光大证券晨会速递-20250624

Core Insights - The report indicates that the short-term liquidity in the Hong Kong stock market may face tightening, influenced by geopolitical tensions and uncertainties in US-China relations, leading to a potential volatile market [2] - Long-term prospects for the Hong Kong stock market remain positive due to strong overall profitability and the scarcity of assets in sectors like internet, new consumption, and innovative pharmaceuticals, suggesting a favorable long-term investment value [2] Market Data Summary - The domestic new fund market is experiencing a surge with 50 new funds launched, primarily equity mixed funds, while the net value of equity funds has collectively declined [3] - Notably, the net inflow into stock ETFs reached 14.669 billion yuan, with a focus on small-cap and sci-tech boards, while large-cap ETFs saw net outflows [3] Industry Research Summary Automotive Industry - The commercialization of Robotaxi is accelerating, with a significant growth inflection point expected in 2025, driven by advancements in reinforcement learning and large models [4] - Recommended companies include Tesla for L4 pure vision Robotaxi and suppliers like Nidec for steer-by-wire systems, along with Xpeng Motors and a focus on Li Auto and NIO [4] High-end Manufacturing - Optimus robots are set for major improvements, with a positive outlook on humanoid robotics and specific attention to high-complexity dexterous hands and rolling screw technology [5] - The engineering machinery sector is facing short-term domestic pressure but maintains a growth trend in exports, with recommended companies including Zoomlion and SANY Heavy Industry [5] Non-ferrous Metals - Domestic air conditioning sales increased by 2.3% in May, while production fell by 1.8%, indicating potential demand weakness [6] - The report suggests that copper prices may stabilize in the short term but are expected to rise gradually with domestic stimulus policies and potential US interest rate cuts [6] Basic Chemicals - The report highlights the long-term value of leading companies in the chemical industry, with recommendations for major players in oil and gas, low-valuation chemical leaders, and new materials sectors [8] - Specific companies to watch include Wanhua Chemical and China Petroleum [8] Pharmaceutical Industry - The acceleration of innovative drug reviews is expected to enhance the value of quality pipelines and improve market sentiment towards the innovative drug sector [9] - Key companies to focus on include Hansoh Pharmaceutical and BeiGene, which are positioned for rapid development and internationalization [9] Steel Industry - The report notes a decline in the domestic alumina capacity utilization rate to a new low for 2023, with expectations for steel sector profitability to recover to historical averages [10] - The revised steel industry standards are anticipated to support this recovery [10]