cn [table_main] 重点推荐 ➢ 1.双十一战报出炉，龙头表现亮眼——美容护理行业周报(2024/11/11-2024/11/15) ➢ 2.10月社零增速超预期，关注年末备货节奏——食品饮料行业周报（2024/11/11- 2024/11/17） ➢ 3.广州车展召开，尊界品牌首款车型亮相在即——汽车行业周报（2024/11/11-2024/11/17） ➢ 4.工业机器人复盘：关键下游推动放量，行业随产业结构发展应时而变——机械设备行业 周报（20241111-20241117） 财经要闻 ➢ 1.国家主席习近平会见德国总理朔尔茨。 ➢ 2.证监会主席吴清：资本市场长期向好的底层逻辑将会更加稳固。 ➢ 3.国家发改委召开新闻发布会就经济等热点问题进行 ...

板块周期底部，创新引领未来 锂电池行业研究框架专题报告 证券分析师：周啸宇 执业证书编号： S0630519030001 证券分析师：张帆远 执业证书编号：S0630524070002 邮箱：zfy@longone.com.cn 2024年11月20日 www.longone.com.cn BUCK | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-----------|--------|--------------------|-------|-------|-------|---------------|----------|-------|-------|-------|-----------|-------|-------|-------|-------------|---------------------------|----------------------------------| | | | ...

Industry Overview - The automotive parts industry has seen significant differentiation since 2018, with the acceleration of electrification and intelligentization reshaping the downstream automotive market [3] - Key investment themes include intelligent driving, configuration upgrades, and global expansion, driven by technological advancements and consumer demand [3] - The industry is transitioning from benefiting from domestic production and sales growth to focusing on technological innovation and global competitiveness [3] Intelligent Driving - L2 9 high-level intelligent driving is rapidly penetrating the mid-to-high-end market, with end-to-end solutions enhancing extreme scenario handling capabilities [3] - L3/L4 industrialization is accelerating, with domestic automakers piloting TJP traffic jam pilot functions and Tesla exploring robotaxi business models [3] - Key segments benefiting from intelligent driving include domain controllers and wire-controlled chassis [3] Configuration Upgrades - The mid-to-high-end market is expanding, with new forces like Tesla, Li Auto, and NIO reshaping the competitive landscape and driving luxury configurations into lower-priced models [3] - Features such as "refrigerator, TV, and sofa," magic carpet suspension, and projection headlights are entering mass production stages [3] - Relevant segments include automotive seats and lighting systems [3] Global Expansion - Domestic suppliers are following global leaders like Tesla, expanding overseas markets and breaking the dominance of traditional Tier 1 suppliers in segments like lightweighting and thermal management [4] - The localization rate of Tesla's Shanghai factory has increased, providing domestic suppliers with a first-mover advantage in global supply chains [4] Technological Advancements - BEV+Transformer and Occupancy Network algorithms are widely applied, improving 3D perception and environmental understanding in intelligent driving systems [11] - Urban navigation and advanced parking functions are being implemented, with some automakers achieving map-free urban navigation using BEV models [12] Market Penetration - L2 penetration in the 10-200,000 RMB market is increasing, with pure vision solutions from companies like XPeng and Huawei accelerating the adoption of high-level intelligent driving [21] - L3/L4 regulations are gradually being implemented, with Tesla's robotaxi and domestic pilot programs for TJP functions marking significant milestones [26][27] Domain Controllers - The transition from distributed to centralized EEA (Electronic Electrical Architecture) is driving demand for domain controllers, with integration of body, powertrain, and chassis domains leading the way [32] - Domestic automakers are moving towards central computing architectures, with companies like NIO, XPeng, and Li Auto adopting advanced EEA solutions [36] Wire-Controlled Chassis - EHB (Electro-Hydraulic Brake) penetration is rising, with EMB (Electro-Mechanical Brake) expected to achieve mass production by 2025 [56] - SBW (Steer-By-Wire) systems are being adopted by a few overseas models, with domestic industrialization expected soon [60] Air Suspension - Air suspension is penetrating the 200,000-300,000 RMB market, with domestic suppliers like Konghui, Baolong, and Tuopu dominating the market [71] - The integration of air suspension with CDC (Continuous Damping Control) systems is creating opportunities for domestic suppliers to replace foreign competitors [74] Key Companies - Desay SV has transitioned from producing Philips car audio systems to becoming a leader in intelligent cockpit and driving domains, with a strong presence in high-computing power domain controllers [39] - Huayang Group, a leader in HUD (Head-Up Display) technology, is expanding into cockpit domain controllers and central computing units [46] - Keboda, a global leader in lighting control, is entering the domain controller market and rapidly expanding its product line [49] - Jingwei Hirain has achieved mass production of regional controllers and central computing platforms, supplying companies like Xiaomi and XPeng [53] - Bethel, a leading domestic EHB supplier, is developing EMB and SBW products to complete its chassis product portfolio [64] - Tuopu Group is benefiting from the popularity of models like the AITO M9 and Xiaomi SU7, with its air suspension business seeing significant growth [77] - Baolong Technology, a leader in air suspension localization, is expanding its overseas market presence and integrating sensor and intelligent driving businesses [81]

