东海证券：晨会纪要-20241123

Group 1 - The report highlights that in October 2024, the total retail sales of consumer goods reached 453.96 billion yuan, with a year-on-year growth of 4.8%, exceeding the consensus expectation of 3.9% [10][11] - Urban and rural markets both showed growth, with urban retail sales at 392.55 billion yuan (up 4.7% year-on-year) and rural retail sales at 61.41 billion yuan (up 4.9% year-on-year) [10][11] - Online consumption growth outpaced offline, with online retail sales of goods and services increasing by 8.8% and 8.3% year-on-year respectively [10][11] Group 2 - The automotive parts industry is experiencing significant changes due to the acceleration of electric and intelligent vehicle trends, leading to a reshaping of customer structures [14][15] - Investment themes include the penetration of advanced driving technologies (L2.9) and the acceleration of L3/L4 industrialization, with a focus on related segments such as domain controllers and steer-by-wire systems [14][15] - The report suggests that the domestic supply chain is gaining a stronger position in the global market, driven by local suppliers expanding overseas and breaking the traditional dominance of multinational Tier 1 suppliers [15]