东兴证券：东兴晨报-20241009

Group 1: Construction Materials Industry Overview - The construction materials demand is primarily driven by real estate, infrastructure, manufacturing, and rural construction, with real estate-related demand being significant [1][2] - Cement is the most widely used construction material in China, with a large industry scale and a balanced usage in real estate and infrastructure [1] - The real estate sector has been in a prolonged decline, negatively impacting the demand for construction materials, with fixed asset investment in real estate experiencing negative growth for over two years [1][2] Group 2: Market Dynamics and Trends - The construction materials industry has been in a historical low state since Q4 2022, with prices of cement and glass declining from their 2021 peaks [2] - The profitability of leading companies in the cement and waterproof materials sectors has been at historical lows, with many facing micro-profits or losses [2] - The central government is expected to implement policies to counteract the decline in industry demand, aiming for a balance in the real estate sector [6] Group 3: Investment Opportunities and Risks - The ongoing supply-side optimization is likely to enhance market share for leading companies and accelerate industry concentration [2][6] - The anticipated improvement in demand due to policy effects may lead to a gradual recovery in the industry's historical performance [6] - The construction materials sector is expected to face challenges from the real estate market's significant influence on demand, despite stable growth in infrastructure and manufacturing investments [1][2] Group 4: Tesla's Full Self-Driving (FSD) Progress - Tesla's FSD technology has accumulated over 1.6 billion miles (approximately 2.57 billion kilometers) of driving data, with the latest version V12.5.4 enabling features like smart summon [7] - The FSD system is currently available only in the US and Canada, with plans to launch in China and Europe by Q1 2025, pending regulatory approval [7] - Tesla has reduced the purchase price of FSD from $12,000 to $8,000 and adjusted the monthly subscription fee from $199 to $99 [7] Group 5: Investment Strategy in Smart Driving - The report emphasizes that the ability to develop smart driving technology will determine the future competitiveness of automotive companies [8] - Domestic companies such as Xpeng Motors and NIO are also making significant strides in the smart driving sector, presenting investment opportunities [8] - The development of supercomputing centers for training smart driving models is crucial, with companies like Chuanhuan Technology expected to benefit from this trend [8]