On March 14, the market experienced fluctuations and adjustments, with the Chinext Price Index leading the decline. The total trading volume in the Shanghai and Shenzhen markets was 1.61 trillion, a decrease of 77 billion compared to the previous trading day. In terms of sectors, Coal, Offshore Equipment, Electrical Utilities, and Gold were among the top gainers, while Siasun Robot&Automation, Semiconductors, AI glasses, and the Sora Concept were among the top losers. By the market's close yesterday, the Shanghai Composite Index fell 0.39%, the Shenzhen Component Index fell 0.99%, and the Chinext Price Index fell 1.15%.

In today's Brokerage morning meeting, China Securities Co.,Ltd. suggested focusing on companies in the humanoid robot Industry that have the capacity for low stock price mass supply of components; Tianfeng stated that the wind turbine Sector will undergo a value reassessment; Galaxy Securities believes that the peak season de-stocking turning point in the non-ferrous Industry is emerging, and the spring market is expected to unfold.

China Securities Co.,Ltd. recommends focusing on enterprises in the humanoid robot industry that possess low-cost bulk supply capabilities for components.

China Securities Co.,Ltd. points out that the rapid iteration of large models drives the significant development of embodied intelligence, and the depth and breadth of AI empowerment relates to the industry's development space and competition pattern reconstruction. Humanoid robots are the most important carriers of embodied intelligence. The iteration of models and the reduction in supply chain costs accelerate their commercialization, leading to a situation where many are vying for dominance. With domestic and foreign humanoid robot manufacturers gradually starting production plans of several thousand or tens of thousands of units by 2025 and a projected mass production plan of tens of thousands or 100,000 units by 2026, it is recommended to focus on enterprises that have low-cost bulk supply capabilities for components and those with technical or industry chain advantages.

Tianfeng: The wind turbine Sector is set to undergo a value reassessment.

Tianfeng believes that in the context of demand in the wind power industry exceeding expectations, the logic of the wind turbine industry is undergoing significant changes, and the wind turbine sector will welcome a revaluation. Previously, the market believed that price wars in the turbine sector were intense and the competitive landscape was poor, with losses in turbine sales over the past two years. However, starting in 2024, the fundamentals of the wind turbine industry will experience multiple turning points: first, prices will stabilize and rebound; second, profitability will begin to recover; and third, significant breakthroughs in turbine exports will be achieved. The recovery of profitability in the turbine business is a lengthy process, and it is expected that 2025 will be the first year of profitability for the industry. Domestic demand is expected to grow beyond expectations. Looking further out, the export space for turbines is vast, and the construction of a business model in turbine sales and operation and maintenance will create a performance moat, further enhancing sector valuation, with the turbine sector likely to welcome sector-wide opportunities. The logic of this round of turbine profit recovery is primarily based on focusing on symbols with a high degree of performance realization, and regarding performance elasticity, firms with high turbine manufacturing profit margins and low wind farm business scales are favorable. It is recommended to pay attention to Windey Energy Technology Group, Ming Yang Smart Energy, Goldwind Science& Technology, and Sany Heavy Energy.

Galaxy Securities: The peak season for the nonferrous metals industry shows a turning point in stock depletion, and a spring market is expected to unfold.

Yinhe Securities stated that the peak season inventory reduction inflection point in the Nonferrous Metals Industry has emerged, coupled with the expectations of domestic stable growth policies, and the spring market is expected to unfold. The Research Reports pointed out that this week, the Nonferrous Metals Industry Index performed strongly, with inventory inflection points appearing for major metals like Copper and Aluminum. The suspension of cobalt exports from the Democratic Republic of the Congo continues to have an impact, and this week, domestic electrolytic cobalt, cobalt tetroxide, and cobalt sulfate prices have surged significantly. Under the threat of potential raw material shortages, downstream companies have a strong willingness to procure, and it is expected that cobalt prices still have upward momentum. In addition, domestic electrolytic aluminum has also reached an inventory reduction inflection point, and aluminum prices are expected to strengthen. Coupled with the release of new production capacity, alumina prices may continue to decline based on lower bauxite prices, leading to further expansion of profits in the domestic electrolytic aluminum industry.