东海证券：晨会纪要-20241121

Group 1: Beauty and Personal Care Industry - The beauty and personal care sector underperformed the market, with the industry index down 6.88% compared to a 3.29% drop in the CSI 300 index, marking a 3.59 percentage point underperformance [10] - During the Double Eleven shopping festival, the total sales across e-commerce platforms reached 1.4418 trillion yuan, a year-on-year increase of 26.6%, with live-streaming sales growing by 54.6% [11] - The domestic brand Proya ranked first in sales on major platforms, with significant year-on-year growth across various channels, indicating strong performance among local brands [13] Group 2: Food and Beverage Industry - The food and beverage sector saw a decline of 3.56%, underperforming the CSI 300 index by 0.27 percentage points, ranking 15th among 31 sectors [17] - In October, the total retail sales of consumer goods reached 4.54 trillion yuan, with a year-on-year growth of 4.8%, exceeding expectations [18] - The liquor segment is expected to recover as the market stabilizes, with major brands like Wuliangye enhancing consumer trust through improved channel management [19] Group 3: Automotive Industry - The automotive sector experienced a decline of 2.46%, with the overall market sentiment affected by the recent Guangzhou Auto Show showcasing new models [26] - BYD is expanding into the mid-to-high-end market with new models set to launch, indicating a strategic shift towards premium offerings [27] - The introduction of global models by brands like Leap Motor and Lynk & Co reflects a focus on international expansion and diversification of product offerings [28] Group 4: Industrial Robotics Industry - The industrial robotics sector is evolving with a focus on automation in the automotive industry, driven by technological advancements and changing market demands [31] - Japanese companies like Fanuc are expanding globally, with a significant portion of their revenue now coming from markets outside Japan, particularly China [34] - The domestic market for industrial robots is growing, with a 5% year-on-year increase in sales, highlighting the potential for local manufacturers to capture market share [34]