万联证券：万联晨会-20250319

Core Viewpoints - The A-share market saw all three major indices rise, with the Shanghai Composite Index increasing by 0.11% to 3,429.76 points, the Shenzhen Component Index rising by 0.52%, and the ChiNext Index up by 0.61% [2][6] - The total trading volume in the A-share market was approximately 1.52 trillion yuan, with over 2,800 stocks experiencing gains [2][6] - The leading sectors included household appliances and non-ferrous metals, while concept sectors such as high-pressure fast charging, shipping, and battery swapping saw significant increases [2][6] - The Hang Seng Index in Hong Kong rose by 2.46% to 24,740.57 points, and the Hang Seng Technology Index increased by 3.96% [2][6] - In contrast, all three major US indices fell, with the Dow Jones down by 0.62%, the S&P 500 down by 1.07%, and the Nasdaq down by 1.71% [2][6] Important News - NVIDIA's GTC 2025 conference showcased the latest advancements in AI technology, including the release of the new AI chip products Blackwell Ultra and GB300 [3][7] - The conference featured over 1,000 presentations and more than 300 live demonstrations, highlighting AI applications in various fields such as cybersecurity, humanoid robotics, autonomous driving, healthcare, and climate research [3][7] - The event also included a China AI Day, inviting several domestic companies to share insights online [3][7] Industry Insights - Figure announced the development of a new high-output humanoid robot manufacturing plant, BotQ, which aims to expand its annual production capacity to 100,000 units within four years [8][9] - The first production line at BotQ is expected to produce 12,000 humanoid robots annually, showcasing Figure's ambition in the humanoid robot sector [9][11] - Figure's strategy includes a vertically integrated manufacturing model to control quality and efficiency, alongside advanced software platforms for digital and intelligent management of production processes [9][11] - The transition from prototype humanoid robot Figure 02 to production-ready Figure 03 is designed to enhance cost-effectiveness and streamline assembly processes [10][11] - The establishment of the BotQ factory represents a significant advancement in the scalable manufacturing capabilities of humanoid robots, potentially accelerating their application across various industries [11] Company Analysis - Ping An Bank reported a total asset growth rate of 3.3% year-on-year, with financial investments increasing by 14.8% [12][13] - The bank maintained a high dividend payout, distributing 6.08 yuan per 10 shares for the full year 2024, resulting in an annualized dividend yield of 5.1% based on the closing price on March 14 [13] - The non-performing loan ratio remained stable at 1.06%, with slight increases in the attention and overdue rates [14] - Ping An Bank is focusing on transforming its corporate and retail business while managing retail risks and restructuring its asset-liability balance [14]