东海证券晨会纪要

Automotive Industry - Changan Automobile's June 2024 wholesale sales reached 225,000 units, with a year-on-year decrease of 0.30% and a month-on-month increase of 8.81% [5] - Changan's self-owned passenger vehicle sales in June 2024 were 138,300 units, up 0.12% year-on-year and 12.23% month-on-month [5] - Changan Ford's June 2024 sales were 19,500 units, down 3.18% year-on-year but up 8.98% month-on-month [5] - Changan Mazda's June 2024 sales were 5,535 units, down 25.31% year-on-year and 7.18% month-on-month [5] - Changan's self-owned new energy vehicle sales in June 2024 reached 63,600 units, up 60.03% year-on-year and 15.63% month-on-month, with a penetration rate of 33.66% [26] - Avatr, a Changan brand, signed a strategic cooperation agreement with AL SAQER GROUP in the UAE, aiming to expand its presence in the Middle East market [10] - Avatr will be the first to adopt Huawei's Qiankun ADS 3.0 system, featuring advanced autonomous driving capabilities and triple LiDAR [11][28] Power Industry - China's electricity consumption in 2023 grew by 6.70%, with an electricity elasticity coefficient of 1.29 [13] - In Q1 2024, the electricity elasticity coefficient rose to 2.35, with electricity consumption growing by 9.80% [13] - China's total electricity consumption is expected to reach 98,556.06 billion kWh in 2024, with a year-on-year growth rate of 6.85% [13] - The national power generation is projected to reach 102,151.81 billion kWh in 2024, with a year-on-year growth rate of 14.66% [14] - The power market has formed four trading forms: medium and long-term trading, spot trading, auxiliary trading, and capacity trading, with green certificate trading supporting environmental value [15] - The power industry is expected to benefit from ongoing reforms, with growth and defensive advantages, particularly for leading companies in thermal power, hydropower, nuclear power, and green power [17] Market Commentary - The Shanghai Composite Index fell below the 5-day and 10-day moving averages, with a significant increase in selling pressure [21] - The semiconductor sector dropped 3.00%, with large single-day net outflows exceeding 1.8 billion yuan [37] - Only two sectors in the A-share market closed higher, with over 24% of sectors falling more than 3% [47] - The top five declining sectors included education, tourism, and real estate, with significant net outflows in sectors like semiconductors, software development, and banking [47][48]