东海证券：晨会纪要-20240919

Group 1: Key Recommendations - In August, the retail sales of consumer goods increased by 2.1% year-on-year, with a total of 38,726 billion yuan, which was below the consensus expectation of 2.7% [6][7] - The sales growth in rural areas outpaced urban areas, with rural retail sales growing by 3.9% compared to 1.8% in urban areas [6][7] - Online consumption maintained rapid growth, with online retail sales of goods and services increasing by 8.9% and 8.1% year-on-year, respectively [6][7] Group 2: Electric Vehicle Industry - In August, domestic new energy vehicle sales reached 1.1 million units, a year-on-year increase of 30% and a month-on-month increase of 11% [11] - The export of new energy vehicles was 110,000 units in August, maintaining a high growth trend [11] - The overall market for new energy vehicles is expected to reach 11.5 million units in 2024, representing a year-on-year growth of 20% [11] Group 3: Pharmaceutical Industry - The pharmaceutical and biological sector saw a decline of 2.55% last week, underperforming the CSI 300 index by 0.32 percentage points [14] - The sector's PE valuation is currently at 22.2 times, which is at a historical low [14] - Recent policy changes, such as the expansion of cross-provincial direct settlement for outpatient chronic diseases, are expected to benefit related companies and patients [15][16] Group 4: Automotive Industry - The automotive sector experienced a decline of 1.44%, with the overall market showing signs of recovery due to the "old-for-new" policy and the upcoming peak sales season [18][19] - In August, the retail sales of new energy vehicles reached 1.027 million units, a year-on-year increase of 43% [19] - Domestic brands captured 63.4% of the market share, with significant growth from companies like BYD, Chery, and Geely [19] Group 5: Renewable Energy Industry - The silicon material prices remain stable, while the prices of battery components are under pressure [22] - The wind power sector is seeing an increase in bidding and project initiation, indicating a stable market environment [23][24] - Companies like Daikin Heavy Industries and Oriental Cable are well-positioned to benefit from the growth in offshore wind projects [24]