[Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 11 月 18 日 星期一 [Table_Summary] 概览 核心观点 【市场回顾】 上周五，A 股三大股指集体下挫，上证指数跌 1.45%报 3330.73 点， 深证成指跌 2.62%，创业板指跌 3.91%。两市 A 股成交额 1.83 万亿元 人民币，超 4200 股下跌。申万行业方面，传媒、交通运输行业涨幅 居前，国防军工、非银金融行业跌幅居前；概念板块方面，教育、互 联网电商概念板块涨幅居前。港股方面，香港恒生指数跌 0.05%，恒 生科技指数涨 0.22%。海外方面，美国三大股指全线收跌，道指跌 0.7%，标普 500 指数跌 1.32%，纳指跌 2.24%。欧洲股市全线下跌， 亚太股市涨跌不一。 【重要新闻】 【10 月份经济运行稳中有进 主要指标回升明显】国家统计局公布数 据显示，10 月份，全国规模以上工业增加值同比增长 5.3%，社会消 费品零售总额增长 4.8%，全国服务业生产指数增长 6.3%。1-10 月份， 全国固定资产投资同比增长 3.4%，其中房地产开发投资下降 10.3%。 ...

Industry Investment Rating - The report maintains a "Stronger than the Market" rating for the industry [4] Core Views - AIPC (AI-powered PCs) are expected to rapidly penetrate the PC market, driven by features such as natural language interaction, personal large models, hybrid computing power, open application ecosystems, and privacy security [1] - The industry has transitioned from the "AI Ready" phase to the user experience exploration phase, with AIPC products accelerating the replacement cycle and driving industry chain upgrades [1] - By 2028, AIPC penetration is expected to reach 79.7% [2] Technological Innovation and Market Penetration - AIPC represents a new wave of innovation in the PC industry, leveraging AI to enhance cost efficiency, latency, security, and personalization [2] - The integration of AI models with PCs' computing and storage capabilities, along with diverse interaction methods, positions AIPC as a key driver of market growth [2] - AIPC's adoption is expected to grow significantly, with a projected penetration rate of 79.7% by 2028 [2] Hardware and Software Ecosystem - AIPC demands higher hardware and software capabilities, leading to innovations in chips, memory, and storage solutions [3] - Key chip manufacturers like Intel, AMD, Qualcomm, and MediaTek are developing CPUs with integrated NPUs (Neural Processing Units) to support heterogeneous computing for AIPC [3] - Storage technologies are also evolving, with SSDs and LPDDR5/X/DDR5 becoming mainstream solutions for AIPC due to their high performance and low power consumption [3] - Software ecosystems are expanding, with companies like OpenAI, Microsoft, and Lenovo introducing AI-driven applications and tools to enhance user experience [3] Market Competition and Product Launches - Leading PC manufacturers such as Lenovo, HP, Dell, and Apple are actively launching AIPC products, with Lenovo leading in market share and innovation [4][58] - AIPC products are expected to command a 10-15% premium over traditional PCs, with significant growth in the $800+ PC market segment [4] - By 2025, AIPC is projected to account for over 50% of the $800+ PC market, and by 2028, this figure is expected to exceed 80% [4] Investment Recommendations - The report recommends focusing on companies involved in AIPC hardware, including chip and storage manufacturers, as well as software and application developers [4][69] - Key areas of interest include heterogeneous computing (CPU+GPU+NPU), storage upgrades (SSD, LPDDR5/X, DDR5), and AI-driven applications [69] - The report also highlights the potential for AIPC to drive the replacement cycle and boost the overall PC market, with global PC shipment value expected to grow from $225 billion in 2024 to over $270 billion by 2028 [66][68]

