东海证券：晨会纪要-20241030

Key Recommendations - The official public testing of the native HarmonyOS has begun, with strong domestic demand for automotive electronics, indicating a recovery phase in the electronic industry [7][8] - The "Trump trade" is gaining momentum, leading to rising US Treasury yields, which could impact asset allocation strategies [12][13] - The launch of the Ningde Xiaoyao battery supports the hybrid market, while inverter exports saw a month-on-month decline in September, reflecting market dynamics in the battery and energy storage sector [16][17] - A new round of national discussions has started, focusing on the innovative pharmaceutical chain, highlighting opportunities in the pharmaceutical and biotechnology sector [21][22] - Photovoltaic components are experiencing tentative price increases, with stable bidding prices for land wind projects, indicating a positive trend in the renewable energy sector [25][26] Electronic Industry Insights - Huawei's release of the native HarmonyOS and nova 13 series, along with Honor's MagicOS 9.0, is expected to drive growth in the AI and consumer electronics sectors, with a focus on AIOT and AI-driven technologies [8][9] - Texas Instruments reported a quarterly revenue of $4.151 billion, with a 9% quarter-on-quarter increase, driven by strong demand in the Chinese electric vehicle market [9][10] - The electronic industry is showing signs of a mild recovery, with investment recommendations focusing on AIOT, AI-driven innovations, and consumer electronics [10][11] Battery and Energy Storage Sector - The Ningde Xiaoyao battery addresses key issues in hybrid vehicles, with expectations for 2024 electric vehicle sales to reach 11.5 million units, a year-on-year increase of 20% [17][18] - The battery sector saw a 6.17% increase, outperforming the broader market, with major players like Ningde Times and Sunshine Power leading the inflow of capital [16][17] - The energy storage market is recovering, with a total bidding capacity of 2.47GW/9.50GWh, indicating a positive outlook for future projects [19][20] Pharmaceutical and Biotechnology Sector - The pharmaceutical sector has shown a 3.11% increase, with a focus on innovative drugs and medical services, as the National Medical Insurance Bureau prepares for negotiations on drug pricing [21][22] - The overall market capitalization of the pharmaceutical sector is approximately 6.35 trillion yuan, with significant trading activity indicating investor interest [22][24] - Investment opportunities are highlighted in innovative drug chains, medical devices, and healthcare services, with specific recommendations for companies like Betta Pharmaceuticals and International Medicine [25][34] Renewable Energy Sector - The photovoltaic equipment sector has seen a 17.06% increase, with stable pricing for silicon materials and components, indicating a robust market environment [25][26] - Wind power projects are experiencing increased bidding activity, with average bid prices remaining stable, suggesting a recovery in the wind energy market [29][30] - Companies like Fulete and Oriental Cable are positioned to benefit from the growth in the renewable energy sector, with strong financial performance expected [27][31] Chemical Industry Insights - The global chemical merger and acquisition activity has decreased, but opportunities are anticipated in the second half of 2024 as macroeconomic conditions improve [35][36] - China's chemical industry has seen a reduction in M&A transactions, with strategic investors focusing on bulk chemicals and new materials [36][37] - Policy support for mergers and acquisitions in the chemical sector is expected to stimulate activity, particularly in high-value specialty chemicals [37][38]