东海证券：晨会纪要-20241120

Key Recommendations - Baidu's AI layout continues to deepen with the launch of new AI technologies such as iRAG and the no-code tool "Miao Da," alongside the Xiaodu AI glasses, leading to a 30-fold year-on-year increase in daily calls of the Wenxin large model [8][9] - During the "Double Eleven" shopping festival, smartphone sales in China rebounded by 26% year-on-year, reaching 9.5 million units, although the average selling price (ASP) declined [10][11] - The electronic industry is experiencing a mild recovery in demand, with four main investment themes suggested: AIOT, AI-driven sectors, device materials, and consumer electronics [8][12] Insurance Sector Insights - Life insurance is under pressure while property insurance shows improvement, with a focus on new pricing strategies for the "opening red" layout [5][14] - In October 2024, life insurance premium growth rates varied, with Ping An Life at +9.4% and China Life at +4.9%, while property insurance saw growth led by Ping An Property at +12.2% [13][15] - The "炒停售" (speculative suspension) phenomenon has led to a temporary release of premium demand, resulting in sales pressure in October [14][16] Battery and Energy Storage Industry - The release of the new Energy Law emphasizes the need for improved utilization rates of large-scale energy storage [17][22] - In October, domestic new energy vehicle production and sales reached record highs, with a year-on-year increase of 48% and 50%, respectively [18] - The battery sector is seeing stable demand, with significant growth in power battery installations, particularly lithium iron phosphate batteries [19][20] New Energy and Photovoltaic Sector - The photovoltaic equipment sector experienced a decline of 4.17%, while the wind power equipment sector fell by 7.28% [23][24] - The price of silicon materials is stabilizing, with a trend towards supply-demand balance expected in the coming months [24] - The offshore wind power projects are accelerating, with significant bidding activity indicating strong future demand [27][28] Market Overview - The A-share market showed a slight decline, with the Shanghai Composite Index down 0.21% and the Shenzhen Component Index down 1.91% [39][40] - The semiconductor sector faced a notable drop of 3.44%, reflecting ongoing market challenges [41] - Overall, the market is characterized by mixed performance across sectors, with some showing resilience while others struggle [42]