| --- | --- | --- | --- | |----------------------------------------------|------------|------------------------|---------------------------------------------------------| | 川财证券研究所晨报 \n所属部门：总量研究部 | | 报告类别：其他研究报告 | 报告时间： 2024 年 11 月 5 日 | | 分析师：徐国勇 | 执业证书： | S1100524060001 | 联系方式： xuguoyong@cczq.com | | 北京：丰台区金丽南路华电产融大厦 11 楼， | 100073 | 深圳：福田区福华三路 | 100 号鼎和大厦 D 座 13 层 1303-1305，518026 | | 上海：浦东新区国展路 839 号，200126 | | 成都：高新区交子大道 | 177 号中海国际中心 B 座 17 楼，610041 | ❖ 每日热点 十四届全国人大常委会第十二次会议在京举行 国务院国资委党委 11 月 4 日召开扩大会 ...

| --- | --- | --- | |----------------------------------------------------------------------------------------------|---------------------------------------------|----------------------------------------------------------------------------------------------------------| | 制造业景气度提高，社零同比增速加快 | | 川财证券研究报告 —宏观月度报告 | | 所属部门：总量研究部 | 报告类别：策略研究报告 | 报告时间： 2024 年 11 月 4 日 | | 分析师：陈雳 | 执业证书： S1100517060001 | 联系方式： chenli@cczq.com | | 联系人：马骏 | 执业证书： S1100123090005 | 联系方式： majun@cczq.com | | 北京：丰台区金丽南路华电产融大厦 11 楼， 100073 ...

Group 1: Market Overview - As of October 31, the Hang Seng Index fell by 3.86% to 20,317.33 points, while the Hang Seng Technology Index decreased by 5.32% to 4,499.15 points [2][9] - The S&P 500 Index dropped by 0.99% to 5,705.45 points, and the Dow Jones Industrial Average fell by 1.34% to 41,763.46 points [3][12] - The Shanghai Composite Index declined by 1.7% to 14.4 times TTM P/E ratio, indicating a reasonable valuation level [4][14] Group 2: Sector Performance - In the Hong Kong market, the healthcare, consumer staples, and materials sectors experienced the largest declines, with drops of -11.7%, -8.88%, and -8.39% respectively [2][9] - In the U.S. market, the financial, communication services, and energy sectors saw gains of 2.55%, 1.8%, and 0.71% respectively, while healthcare, materials, and real estate sectors faced declines of -4.73%, -3.55%, and -3.41% [3][12] - In the A-share market, the electronics and computer sectors led the gains with increases of 14.65% and 14.46% respectively, while food and beverage, coal, and petrochemical sectors faced declines of -9.44%, -8.04%, and -7.08% [4][14] Group 3: Growth Drivers - The rapid growth in the electronics sector is supported by an 18.13% revenue increase and a 37.04% net profit growth in the first three quarters [5][15] - The development of artificial intelligence and smart vehicles is driving demand in the consumer electronics and semiconductor sectors [6][15] - The low-altitude economy is projected to exceed 500 billion yuan in 2023 and is expected to reach 2 trillion yuan by 2030, indicating strong growth potential [6][16] Group 4: Future Outlook - The report suggests focusing on the low-altitude economy and the autonomous driving industry, which is expected to experience significant growth due to supportive government policies [6][16] - The current A-share market is deemed to have reasonable overall valuations, providing investment opportunities [4][14]

川财证券研究报告 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------|---------------------------|-------------------------------------------|-----------------------------------------------------------------------------------------------------------| | 10 月制造业 PMI | 升至扩张区间 | | —10 月 PMI 数据点评 | | 所属部门：总量研究部 | 报告类别：宏观研究报告 | | 报告时间： 2024 年 10 月 31 日 | | 分析师：陈雳 | 执业证书： S1100517060001 | | 联系方式： chenli@cczq.com | | 联系人：马骏 | 执业证书： S1100123090005 | | 联系方式： ...

