Securities firm morning meeting essence | New energy and unmanned transportation will reshape the transportation landscape.

At today's brokerage morning meeting, Tianfeng stated that new energy and unmanned transportation will reshape the transportation landscape; China Securities Co.,Ltd. pointed out that with the peak season coming, they are optimistic about the beer sector; Soochow also mentioned that the demand in the North American market is strong, and domestic excavator manufacturers are expected to achieve breakthroughs in the micro excavator field. Yesterday, the market fluctuated and differentiated throughout the day, with the Shenzhen Component Index and the ChiNext Index rebounding, while the Shanghai Composite Index briefly fell below 2800 points during the day. High dividend stocks such as banks collectively adjusted at high levels. Overall, more stocks rose than fell, with over 3900 stocks rising across the market. The total turnover of the Shanghai and Shenzhen stock markets was 580.6 billion, a decrease of 125.1 billion compared to the previous trading day. In terms of sectors, the China Shipbuilding Series, Huawei Ora, electronic cigarettes, and ST sectors performed well, while the banking, insurance, oil and gas, and expressway sectors declined. At the close of yesterday, the Shanghai Composite Index fell by 0.29%, the Shenzhen Component Index rose by 1.17%, and the ChiNext Index rose by 1.26%. At today's brokerage morning meeting, Tianfeng stated that new energy and unmanned transportation will reshape the transportation landscape; China Securities Co., Ltd. mentioned that with the peak season coming, they are optimistic about the beer sector; Soochow also mentioned that the demand in the North American market is strong, and domestic excavator manufacturers are expected to achieve breakthroughs in the micro excavator field. Tianfeng: New energy and unmanned transportation will reshape the transportation landscape Tianfeng stated that the application of new energy and autonomous driving technology will significantly reduce energy and labor costs. The gradual expiration of tolls on highways will also reduce toll fees, leading to a significant decrease in overall road transportation costs, with an expected increase in market share. In the passenger transportation sector, ride-hailing services and carpooling are gradually diverting from traditional taxis and high-speed rail markets; in the freight transportation sector, environmentally friendly vehicle models such as natural gas heavy trucks will divert from railway freight. The promotion of intelligent driving policies will also increase traffic flow and capacity, benefiting companies such as Didi, DIDA INC, and Zhongtong Express significantly. China Securities Co.,Ltd.: Optimistic about the beer sector as the peak season approaches China Securities Co.,Ltd. believes that the liquor sector is continuing to differentiate in the interim report, while the beverage sector remains prosperous. With the strengthening of real estate policy stimulus, the business scene of liquor may boost expectations. Events such as induction banquets, Mid-Autumn Festival, and National Day are expected to drive market sales. Liquor companies are focusing on increasing the dividend payout ratio to enhance shareholder returns, with some companies already achieving dividend yields of 4% or higher. The sector's valuation is generally low. The beverage sector is doing well, and with the peak season approaching, they are optimistic about the beer sector. They continue to be optimistic about: 1) the leisure snack and beverage industry maintaining a high prosperity, with new channels bringing significant incremental opportunities to companies in the industry; 2) beer demand being stable and in a stage of structural upgrading, with local beer festivals opening in many places in conjunction with the high temperatures expected to jointly promote beer consumption, indicating a noticeable increase in demand. 3) Combining the continuing recovery of the catering channel, it is recommended to pay attention to condiments and catering chain targets with expectations of new product development or reform. 4) Dairy products have cost advantages, combined with structural upgrades, plus high dividends, highlighting cost-effectiveness. Soochow: Strong demand in North American market, domestic excavator manufacturers may achieve breakthroughs in micro excavator field Soochow stated that the North American construction machinery market has both growth and cyclical trends, with a stable leading position and continuous catch-up by domestic brands. The global engineering machinery market is expected to exceed one trillion yuan by 2023, with strong demand in the North American market continuing to increase to a share of 38%. Looking at the market landscape, Caterpillar has raised prices for three consecutive years, leading to rapid revenue growth and a stable leading position; domestic excavator manufacturers only account for 12% of total exports to North America, with Sany Heavy Industry, the leading excavator manufacturer in China, having a market share of only 3.2% in North America, indicating broad room for growth in the future. In terms of downstream structure, as labor costs in the United States continue to rise, micro excavators, as machines replacing human labor, account for over 80% of the excavator market. Micro excavators have low technological barriers, and the competitive landscape is relatively chaotic, with domestic excavator manufacturers expected to achieve breakthroughs in the micro excavator field.