国金证券：国金晨讯-20241219

Group 1: Power Equipment Sector - The report continues to recommend three structural investment opportunities in the power equipment sector: overseas expansion, UHV (Ultra High Voltage) lines and main networks, and distribution and utilization of electricity [6][34] - The overseas demand for China's power equipment, such as smart meters and transformers, is on the rise, with significant replacement phases expected, leading to potential valuation re-rating for leading companies [6][34] - The construction of new power systems emphasizes the urgent need for UHV to facilitate long-distance renewable energy consumption, making it a primary investment direction for the grid in the coming years [6][34] Group 2: Robotics Industry - The robotics industry is witnessing accelerated entry from leading companies, with a focus on humanoid robots, which are expected to see significant commercialization by 2025 [7] - The supply chain in China is well-positioned to meet the high demand from developed countries, driven by the need to replace high labor costs [7] - Key components such as precision actuators and sensors are highlighted as critical areas for investment, with companies like Sanhua Intelligent Controls and Top Group recommended for their strong market positions [7] Group 3: Semiconductor and Electronics - The report highlights the growth potential of the SiC (Silicon Carbide) substrate market, despite short-term price pressures due to increased capacity and slowing demand in the EV sector [10] - The long-term outlook for SiC substrates remains positive as the price gap with traditional silicon substrates narrows, facilitating faster penetration into downstream applications [10] - The electronics sector is expected to benefit from AI-driven innovations, with a focus on the Apple supply chain and autonomous control industries [13] Group 4: New Energy and Storage - The storage industry is projected to see significant growth, with global installations expected to reach 261 GWh in 2025, a 41% increase year-on-year [23] - The report emphasizes the importance of leading storage system integrators with high overseas shipment ratios and vertical integration capabilities [23] - The wind power sector is also expected to experience high growth, driven by domestic and international demand, with recommendations for companies involved in large-scale wind turbine production [17] Group 5: Automotive Sector - The automotive sector is undergoing a transformation with the rise of intelligent driving and humanoid robots, which are set to reshape the entire automotive supply chain [15] - The report anticipates a significant increase in the penetration rate of advanced driving technologies and the commercialization of humanoid robots by 2025 [15] - Leading companies in the electric vehicle space are expected to benefit from a cyclical recovery, with a focus on battery technology and supply chain resilience [16] Group 6: Insurance and Financial Services - The insurance sector is expected to see positive growth in new business premiums, driven by a favorable policy environment and a recovery in consumer demand [18] - The report suggests that the insurance industry will benefit from a shift towards more supportive policies, reducing the impact of restrictive measures [18] - The financial services sector is advised to embrace new investment strategies, particularly in the context of evolving market conditions and technological advancements [32]