Essence of Securities Morning Meeting | New products released in November, sales of AI smart glasses are expected to continue to break through.

The market rebounded in a V-shape yesterday, with the Growth Enterprise Board leading the gains and the Shanghai Composite Index regaining the 3300-point mark. Over 4500 stocks rose across the market. The trading volume for the Shanghai and Shenzhen stock markets was 1.56 trillion yuan for the whole day, a decrease of 199.6 billion yuan from the previous trading day. In terms of sectors, the lithium mining, humanoid Siasun Robot & Automation, and controllable nuclear fusion sectors performed well, while a few sectors like ST and coal saw declines. By the closing yesterday, the Shanghai Composite Index rose by 0.67 percent, the Shenzhen Component Index rose by 1.9 percent, and the Growth Enterprise Board Index rose by 3 percent. At the securities morning meeting today, CICC pointed out that the food and beverage sector is expected to rebound by 2025; China Securities Co., Ltd. believes that under the influence of automotive intelligence, the high-end market structure will undergo a reshaping; EB SECURITIES stated that the continuous release of new products in November may lead to a continuous breakthrough in sales of AI smart glasses. CICC: Food and beverage sector expected to rebound by 2025 CICC mentioned that this year, the food and beverage industry has been weak due to factors such as consumer confidence, cautious income growth expectations, and a K-shaped differentiation in consumption trends. Middle to high-end products have been under pressure, while products with high quality-price ratio and emotional value provided to consumers have performed better. Looking ahead to 2025, it is expected that a package of stimulus policies will benefit essential consumption from the direct and indirect perspectives of consumption vouchers, boosted confidence, and improved income expectations. Business and gift-giving scenarios are expected to gradually benefit from the increase in economic activity. The demand for liquor may steadily recover, and industry concentration differentiation trends may continue; mass food products are expected to benefit from the recovery of consumer confidence, and a relatively optimistic outlook is held for the demand for mass food products next year given the low base this year. China Securities Co., Ltd.: Reshaping the high-end market structure under the influence of automotive intelligence China Securities Co., Ltd. stated that the end of the electric vehicle dividend era means that relying solely on electrification to drive product improvements is insufficient to completely reshape the high-end market structure. The industry trends have entered the second half, and under the drive of intelligence, domestic brands will gradually break through the high market brand barriers. The high-end market is the most elastic trillion-dollar market for domestic brands to replace. The sales of high-end markets above 300,000 account for only 1/6 of the sales volume, but account for over 1/3 of the sales, portraying a market value space of over 4 trillion. High-end brand gross profit margins are high, while imported vehicles have high taxes, anchoring consumer prices high and leading to huge profit margins. Intelligence is reshaping the competition landscape of the high-end market. Under the impact of domestic brands, traditional luxury brands are facing a decline in both quantity and price, with the rapid contraction of second-tier market share. In the past, luxury gasoline vehicles changed slowly, while new energy luxury vehicles with new selling points achieved competitive differentiation. Currently, "safety is the greatest luxury" is gradually becoming a consensus. China Securities Co., Ltd. believes that "safety performance improvement under intelligence enhancement" is one of the core competitive advantages for domestic brands to open up the situation. EB SECURITIES: Continuous release of new AI smart glasses in November, sales of AI smart glasses expected to continue to break through EB SECURITIES stated that the development of AI smart glasses is still in the exploration phase, with many companies exploring AI smart glasses solutions including traditional mobile phone manufacturers, internet giants, and startups. In the second half of 2024, new AI smart glasses will continue to be released, driving the mature development of AI smart glasses, with no visible growth in AI. According to wellsennXR estimates, starting in 2025, AI smart glasses will quickly penetrate traditional glasses in the context of stable growth in traditional glasses sales. By 2029, annual sales of AI smart glasses are expected to reach 55 million pairs; by 2035, sales of AI smart glasses are expected to reach 1.4 billion pairs. This article is a repost from "Cai Lianshe". GMTEight editor: Chen Xiaoyi.