Highlights of the securities company's morning meeting | Promotion and popularization of intelligent driving, concentration of top car companies will continue to increase by 2025.

On January 7, the market yesterday was weak and volatile all day, with all three major indexes falling slightly, with the Shanghai Composite Index falling below 3200 points at one point. The total turnover of the Shanghai and Shenzhen markets was 1.06 trillion, a decrease of 209.2 billion from the previous trading day, marking a new low in turnover since September 25 of last year. In terms of market trends, hotspots were more scattered, with more stocks falling than rising, with over a hundred stocks hitting their downside limits or falling by more than 9%. In terms of sectors, flu, traditional Chinese medicine, pharmaceutical commercial, and other power equipment sectors performed well, while retail, AI glasses, liquor, and food sectors were the worst performers. By the end of yesterday's trading, the Shanghai Composite Index fell by 0.14%, the Shenzhen Component Index fell by 0.12%, and the ChiNext Index fell by 0.09%. At today's securities morning meeting, CITIC SEC mentioned that the enthusiasm for gold investment in the global market will continue in 2025; Galaxy Securities stated that with the promotion and popularization of intelligent driving, the concentration of the top car companies will continue to increase by 2025; and CICC believes that AI glasses have the potential to create the next mobile terminal. CITIC SEC: Enthusiasm for gold investment in the global market will continue in 2025 CITIC SEC stated that the enthusiasm for gold investment in the global market will continue in 2025, with a trend of "Asia down, Europe and America up" structurally. "In the early 2024, as the price of gold rose, Asian investors were more involved, but as expectations for the Chinese economy improved, this demand may gradually fade. However, due to the poor growth expectations in Europe, and European and American investors can participate more directly in gold pricing, the upward demand for gold in Europe in 2025 may be favorable for the price of gold." Galaxy Securities: With the promotion and popularization of intelligent driving, the concentration of the top car companies will continue to increase by 2025 Galaxy Securities stated that looking ahead to 2025, consumer encouragement policies are expected to continue, and the equal rights promotion of intelligent driving will accelerate product iteration: in terms of total quantity, consumer encouragement policies for replacing old vehicles with new ones are expected to continue in 2025, supporting domestic demand. In 2025, the domestic market sales volume is expected to increase slightly by 0.04% year-on-year to 253.62 million vehicles, with passenger car sales reaching 22.647 million, up by 1.0% year-on-year. The policy's higher subsidies for new energy (compared to fossil fuel vehicles), the continued improvement in the product competitiveness and value for money of domestic brands, and the expected clearance of fossil fuel channels are expected to jointly accelerate the replacement of new energy vehicles, with the expected sales of new energy passenger cars in China reaching 14.805 million by 2025, with a penetration rate of 65.4%; in terms of intelligent driving, advanced intelligent driving will enter an accelerated popularization period, the "equal rights promotion" will accelerate product iteration on the supply side, and the market supply will continue to enrich. The large-scale model of intelligent driving will put higher demands on research and development, which is expected to continue to improve industry concentration, and the top teams will start to widen their generational advantage in high-end intelligent driving capabilities, making market competition more apparent. CICC: AI glasses have the potential to create the next mobile terminal CICC pointed out that, after multiple rounds of product iteration, the successful paradigm of AI glasses may have emerged, with shipments expected to reach around 2 million in 2024, with a penetration rate of 0.1% and a market size of about 36.5 billion yuan. Looking ahead, there is optimism for the upgrade of core components of AI glasses such as SoC, storage, and display, optimizing user experience, enriching application scenarios, and potentially creating the next mobile terminal. According to Wellsenn's calculation data, global shipments of AI intelligent glasses are expected to reach 80 million by 2030, with a penetration rate of about 4.3%. This article is reproduced from "Cai Lian She", GMTEight editor: Chen Wenfang.