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策略研究/策略周报 证 券 研 究 报 告 策 略 研 究 策 略 周 报 融资买入额增速放缓，南下资金偏爱消费 ——流动性 10 月第 4 期 ◼ 核心观点 上周（10.28-11.1）2 年期、10 年期国债收益率均下行；美国 10 年国 债收益率回升，美元指数基本持平，中美 10 年国债利差持续走扩；上 周融资买入额回升，南下累计净流入走高。 ◼ 宏观流动性 国内：上周（10.28-11.1），2 年期、10 年期国债收益率均下行，10 年 期与 2 年期国债利差边际扩大。上周央行公开市场净回笼 8514 亿元， 10 月 MLF 净回笼量为 890 亿元。 国外：上周（10.28-11.1）10 年期美债收益率回升，美元指数基本持平， 中美 10 年期国债利差继续走阔。上周 10 年期美债收益率回升至 4.37%，美元指数基本维持在 104.32。截至 11 月 1 日，中美 10 年期国 债利差小幅走阔至-2.23%。 ◼ 市场流动性 公募基金：2024 年 10 月新成立 55 只基金，其中 28 只为股票型基金。 截至 11 月 1 日，2024 年 1-10 月新成立基金 926 只，2023 ...

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Core Viewpoints - The upcoming sixth flight test of SpaceX's Starship is scheduled for November 19, 2024, aiming to further validate the reusability of the Super Heavy booster and the Starship upper stage [3][8] - The company Dahang Yujian has completed its Series A financing, with funds intended for technology development, market expansion, and team upgrades, highlighting the growing investment in reusable rocket technology in China [3][8] - The establishment of low-altitude economic platforms in Shanghai and Shenzhen is expected to accelerate the development of the low-altitude economy sector, with Shenzhen's fund targeting a minimum scale of 1 billion yuan [3][8][24] - The Ministry of Industry and Information Technology emphasizes the acceleration of artificial intelligence to empower new industrialization, focusing on innovation cooperation and the establishment of a stable AI industry chain [3][9] Industry Overview Commercial Aerospace and Satellite Internet - The establishment of the National Space Measurement Technology Committee aims to support the development of commercial aerospace and ensure accurate measurement in space activities [21] - The successful financing of Dahang Yujian indicates a strong interest in the development of reusable liquid rockets in China, which is crucial for reducing satellite launch costs and advancing manned spaceflight [3][21] Low-altitude Economy - Shanghai plans to establish a state-owned platform for the low-altitude economy to promote collaborative development in the sector [24] - Shenzhen's low-altitude economic fund aims to raise at least 2 billion yuan, with a focus on investing entirely in the low-altitude economy [24][25] - The Harbin low-altitude economic development plan outlines a comprehensive framework for building infrastructure and fostering innovation in the low-altitude sector [23] Artificial Intelligence - The Ministry of Industry and Information Technology is pushing for AI to enhance industrial processes, emphasizing collaboration between enterprises and research institutions [9][33] - The establishment of international cooperation platforms is intended to promote the application of AI in manufacturing and other industrial scenarios [9][33] Investment Recommendations - The report suggests focusing on companies in emerging industries such as low-altitude economy (e.g., Wan Feng Ao Wei, CITIC Hai Zhi), commercial aerospace (e.g., China Satellite Communications, China Satellite), and artificial intelligence (e.g., SMIC, Tongfu Microelectronics) [4][9]

策略研究/策略周报 | --- | |-------| | | | | | --- | --- | |-------|-------| | | | | | | | | | | --- | |-------| | | | | | | | --- | --- | --- | --- | |--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|------------------------------------------------------------------------------------| | | 市场活跃度上升，电新估值分 ...

| --- | --- | |--------------------------------------------------------------------------------------------------------------------------------|---------------------------------| | | | | | 证券研究报告 2024 年 11 月 8 日 | | | 行业：家用电器 | | 政策效果显著，稳健向好可期 —— 家电以旧换新政策专题 分析师：吴东炬 E-mail: wudongju@yongxingsec.com SAC 编号： S1760524060001 | 增持（维持） | | | | 主要观点 ◼ 受以旧换新政策拉动，24年8月以来家电终端销售迎来明显增长，同时终端向好已逐步 向企业出货端传导，随着政策效果持续显现，预计24Q4家电板块业绩将迎来改善。 ◼ 展望未来，预计25年家电板块基本面向好趋势不变：第一，内销方面财政部表示支持推 动房地产市场止跌回稳，并将激发消费潜能、扩大国内需求，明年消费政策有望继续出 台；第二，北 ...

汽车 行业研究/行业点评 证 券 研 究 报 告 行 业 研 究 行 业 点 评 小鹏销量创新高，零跑 B10 亮相巴黎车展 ——造车新势力销量点评 ◼ 核心观点 销量数据：2024 年 10 月，埃安/小鹏/理想/蔚来/零跑/问界/极氪的销量 分别为 40052/23917/51443/20976/38177/33921/25049 辆，分别同比3.50%/+19.57%/+27.26%/+30.50%/+109.74%/+165.09%/+91.55%，分别 环比+6.00%/+12.01%/-4.22%/-0.97%/+13.06%/-5.39%/+17.42%。截至 2024 年 10 月，埃安/小鹏/理想/蔚来/零跑/问界/极氪累计销量分别为 267016/122478/393257/170257/208738/326409/167922 辆，分别同比31.97%/+20.73%/+38.16%/+35.05%/+95.03%/+528.81%/+82.32%。 车企动态：根据小鹏汽车微信公众号，小鹏汽车 10 月单月交付创历史 新高，10 月 XNGP 城区智驾月度活跃用户渗透率达 86%。根据零 ...

家用电器 行业研究/行业周报 | --- | |-------| | | | | | --- | |-------| | | | | | | | --- | |-------| | | | | | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|------------------|---------------------------------|-------| | 终端改善，看好板块触底回升 ——家电行 ...

宏观研究/宏观点评 证 券 研 究 报 告 宏 观 研 究 宏 观 点 评 化债方案出台，价格指数筑底 ——10 月价格数据分析 ◼ 核心观点 数据：10 月 CPI 环比-0.3 %；同比 0.3 %（前值 0.4 %），连续 9 个月 为正，但连续 2 个月回落（8 月的 0.6 %是年内次高值，仅低于 2 月的 0.7 %）。PPI 环比-0.1 %；同比-2.9 %（前值-2.8 %），连续 25 个月为 负，也是连续 3 个月回落（6 月和 7 月的-0.8 %是年内最高值）。 一、10 月 CPI 同比增速回落，其中翘尾因素的贡献仍为负值，11 月 翘尾因素的贡献将转正。10 月 CPI 同比增速 0.3%，其中新涨价因素 贡献 0.7 %，翘尾因素贡献-0.4 %。11 月 CPI 翘尾因素将反弹至 0.1 %。 二、CPI 食品项回落，非食品项连续第 2 个月负值。10 月 CPI 食品项 同比 2.9 %（前值 3.3 %），非食品项同比-0.3 %（前值-0.2 %），自 9 月 转负之后维持负值。CPI 食品项中，猪肉项同比 14.2 %（前值 16.2 %）， 带动畜肉项同比降至 2. ...