The Pringer cycle is in an atypical recovery, while in this round of inventory cycle, upstream raw materials are mainly in the active destocking stage, and midstream manufacturing and downstream consumption are mainly in the passive destocking stage. With the implementation of a series of demand expansion policies, it is expected to catalyze the market out of the trough, and the defense counterattack attaches importance to Hang Seng Technology and large consumption (food and beverage, home appliances, consumer building materials, automobiles, real estate, medicine, consumer electronics, social services, etc.).
After the first economic work conference clarified the general policy of next year's economic work, the front page of the official media has recently published articles focusing on implementation, and the signal significance is extraordinary. The high-level focus on implementation is expected to promote the acceleration of the implementation of various policies, thereby supporting the marginal recovery of economic fundamentals and improving the pessimistic expectations of the market.
It is worth noting that local governments have recently held meetings to deploy next year's economic work, and vigorously cultivating new quality productive forces and promoting a virtuous cycle of investment and consumption have become the focus of local economic work next year.
Overall, investors do not need to worry too much about the top-down implementation of the growth stabilization policy. With the acceleration of local implementation,The marginal recovery of the macroeconomy in the first quarter of next year is a high probability eventThis is the biggest confidence for the current market to stick to the bottom support.
As the biggest surprise of the global technology industry in 2023, with the continuous advancement of algorithms and the gradual implementation of application scenarios, Gen AI is expected to continue to become one of the core threads of the development of the technology industry in 2024, which will correspondingly affect the total IT expenditure and structure of global enterprises, the demand of the semiconductor & hardware industry, and the operational efficiency of Internet companies.
Smarter models, multimodality, and reduced inference costs are expected to be the main technological directions for the AI industry in 2024The underlying computing power demand structure, product form, and market structure are also expected to adjust accordingly, and push up short-term uncertaintyAs the final part of the closed loop of commercialization of the AI industry, application scenarios are expected to become the main landing directions in 2024, such as AI PC mobile phones, AI+ software, autonomous driving & robots, and the Internet. We continue to be optimistic about the short-term, medium- and long-term investment opportunities in the global AI industry, and recommend focusing on semiconductors & hardware, software, Internet and other related fields.
We believe that with the global energy transition, the power grid infrastructure needs to be strengthened urgently, the demand for power equipment in the domestic and foreign markets continues to pick up, and the industry prosperity continues to rise. It is recommended that investors continue to pay attention to the investment opportunities in the power equipment sector in 2024, and focus on the three main investment lines of power equipment going overseas, flexible direct transmission, and distribution network.
Present: The theme of 2023 is distinctive, the overweight ratio continues to narrow, and the valuation is at the bottom of history.
Sector comparison: Since the beginning of 2023, the rise and fall of the national defense and military industry (Shenwan) has ranked 18 31, and the performance of sub-industries is differentiated (the aerospace & shipbuilding sector has risen sharply, and the aviation sector has adjusted deeply).
*Allocation: The scale of heavy positions in 23Q3 decreased month-on-month, and the overweight ratio continued to narrow to 029%。
Valuation level: The industry valuation is at the historical quantile of 4 in the past 19 years5%，The military white horse is still very cost-effective investment.
Prospects: The certainty of high-quality development, the gap between supply and demand and the deepening of national reform, and the growth of the accelerated development of new domains and new qualitative forces.
Frameless torque motor: a condensed robot joint that combines small size and high torque.
Motor principle and structure: The motor is a conversion device between electrical energy and mechanical energy, mainly composed of stator, rotor and other accessories, where it is necessary to convert electrical energy into mechanical energy or convert mechanical energy into electrical energy.
Motor classification: In a broad sense, motors can be divided into rotary motors and stationary motors, rotating motors can be divided into drive motors and control motors according to their uses, and DC motors and AC motors can be divided into DC motors and AC motors according to the type of power supply.
Torque motor vs other control motors: Compared with stepper motors and servo motors, torque motors have the characteristics of high torque, low speed, strong stability, strong overload capacity and fast response.
Frameless Torque Motor vs Framed Torque Motor: Compared with framed torque motors, frameless torque motors have the advantages of smaller size, more reliable performance, and strong environmental adaptability.