Essence of Morning Meeting of Securities Companies | Baijiu Consumption "The characteristics of"deproperty attachment" and"de luxury" will continue to be highlighted

The market rose and fell yesterday, with all three major indexes closing lower. Overall, more stocks fell than rose, with over 3100 stocks declining in the entire market. The trading volume of the Shanghai and Shenzhen markets was 515.6 billion, an increase of 16 billion from the previous trading day. In terms of sectors, the Hainan free trade zone, Huawei Kunpeng, digital finance and taxation, and insurance sectors led the gains, while the liquor, humanoid Siasun Robot & Automation, pharmaceutical business, and AI glasses sectors led the losses. At the close of trading yesterday, the Shanghai Composite Index fell 0.17%, the Shenzhen Component Index fell 0.63%, and the ChiNext Index fell 0.42%. At today's brokerage morning meeting, Guotai Junan stated that the characteristics of liquor consumption of "going beyond real estate dependence" and "going beyond luxury" will continue to be highlighted; China Securities Co., Ltd. stated that the trading rules for the issuance of green certificates have been released and the environmental value of green electricity is accelerating; Huatai proposed to pay attention to the release of new products from Apple Inc. and the pace of implementation of AI functions. Guotai Junan: The characteristics of liquor consumption of "going beyond real estate dependence" and "going beyond luxury" will continue to be highlighted Guotai Junan stated that in the fall of 2024, in addition to Maotai and Wuliangye Yibin, liquor companies have generally relaxed their pricing systems and increased their expenses in terms of sales. Looking ahead, it is speculated that the characteristics of liquor consumption of "going beyond real estate dependence" and "going beyond luxury" will continue to be highlighted. In this dimension, "share is brand," companies can leverage their own product structure advantages, use strong channels, big brands, and large production capacity, and leverage appropriate pricing strategies to continuously squeeze out competing products. The main contradiction in the subsequent investment in the liquor sector is the re-balancing of supply and demand and the restructuring of industry growth expectations. In this dimension, the market is more concerned about the initiation of destocking and the new balance of high-end liquor wholesale prices. The sales performance of core products in the future and the realization of apparent growth rate should match. Maotai and other high-end liquor wholesale prices are expected to reach a new stability after the peak season, which will support the valuation of the sector. Companies need to make urgent decisions on their strategic direction. Except for a few brands like Maotai, companies that are not bound by prices or product structures will have a competitive advantage in the future. Companies need to adapt their share strategies to their own needs and observe the strategic flexibility of the company. China Securities Co., Ltd.: The issuance and trading rules for green certificates have been released, accelerating the realization of the environmental value of green electricity China Securities Co., Ltd. pointed out that recently, the National Energy Administration issued the "Renewable Energy Green Electricity Certificate Issuance and Trading Rules," which clearly states the general principles of green certificate issuance and trading: "Unified issuance, open trading, market competition, transparent information, and traceability throughout." Specifically, in terms of green certificate issuance, the National Energy Administration will automatically issue green certificates in batches based on monthly electricity data provided by grid enterprises and power trading institutions. In terms of trading methods, they mainly include listing trading, bilateral negotiation, and centralized bidding. In terms of the validity period of green certificates, the "Rules" specify a validity period of 2 years, starting from the natural month of electricity production (including), and set a transition period. For renewable energy projects' electricity generation before January 1, 2024 (excluding), the corresponding validity period of green certificates is extended to the end of 2025. Overall, the construction of China's green certificate market continues to make progress, and the environmental value of green electricity is accelerating, which may marginally improve the profitability pressure of new energy generation projects. Huatai: Pay attention to the release of new products from Apple Inc. and the pace of implementation of AI functions On September 10, Apple Inc. held its autumn product launch event, introducing/updating four iPhone 16 models, two Series 10/Ultra 2 watches, and three headphones AirPods 4/AirPods Max/AirPods Pro 2, with all new specifications matching previous media reports. The main changes to the iPhone include: 1) Hardware: support for Apple Inc.'s intelligent 3nm A18 chip, Camera Control, image upgrades, etc. 2) Software: Gradual implementation of AI functions. The highlights of wearable products include the addition of health detection functions to the watch and the infiltration of active noise reduction into Airpods 4. Optimistic about the AI-driven user upgrading trend and the continuous increase in average selling price under the trend of high-end products, it is recommended to focus on related industries such as periscopic lenses, heat dissipation, and acoustics. This article is reprinted from "Cai Lianshe". GMTEight editor: Liu Jiayin. (Note: The translation may have some technical terms that are not accurately represented in English.)