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年11月19日 [晨会纪要 Table_NewTitle] 20241119 [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 联系人： 董经纬 djwei@longone.com.cn [table_main] 重点推荐 ➢ 1.百度AI布局持续深化，"双十一"中国智能手机销量同比反弹26%——电子行业周报 2024/11/11-2024/11/17 ➢ 2.寿险承压财险改善，关注新定价策略下的"开门红"布局——上市险企2024年10月保费 点评 ➢ 3.《能源法》发布，大储利用率有待提升——电池及储能行业周报（2024/11/11-2024/11/17） ➢ 4.光伏出口退税率下调，海风项目建设持续加速——新能源电力行业周报（20241111- 20241117) 财经要闻 | --- | |--------------------------------------------------------------------------- ...

行 业 研 机 械 设 备 究 [Table_Reportdate] 2024年11月18日 行 业 周 报 [证券分析师 Table_Authors] 王敏君 S0630522040002 wmj@longone.com.cn [table_stockTrend] -36% -25% -14% -3% 8% 19% 30% 23-11 24-02 24-05 24-08 申万行业指数:机械设备(0764) 沪深300 [相关研究 table_product] 1.快克智能（603203.SH）：期待后 续验收落地，持续研发布局新业务— —公司简评报告 [table_invest] 超配 [Table_NewTitle 工业机器人] 复盘：关键下游推动放量， 行业随产业结构发展应时而变 ——机械设备行业周报（20241111-20241117） [table_main] 投资要点： ➢ 海外复盘：历史上日本汽车行业的快速成长，有效支持了工业机器人需求。工业机器人行 业的定位为中游制造业，行业的发展不仅依赖于技术的突破，还需要匹配的应用场景，方 能建立起可行的商业模式。工业机器人在汽车制造业中应用广泛，可用于焊 ...

行 业 研 究 非 银 金 融 [Table_Reportdate] 2024年11月18日 行 业 简 评 [证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -33% -18% -4% 11% 25% 40% 54% 23-11 24-02 24-05 24-08 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] 1.从西部收购国融，看中小券商把握 并购浪潮下的区域整合持续落地— —非银金融行业简评 2.券商并购重组提速，化债政策催化 险企投资表现——非银金融行业周 报（20241104-20241110） 3.券商"跨境理财通"试点启动，非 银三季报表现稳健夯实配置基础— —非银金融行业周报（20241028- 20241103） "开门红"布局 [table_invest] 超配 [Table_NewTitle 寿险承压财险改善，关注 ] 新定价策略下的 ——上市险企2024年10月保费点评 [table_main] 投资要点： ➢ 事件：A股上市险企披露2 ...

行 业 研 究 汽 车 [Table_Reportdate] 2024年11月18日 行 业 周 报 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn [table_stockTrend] -38% -27% -15% -4% 7% 18% 29% 23-11 24-02 24-05 24-08 申万行业指数:汽车(0728) 沪深300 [相关研究 table_product] 1.乘用车市场景气延续，小鹏P7+订 单再超预期 — — 汽 车 行 业 周 报 （2024/11/04-2024/11/10） 在即 [table_invest] 标配 [Table_NewTitle 广州车展召开，尊界 ] 品牌首款车型亮相 ——汽车行业周报（2024/11/11-2024/11/17） [table_main] 投资要点： ➢ 本周汽车板块行情表现：本周沪深300环比下跌3.29%；汽车板块整体下跌2.46%，在31个 行业中排第8。细分行业中，（1）整车：综合乘用车、商用载货车、商用载客车子板块分别 变动9.99%、-3.70%、-1.34 ...