东吴证券晨会纪要-20250707

Macro Strategy - The overall consumption rate in China is low, with a 2019 resident consumption rate of 39.3%, compared to 55.2% in 43 countries, indicating room for improvement in both service and goods consumption [1][9] - China's service consumption rate is not low when compared to countries with a GDP per capita below $25,000, with a service consumption rate of 53.8% in 2019, higher than most countries at a similar development level [1][9] - The structure of service consumption in China shows a preference for basic services, with significant spending on housing, healthcare, and education, while entertainment and leisure services are less prioritized [1][9][10] Fixed Income - The report on Japanese residents' wealth allocation highlights a shift from non-financial assets to diversified financial assets since the 1990s, driven by low interest rates and demographic changes [2][12] - The proportion of non-financial assets in Japan decreased from 63.8% in 1990 to 42.7% in 2003, while financial assets increased to 57.3%, indicating a significant change in investment behavior [2][12] - The aging population in Japan has led to increased demand for savings and pension products, with insurance and pension assets becoming a significant part of financial asset allocation [2][12][13] Industry Analysis - The price of mainstream photoinitiators has increased, with notable price rises of 28% for 907 grade, 32% for 184 grade, and 11% for TPO grade since the beginning of the year, indicating a recovery in industry prosperity [6] - The supply side of the photoinitiator market is becoming concentrated due to the shutdown of major domestic manufacturers, which may lead to collaborative development among remaining firms [6] - The demand for photoinitiators is growing in emerging fields, driven by their essential role in light curing applications [6] Company Recommendations - The report on Xiaopeng Motors forecasts significant revenue growth, with expected revenues of 947 billion, 1,676 billion, and 2,491 billion yuan for 2025 to 2027, representing year-on-year growth rates of 132%, 77%, and 49% respectively [7] - The report on Daotong Technology highlights the company's strategic response to new tariffs and its expansion in the overseas charging pile market, indicating strong growth potential [8] - The analysis of Libor Convertible Bonds suggests a listing price range of 128.57 to 142.73 yuan, with a good debt protection feature and an expected subscription rate of 0.0028% [4][15]