东兴证券：东兴晨报-20241126

Humanoid Robots and Industrial Automation - Humanoid robots are expected to address the pain point of customization in manufacturing, leveraging AI for flexibility and interaction, which can integrate into various industrial processes [2] - The core components of humanoid robots include sensors, motors, ball screws, and reducers, with sensors offering strong differentiation potential due to high customization requirements [3] - Motors for humanoid robots require highly customized production, with hollow cup motors being a key component for dexterous hands, offering high-end applications and design barriers [3] - Ball screws are relatively standardized, with their core barriers lying in high-end machine tools and mass production capabilities [4] - Reducers have broad potential for domestic substitution, with harmonic reducers, planetary reducers, and RV reducers being key types, and some areas already achieving domestic substitution [4] Industrial Robot Applications - Industrial robots have a first-mover advantage in application scenarios, with global players having decades of R&D experience [5] - Domestic manufacturers like Xiaomi, Xpeng, Fourier, and others are accelerating their entry into the humanoid robot field, focusing on motion control and perception capabilities [11] - The future competitiveness of humanoid robots will depend on their integration into application scenarios, with domestic players needing to catch up in algorithm and software development [11] Pig Farming Industry - In October 2024, pig prices fluctuated, with average prices for piglets, live pigs, and pork at 36.37 yuan/kg, 18.25 yuan/kg, and 29.85 yuan/kg, respectively, showing a month-on-month decline [21] - The supply side saw increased pig sales due to declining profits, while demand was weak, with slaughtering rates slightly increasing to 28.04% [21] - The sow inventory continued to rise in October, with cautious replenishment sentiment among farmers, and local disease outbreaks warranting attention [22] - Leading pig farming companies like Muyuan and Wen's saw significant profit growth in the first three quarters of 2024, with Muyuan's net profit increasing by 668.9% year-on-year [23] Food and Beverage Industry - Economic stimulus policies are expected to boost demand in the food and beverage sector, with historical data showing a 6-12 month lag between policy implementation and stock price peaks [27] - The market is entering a phase of fundamental observation, with companies that show faster recovery and better performance likely to lead in the next phase [28] - The upcoming New Year and Spring Festival seasons are expected to be key periods for demand recovery, with a focus on cyclical sectors like liquor and condiments [28] Express Delivery Industry - In October 2024, national express delivery business volume reached 16.31 billion pieces, a 24% year-on-year increase, driven by the extended Double 11 shopping festival [29] - YTO, STO, and ZTO saw business volume growth exceeding 30%, with YTO's single-ticket revenue increasing by 6% month-on-month [32] - SF Express experienced a 26.9% year-on-year increase in business volume, but single-ticket revenue declined by 10% due to increased e-commerce parcel volume [32] - ZTO's Q3 2024 business volume grew by 15.9%, with single-ticket revenue increasing by 1.9%, driven by growth in direct customer business, particularly in scattered parcels [34][35] - ZTO's core costs per ticket decreased by approximately 0.06 yuan, with transportation and sorting costs declining by 9.7% and 6.4%, respectively [36]