万联证券：万联晨会-20241028

Core Viewpoints - The A-share market saw a collective rise in the three major indices last Friday, with the Shanghai Composite Index up 0.59%, the Shenzhen Component Index up 1.71%, and the ChiNext Index up 2.93% [4] - The total transaction volume in the Shanghai and Shenzhen markets reached 1.77175 trillion yuan [4] - In the Shenwan industry sector, power equipment, comprehensive, and media sectors led the gains, while banking, public utilities, and coal sectors lagged [4] Market Review - The U.S. stock market showed mixed results, with the Dow Jones down 0.61%, S&P 500 down 0.03%, and Nasdaq up 0.56% [4][3] - The Hang Seng Index rose by 0.49%, and the Hang Seng Technology Index increased by 1.21% [4] Important News - From January to September, the total profit of industrial enterprises above designated size in China was 52,281.6 billion yuan, a year-on-year decrease of 3.5% [5] - The Ministry of Finance's deputy minister stated that China will enhance counter-cyclical fiscal policy measures to stabilize the economy and achieve a growth target of around 5% for the year [5] Company Insights - CATL launched the "Xiaoyao" super hybrid battery, which can achieve a pure electric range of over 400 kilometers and has a 4C fast charging capability [6] - The "Xiaoyao" battery addresses key pain points for hybrid models, potentially increasing their market share as the penetration rate of new energy vehicles reached 53.3% in September 2024 [6] - CATL's market share in power battery installations reached 37.1%, maintaining its position as the global leader [6] Industry Analysis - In September 2024, China's transformer exports amounted to 3.355 billion yuan, with a month-on-month increase of 12.55% and a year-on-year increase of 31.06% [7] - The export value of electric meters in September 2024 was 943 million yuan, showing a month-on-month decline of 19.96% but a year-on-year increase of 9.34% [8] - The export value of cables in September 2024 was 1.110 billion yuan, with a month-on-month decrease of 33.13% but a year-on-year increase of 9.39% [8] Investment Recommendations - The report suggests focusing on investment opportunities related to the "Xiaoyao" battery and hybrid vehicle sales growth [6] - The sodium-ion battery technology is highlighted for its cost-effectiveness and low-temperature performance, with a projected market growth from 500 million USD in 2023 to 1.2 billion USD by 2028 [6]