万联证券：万联晨会-20241115

Market Overview - The A-share market experienced a collective decline on Thursday, with the Shanghai Composite Index falling by 1.73%, the Shenzhen Component Index down by 2.83%, and the ChiNext Index decreasing by 3.4%. The total trading volume in the Shanghai and Shenzhen markets reached 1,837.835 billion yuan [4][6] - In terms of sector performance, banking, home appliances, and comprehensive sectors led the gains, while defense, electronics, and retail sectors lagged behind. Concept sectors such as ST stocks, titanium dioxide, and Guangdong Free Trade Zone saw gains, while sectors like photolithography machines and national fund holdings faced declines [4][6] Important News - The Shanghai Stock Exchange and the China Securities Index Company announced the optimization of the SSE 180 Index, which will take effect on December 16. The revision will increase the weight of new productivity industries and the Sci-Tech Innovation Board, enhancing the index's return, market coverage, and investment representation [6] Industry Insights: Humanoid Robots - The humanoid robot sector is witnessing a surge in financing, with several companies completing significant funding rounds, indicating rapid development and market recognition of their application potential. For instance, Star Sea Map announced over 200 million yuan in Pre-A round financing, aimed at advancing embodied intelligence and expanding overseas markets [7][10] - The Chongqing "Robot+" Application Action Plan (2024-2027) was released, focusing on the high-quality development of the robot industry. The plan aims to promote the application of robots across various sectors, including manufacturing, agriculture, smart construction, public services, and emergency response [8][9] Industry Performance: Home Appliances - The home appliance industry saw a slowdown in growth in Q3 2024, with total revenue reaching 1,140.85 billion yuan, a year-on-year increase of 4.6%. The growth rate has decelerated compared to the first half of the year. Notably, small appliances and white goods outperformed the overall industry average [11][12] - The implementation of the old-for-new policy has positively impacted domestic sales, with a significant increase in sales in September, which saw a year-on-year growth of 20.5%. Exports also remained strong, with a year-on-year increase of 16.1% in the first nine months of 2024 [11][12]