天风证券晨会集萃-20250611

Group 1 - The report highlights that the A-share market rebounded after the Dragon Boat Festival due to the easing of trade tensions between China and the US, with the ChiNext and Shenzhen Component Index rising by 2.3% and 1.8% respectively [3] - The report indicates that local governments are actively responding to tariff impacts by stabilizing foreign trade and promoting domestic sales, with various provinces implementing supportive policies [4] - The report emphasizes the potential of innovative drugs and new consumer segments such as new-style tea drinks and card games, with a focus on long-term trends in the military aviation sector [5] Group 2 - The report discusses the introduction of Robovan, an autonomous logistics vehicle supporting L4 level autonomous driving technology, aimed at addressing logistics pain points [6][8] - The report notes that Robovan can significantly reduce costs and improve efficiency for courier companies, with examples of cost reductions of 30% for Jitu and increased delivery efficiency for SF Express [8] - The report outlines the dynamic changes in breakthrough therapies in the pharmaceutical sector, with a growing number of domestic innovative drugs being recognized as breakthrough therapies [9] Group 3 - The report details the strategic partnership between Morning Glory and Tencent Video, launching new products based on popular domestic animation IPs, enhancing brand image and cultural confidence [10][30] - The report maintains profit forecasts for Morning Glory, projecting net profits of 1.56 billion, 1.73 billion, and 1.93 billion yuan for 2025-2027, with corresponding PE ratios of 20X, 18X, and 16X [10][30] - The report highlights Tianshan Aluminum's plan to enhance its electrolytic aluminum capacity by 20,000 tons, which will increase production by 21% upon completion [15]