东海证券：晨会纪要-20241018

Key Recommendations - AMD has launched the new generation GPU MI325X, which is expected to impact NVIDIA's dominance in the AI market as it begins production in Q4 2024 and deliveries to customers in Q1 2025 [6][7] - The demand for consumer terminals remains weak, with AI servers becoming the main support for storage demand, leading to a narrowing of the expected price increase for general DRAM contracts to 0-5% in Q4 [8][9] Industry Insights Electronics Sector - The introduction of AMD's MI325X GPU, which boasts a peak AI computing power of 1.3 PFLOPS and utilizes advanced HBM3E memory technology, is set to challenge NVIDIA's H200 GPU [7] - The overall demand in the electronics sector is in a phase of moderate recovery, with four main investment themes identified: AIOT, AI-driven technologies, equipment materials, and consumer electronics [9] Food and Beverage Sector - The food and beverage sector saw a decline of 7.47% last week, underperforming the CSI 300 index by 4.21 percentage points, with only the soft drink sub-sector showing a slight increase [11] - In the liquor market, the sales performance during the recent holidays was mixed, with high-end products facing pressure while mid-range products showed better performance [11][12] - The beer industry is expected to benefit from cost reductions in raw materials and a potential recovery in consumption scenarios, with a focus on high-end products like Qingdao Beer [12] Market Data - As of October 17, 2024, the Shanghai Composite Index closed at 3169.38 points, down 1.05%, indicating a cautious market sentiment [19] - The financing balance in the market reached 158.19 billion yuan, reflecting a slight increase [19]