国海证券晨会纪要-20251201

Group 1 - The report discusses the impact of regulatory changes on wealth management strategies and the bond market, highlighting a shift towards defensive asset allocation in response to market volatility and regulatory tightening [3][4][5] - In 2024, wealth management strategies are expected to rebalance with an increased focus on liquidity management through funds and a gradual extension of holding durations under yield pressure [4][5] - By the end of 2024, stricter regulations will limit wealth management strategies, leading to a cautious approach in bond allocations, particularly favoring short-term credit bonds [5] Group 2 - The report on LiuGong (000528) emphasizes the company's strong position in the excavator and loader markets, benefiting from a recovery in domestic demand and a push towards electrification [6][8] - LiuGong's electric loader market is projected to grow significantly, with the market size expected to increase from RMB 2.9 billion in 2023 to RMB 22.4 billion by 2028, reflecting a compound annual growth rate of 50.1% [7][8] - The company aims to achieve RMB 60 billion in revenue by 2030, with over 60% of that coming from international markets, supported by its strong product offerings and export strategies [9] Group 3 - The report highlights the ongoing demand for energy storage, driven by the need for renewable energy integration, with a focus on lithium battery material price recovery [26][30] - The energy storage capacity in Hubei province is projected to reach 8 GW by 2027, with a significant portion coming from new energy storage solutions [29] - The report suggests that the demand for lithium battery materials will continue to grow, with companies like CATL and BYD leading the charge in solid-state battery development [30][31] Group 4 - The report on Deleja (603092) outlines the company's position as the second-largest wind power gearbox supplier in China, with a market share of 16.2% and a focus on high profitability [36][37] - The domestic wind power demand is expected to surge, with an annual average demand of 140 GW projected during the 14th Five-Year Plan, leading to significant market opportunities for Deleja [37][38] - The company anticipates rapid revenue growth, with forecasts of RMB 51.4 billion, RMB 69.5 billion, and RMB 82.75 billion in revenue from 2025 to 2027, reflecting a strong market position and expansion plans [38]