东吴证券晨会纪要-20250627

Macro Strategy - The current market is entering a risk-off phase, with a potential shift back to growth after a period of risk-on behavior. The rotation pattern resembles that of early 2024 and late 2024, with initial strength in the TMT sector, followed by a rotation to upstream resources and finance, and then a short-term rebound in consumption and manufacturing sectors [1][10][11] - The macroeconomic fundamentals have not fundamentally changed compared to late 2024 and March 2025, suggesting that future industry rotation may continue to be driven by capital behavior. A defensive mode is recommended in the short term, focusing on stable sectors such as banks, utilities, and leading home appliance companies [1][11] Industry Insights - QuantumScape (QS) has successfully integrated its advanced Cobra membrane technology into its baseline battery production, marking a significant step towards scaling production capacity. The Cobra process improves thermal treatment speed by approximately 25 times and allows for more efficient production, representing a major advancement in ceramic membrane manufacturing [3][14] - QS's QSE-5 B solid-state battery cells have recently entered small-scale production, with deliveries to select automotive customers. The introduction of the Cobra membrane is expected to accelerate the trial and adoption of QS's B1 samples [3][14] - Domestic lithium battery equipment manufacturers have a significant first-mover advantage in the solid-state battery equipment sector, with several companies successfully covering the entire manufacturing process. In 2024, multiple equipment manufacturers have received orders exceeding 100 million yuan, positioning them to benefit from the industrialization of solid-state batteries [5][14] Company Recommendations - The report recommends focusing on solid-state battery equipment suppliers such as XianDao Intelligent, laser welding equipment manufacturers like LianYing Laser, and formation and capacity equipment providers like HangKe Technology. Attention is also drawn to dry/wet electrode equipment manufacturers and other related companies [5][14] - For ZhongAn Online, the company has initiated an H-share placement to enhance its capital base and support growth in its insurance and technology sectors. The expected net proceeds from the placement are approximately 39.96 billion HKD, which will bolster its financial strength and support its growth trajectory [7][17][18] - Xiangcai Co., Ltd. is undergoing a transformation into wealth management and financial technology, with significant growth expected in net profit from 2025 to 2027. The company is leveraging its acquisition of Dazhihui to enhance its competitive edge in the financial services market [9][19]