[Table_RightTitle] 证券研究报告|电子 [Table_Title] AI 端侧及半导体自主可控较受关注，基金 配置集中度提升 [Table_ReportType] ——电子行业跟踪报告[Table_ReportDate] 2024 年 11 月 15 日 [行业核心观点： Table_Summary] SW 电子 24Q3 基金超配比例环比下滑，但仍处于近年 Q3 最高水平。SW 电子行业 2024 年 Q3 适配比例为 7.91%，环比-0.15pct，同比+0.63pct； 基金重仓比例为 13.98%，环比-0.66pct，同比+2.19pct；超配比例为 6.07%，环比-0.52pct，同比+1.56pct，为近年 Q3 最高水平。 投资要点： 前十大重仓股组成较为稳定，24Q3 行情表现较好。按持股市值排序来看， SW 电子行业 2024 年 Q3 基金重仓的前十个股分别为立讯精密、中芯国际、 海光信息、中微公司、北方华创、寒武纪、澜起科技、沪电股份、传音控 股和圣邦股份。行情表现方面，前十大重仓股中均在 Q3 实现上涨，行情 表现较好。 证 券 研 究 报 告 行业跟踪报告 行 ...

[Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 11 月 15 日 星期五 证 券 研 究 报 告 晨会纪要 市场研究 3282 | --- | --- | --- | --- | |-------------------------------------------------------------------------|---------------------------------------|------------------------|--------| | [Table_Summary] \n概览 | [Table_InnerMarketIndex] 国内市场表现 | \n指数名称 收盘 涨跌幅 | % | | | 上证指数 | 3,379.84 | -1.73% | | 核心观点 | 深证成指 | 11,037.78 | -2.83% | | 【市场回顾】 | 沪深 300 | 4,039.62 | -1.73% | | 周四 A 股三大指数集体收跌，截止收盘，沪指收跌 1.73% ，深成指收 | 科创 50 | 1,027.32 | ...

[Table_RightTitle] 证 券 研 究 报 告 行业快评报告 行业研究 [Table_Title] 人形机器人赛道融资火热，商业化进程持续 推进 [Table_ReportType] ——人形机器人行业快评报告[Table_ReportDate] 2024 年 11 月 14 日 [行业Table_Summary] 事件： 近日，多家人形机器人企业完成融资，资本市场的持续火热反映了人形 机器人行业的快速发展和市场对其应用潜力的认可。 投资要点： 专注于打造"一脑多形"的具身智能机器人公司星海图官宣完成超 2 亿 元 Pre-A 轮融资。本轮融资由高瓴创投（GL Ventures）、蚂蚁集团领 投，米哈游、无锡创投集团、同歌创投、Funplus 及老股东跟投。本轮 融资完成后，星海图将继续推动具身本体及核心模组、端到端 AI 算法 以及场景解决方案的研发及落地，同时持续拓展海外市场、构建全球竞 争力。在商业化落地进程上，星海图围绕着智能的技术边界，致力于打 造具身智能前沿生态。 人形机器人企业月泉仿生获近亿元 Pre-A 轮融资。本轮融资由洪泰基 金领投，长兴基金、中关村启航基金跟投，浪潮资本担任 ...

Industry Investment Rating - Stronger than the market (maintained) [4] Core Viewpoints - The "Robot+" Application Action Plan (2024-2027) in Chongqing aims to promote the high-quality development of the robotics industry [1] - By 2027, robots will be widely used in various fields of the economy and society, with significant results in typical demonstration applications [2] - The plan focuses on key application areas including manufacturing, agriculture, smart construction, public services, and special emergency scenarios [3] - Emphasis is placed on developing mid-to-high-end robot products and promoting the localization of key robot components [4] - The robotics industry in China is expected to continue its historical development opportunities, driven by policy support and improving product performance [4] Key Application Areas Manufacturing - Targeting digital transformation needs in automotive, electronics, and equipment manufacturing sectors [3] - Typical applications include intelligent inspection, assembly, handling, welding, and spraying [3] Agriculture - Addressing the demand for intelligent agricultural machinery [3] - Applications include planting, harvesting, sorting, cleaning, disinfection, production environment monitoring, and primary processing of agricultural products [3] Smart Construction - Focusing on construction needs in housing, municipal infrastructure, transportation, and water conservancy projects [3] - Applications include concrete paving, floor leveling, wall panel installation, decoration, measurement, pipeline repair, and ground paving [3] Public Services - Serving schools, public services, digital hospitals, and healthy communities [3] - Applications include mobile platforms, intelligent development, multimedia recognition, automatic diagnosis, precise positioning, assisted medical care, and elderly care [3] Special Emergency - Addressing needs in energy infrastructure, social security, extreme environments, and special operations [3] - Applications include emergency rescue, geological exploration, power plant inspection, unmanned transportation, and urban patrol [3] Product Development Focus - Development of mid-to-high-end robot products such as heavy-duty industrial robots, agricultural robots, smart construction robots, collaborative robots, humanoid robots, and medical robots [4] - Research and development of key components including open robot motion control systems, high-power direct-drive servo motors, high-performance vision sensors, force sensors, position sensors, and high-performance end-effectors [4] Investment Recommendations - The robotics industry in China is expected to maintain a positive long-term trend [4] - Attention should be paid to potential core companies in the humanoid robot industry chain and those entering Tesla's humanoid robot supply chain [6]

