东海证券：晨会纪要-20241122

Key Recommendations - The automotive parts industry is experiencing a shift towards intelligence and high-end features, driven by the rapid advancement of electric and smart technologies. The restructuring of downstream automotive companies is a critical short-term reference point, with significant players like Tesla, Li Auto, Huawei, and Xiaomi shaping the market landscape [10][11] - Investment themes to focus on include: 1. Smart Driving: The penetration of L2.9 advanced driving systems is accelerating, with L3/L4 industrialization processes speeding up. The high-end market is seeing increased adoption of end-to-end solutions, enhancing capabilities in extreme scenarios [10] 2. Configuration Upgrades: The mid-to-high-end market is expanding, with new entrants challenging traditional luxury brands. This shift is leading to a downward trend in luxury configurations, as new players leverage cost-effective local production and innovative designs [11] 3. Global Expansion: Local suppliers are transitioning from domestic to global markets, following the lead of benchmark companies like Tesla. This transition is expected to enhance the competitive position of domestic suppliers in the global supply chain [11] Industry Insights - The industrial robotics sector is heavily influenced by the automotive industry, with applications in welding, assembly, and quality inspection. The historical growth of Japan's automotive sector has significantly supported the demand for industrial robots [12][14] - The sales structure of industrial robots in Japan is evolving, with a notable shift towards diversified applications beyond traditional automotive uses. The market is increasingly focusing on capturing discrete demands to support growth in new areas [14][15] - Leading companies like Fanuc have established a global presence since the 1970s, forming joint ventures to enhance their market share and technological capabilities. Fanuc's revenue sources are diversifying, with a significant portion now coming from robotics, reflecting a shift in business structure [16][18] Economic Indicators - In November, the Loan Prime Rate (LPR) remained unchanged, with the one-year LPR at 3.1% and the five-year LPR at 3.6% [19] - In October, China's total electricity consumption increased by 4.3% year-on-year, with significant growth in various sectors, indicating a robust economic activity [20] Market Performance - The A-share market showed positive momentum, with the Shanghai Composite Index closing at 3367 points, up 0.66%. The market is characterized by significant net inflows, particularly in sectors like gaming and internet services, while traditional banking stocks faced declines [22][23]