东海证券：晨会纪要-20241217

Key Recommendations - Electric vehicle production and sales reached new highs, and the energy storage market remains vibrant, indicating a positive outlook for the battery and energy storage industry. In November 2024, domestic new energy vehicle production and sales were 1.566 million and 1.512 million units, respectively, representing year-on-year growth of 45.8% and 47.4% [11][12] - The battery sector experienced a slight decline of 1.72% during the week of December 9-15, 2024, underperforming the CSI 300 index by 0.72 percentage points [10][11] - The energy storage market saw a total installed capacity of 23.42 GW/58.86 GWh by the end of October 2024, reflecting a year-on-year increase of 118% [13] Battery Sector Insights - The supply side of the industry is undergoing orderly adjustments, with prices stabilizing. Lithium carbonate prices are fluctuating due to ongoing negotiations between supply and demand [11] - The demand for lithium salt, anode materials, and electrolytes remains stable, with the market for separators also showing consistent demand [11][12] Energy Storage Sector Insights - The energy storage market continues to show high growth, with 11 new bidding projects and 15 winning projects reported in the week ending December 13, 2024. The total scale of the winning projects was 3.21 GW/22.52 GWh [13] - The commercial storage sector is lagging behind expectations, with new installations in this area showing a year-on-year decline of 46% [13] Electronic Industry Insights - OpenAI's launch of the Sora Turbo video model is expected to revolutionize video creation processes, enhancing efficiency and flexibility in the film and content creation industries [18][19] - Google's release of Android XR, in collaboration with Samsung, marks a significant step towards integrating AI, AR, and VR technologies, potentially unlocking new applications in edge AI [20] Economic Data Observations - In November 2024, the total retail sales of consumer goods increased by 3.0% year-on-year, while fixed asset investment showed a cumulative year-on-year growth of 3.3% [24][25] - The real estate sector showed signs of improvement, with the sales area of commercial housing turning positive for the first time since April 2023, indicating a potential recovery [26] Market Performance - The electronic sector outperformed the broader market, with the Shenwan Electronics Index rising by 0.22% while the CSI 300 Index fell by 1.01% [21] - The A-share market experienced a slight decline, with the Shanghai Composite Index closing down 0.16% [43][44]