[Table_RightTitle] 证券研究报告|家用电器 | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 11 月 14 日 星期四 [Table_Summary] 概览 核心观点 | --- | --- | --- | |---------------------------------------|------------------------|-------| | [Table_InnerMarketIndex] 国内市场表现 | \n指数名称 收盘 涨跌幅 | % | | 上证指数 | 3,439.28 | 0.51% | | 深证成指 | 11,359.29 | 0.40% | | 沪深 300 | 4,110.89 | 0.62% | | 科创 50 | 1,061.37 | 1.03% | | 创业板指 | 2,417.25 | 1.11% | | 上证 50 | 2,728.23 | 0.59% | | 上证 180 | 8,900.27 | 0.51% | | 上证基金 | 7,122.71 | 0.26% | | | | | 国债指数 218.47 0.01% 【市场回顾】 周三 A 股三大指数 ...

[Table_RightTitle] 证券研究报告|电力设备 [Table_Title] 三季度整体业绩向好，细分板块表现分化 [Table_ReportType] ——电力设备行业跟踪报告[Table_ReportDate] 2024 年 11 月 13 日 证 券 研 究 报 告 行业跟踪报告 行业研究 3223 [行业核心观点： Table_Summary] 2024 年下半年以来，电力设备行业整体业绩向好，细分板块表现有所 分化，其中，配电设备板块表现相对较好，盈利能力提升，输变电设 备板块业绩环比有所改善。展望后市，（1）电力市场改革持续深化， 电网建设投资稳定增长，有望带动电网设备板块景气上行，建议积极 关注特高压直流、变压器、智慧电网、储能系统等关键环节的龙头个 股；（2）全球能源转型加速，叠加电力系统升级换代，海外电力设备 需求有望提升，建议关注电力设备出海方向。 （1）2024 年前三季度：SW 电力设备行业营收同比正增长，盈利有所 承压，主要系输变电设备、线缆部件细分板块利润下降影响。2024 年 Q1-Q3,SW 电力设备行业上市公司营业收入合计实现 5514.29 亿元， 同比增长 7 ...

[Table_RightTitle] [Table_Title] 锂电产业链业绩边际改善，电池环节盈利稳 定增长 [Table_ReportType] ——电力设备行业跟踪报告[Table_ReportDate] 2024 年 11 月 13 日 证 券 研 究 报 告 行业跟踪报告 行业研究 3223 [行业核心观点： Table_Summary] 2024 年下半年以来，锂电产业链业绩整体边际改善，在上游碳酸锂价 格逐步企稳、下游需求回升趋势下，材料环节公司业绩逐步企稳；下 游电池环节表现稳健，归母净利润稳定增长，盈利能力增强。展望后 市，（1）随着上游碳酸锂价格逐步触底企稳，终端下游新能源车销量 增长，锂电中游材料厂商业绩有望持续修复，电池、结构件环节公司 盈利有望持续增强，建议积极关注中游材料环节公司业绩修复投资机 会，以及电池环节市占率提升、盈利能力增强的龙头个股；（2）新兴 技术产业化加速，固态电池、复合集流体、多孔铜箔等新技术快速发 展，下游车企、电池厂商持续加大加快布局，建议关注新兴技术产业 化带动的投资机会。 投资要点： 1）2024 年前三季度，由于锂电产业链需求端增速放缓，叠加供应端 内 ...