东兴证券：东兴晨报-20241008

Group 1: Edge AI Industry - Edge AI has multiple advantages and a broad market outlook, serving as a significant application for artificial intelligence. It involves intelligent processing and decision-making at the device level, with benefits including efficiency (low latency, offline availability, distributed computing), cost reduction (energy efficiency, cost-effectiveness), security (stability, data safety), and personalization [1] - Current main application scenarios include AI PCs, AI smartphones, AI wearables, AI smart homes, AI smart cars, and AI industrial equipment, indicating a vast market potential [1] - The industry is entering a rapid development phase due to a combination of favorable policies, technological advancements, and increasing demand. Recent government policies have promoted AI development, while advancements in processors, memory, batteries, and software support the deployment of edge AI [1] Group 2: Key Players and Ecosystem - Qualcomm and Huawei are identified as two major players in the edge AI ecosystem. Qualcomm has established barriers in communication chips through its first-mover advantage and patents, enhancing its market share by focusing on chip development and bundling sales [1] - Huawei, as a leading global ICT infrastructure and smart terminal provider, is driving its "comprehensive intelligence" strategy, integrating generative AI with terminal products, and maintaining an open ecosystem around its HarmonyOS and Kunpeng infrastructure [1][2] Group 3: Investment Recommendations - The report recommends focusing on Qualcomm's and Huawei's industrial chains, highlighting companies like Zhongke Chuangda, Desay SV, SenseTime, and Yiyuan Communication as potential beneficiaries of industry growth [2] - In the context of Huawei's strong position in the domestic tech sector, companies such as Softcom Power, Chinasoft International, and iFlytek are expected to benefit from the ongoing development in the edge AI space [2] Group 4: Electric Two-Wheeler Industry - The electric two-wheeler industry has experienced two significant development phases, with policy changes playing a crucial role. The introduction of the "New National Standard" in 2020 has led to a second expansion, with annual production nearing 60 million units [6][7] - The demand side remains strong, with ongoing regulatory tightening expected to drive replacement demand through trade-in subsidies, particularly benefiting leading manufacturers [6][7] - The Southeast Asian market presents substantial growth potential, with local manufacturers like Yadea already establishing a competitive advantage in countries like Vietnam [6][7] Group 5: Leading Companies in Electric Two-Wheeler Industry - Yadea Holdings has become the largest electric two-wheeler manufacturer globally, leveraging its extensive store network and early international expansion to capture market share [8] - Aima Technology, the second-largest player, continues to expand and aims for a 20% revenue growth target for 2024, indicating strong management confidence and growth potential [8] Group 6: Capital Market Environment - Recent policies have been introduced to enhance investor confidence and optimize the capital market environment, including guidelines for market value management and promoting long-term capital inflows [14][15] - The report emphasizes the need for listed companies to focus on core operations and improve profitability, with specific measures outlined for effective market value management [14][15] Group 7: Cross-Border E-commerce Industry - The cross-border e-commerce sector is thriving, driven by resilient overseas demand and a trend towards high-cost performance consumption. The U.S. market is expected to recover, providing a foundation for China's cross-border e-commerce exports [16][17] - The industry has developed a comprehensive supply chain, with brand expansion and logistics services being key growth areas. Emerging platforms like Temu and TikTok are creating new opportunities for domestic brands [16][17] Group 8: Mechanical Industry - The mechanical equipment sector is anticipated to enter a cyclical upturn, supported by external demand and improved manufacturing conditions. The manufacturing PMI indicates a potential recovery, with large enterprises showing expansion while smaller ones remain in contraction [18][19] - The report suggests that the manufacturing sector's transformation and cyclical recovery will become a market focus, with specific attention on automation and robotics sectors [19]