万联证券：万联晨会-20241128

Core Viewpoints - The A-share market saw a collective rise on Wednesday, with the Shanghai Composite Index increasing by 1.53% to 3,309.78 points, the Shenzhen Component rising by 2.25%, and the ChiNext Index up by 2.73% [2][8] - The total trading volume in the A-share market reached 1.46 trillion RMB, with over 4,100 stocks rising [2][8] - All sectors in the Shenwan industry index experienced gains, with media and defense industries leading the way [2][8] Important News - The Central Committee of the Communist Party of China and the State Council issued the "Action Plan for Effectively Reducing Logistics Costs Across Society," aiming to lower the ratio of total logistics costs to GDP to around 13.5% by 2027 [2][8] - The plan includes optimizing the structure of freight transport, with targets for railway freight volume and turnover to reach 11% and 23% respectively, and maintaining rapid growth in port container transport [2][8] Industrial Insights - In the first ten months of 2024, profits of industrial enterprises above designated size in China totaled 58,680.4 billion RMB, a year-on-year decrease of 4.3% [3][9] - State-owned enterprises reported a profit of 18,530.9 billion RMB, down 8.2%, while foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a slight increase of 0.9% to 14,559.0 billion RMB [3][9] - The overall revenue for these enterprises was 110.96 trillion RMB, reflecting a year-on-year growth of 1.9% [3][9] Robotics Industry - In October 2024, the production of industrial robots in China increased by 33.4% year-on-year, reaching 50,900 units, while the cumulative production for the first ten months was 465,700 units, up 13.3% [10][12] - The production of service robots, however, saw a decline of 12.8% year-on-year in October, totaling 870,900 units for the first ten months, which is an 18% increase but indicates a slowdown [12] - The report suggests that the robotics industry is poised for growth, driven by domestic and international demand recovery, continuous policy support, and technological advancements [12] Automotive Industry Developments - Xiaopeng Motors launched a new AI humanoid robot named Iron, while Changan Automobile announced its entry into the humanoid robot sector, indicating a trend of automotive companies diversifying into robotics [13][14] - The humanoid robot market is expected to grow significantly, with automotive companies leveraging their existing supply chains and production capabilities to reduce costs and accelerate commercialization [14][17] - Changan plans to invest over 50 billion RMB in new technologies over the next five years, including humanoid robots, highlighting the industry's commitment to innovation and development [17]