| --- | --- | --- | --- | |----------------------------------------------|------------|------------------------|---------------------------------------------------------| | | | | | | 川财证券研究所晨报 | | | | | 所属部门：总量研究部 | | 报告类别：其他研究报告 | 报告时间： 2024 年 10 月 30 日 | | 分析师：徐国勇 | 执业证书： | S1100524060001 | 联系方式： xuguoyong@cczq.com | | 北京：丰台区金丽南路华电产融大厦 11 楼， | 100073 | 深圳：福田区福华三路 | 100 号鼎和大厦 D 座 13 层 1303-1305，518026 | | 上海：浦东新区国展路 839 号，200126 | | 成都：高新区交子大道 | 177 号中海国际中心 B 座 17 楼，610041 | ❖ 每日热点 习近平在省部级主要领导干部学习专题研讨班开班式上 ...

Investment Rating - The industry investment rating is not explicitly stated in the report, but it suggests a focus on defensive strategies and low-valued sub-industries for potential investment opportunities [3][22]. Core Insights - The report indicates that the overall market in October experienced a high opening followed by a decline, with significant movements in financial, technology, and restructuring sectors. The electronic, computer, and comprehensive sectors led the gains, while food and beverage, coal, and oil sectors performed poorly [2][3]. - Key factors influencing the market in November include the results of the U.S. elections, the pace of interest rate cuts by the Federal Reserve, and the implementation of domestic monetary and fiscal policies [3]. - The report emphasizes the importance of market volume and profitability effects, suggesting that the market is likely to experience wide fluctuations, with sustainability depending on industry rotation and maintaining profitability [2][3]. Market Performance - From September 30 to October 31, 2024, the Shanghai Composite Index fell by 1.70%, while the CSI 300 dropped by 3.16%. The CSI 1000 increased by 7.14%, and the ChiNext Index rose by 6.03%. The public utility sector declined by 4.16%, ranking 26th out of 31 sectors, and the coal sector fell by 8.04%, ranking 30th out of 31 sectors [1][7]. Industry Dynamics - Shanxi Province is deepening reforms in mining rights, expecting to add 24 million tons of coal production capacity, which will generate approximately 68.483 billion yuan in fiscal revenue [10]. - The first unit of a large pumped storage power station in Ningbo, Zhejiang, has been successfully put into operation, enhancing the grid's peak-shaving capacity by 700,000 kilowatts [12][13]. Company Dynamics Public Utility Sector - The top three performing stocks in the public utility sector for the month were Dazhong Public Utility (47.09%), Tianfu Energy (34.53%), and Xichang Electric Power (31.16%). The worst performers included Lantian Gas (-18.32%), Huaneng Hydropower (-15.76%), and Shaanxi Energy (-13.97%) [16][17]. Coal Sector - In the coal sector, the top three performing stocks were Yunwei Co. (18.02%), Antai Group (15.98%), and Zhengzhou Coal Electric (9.84%). The worst performers were Lu'an Environmental Energy (-17.28%), Lanhua Sci-Tech (-16.15%), and Haohua Energy (-14.97%) [18][19].

川财证券研究报告 | --- | --- | --- | |------------------------------------------------------------------------------------------|---------------------------------------------|-------------------------------------------------------------------------------------------------------| | 政策助力下川渝板块本月整体表现较好 | | —川渝区域 2024 年 10 月月报 | | 所属部门：行业公司部 | 报告类别：行业研究报告 | 报告时间： 2024 年 11 月 04 日 | | | | | | 分析师：孙灿 | 执业证书： S1100517100001 | 联系方式： suncan@cczq.com | | 北京：丰台区金丽南路华电产融大厦 11 楼，100073 上海：浦东新区国展路 839 号， 200126 | 深圳：福田区福华三路 成都：高新 ...

| --- | --- | --- | --- | |------------------------------------------------------------------------------------------------|------------|-------------------------------------------|------------------------------------------------------------------------------------------------------------| | | | | | | 所属部门：行业公司部 | | 报告类别：行业研究报告 | —传统能源行业周报 报告时间： 2024 年 11 月 1 日 | | 分析师：孙灿 | 执业证书： | S1100517100001 | 联系方式： suncan@cczq.com | | 北京： 丰台区金丽南路华电产融大厦 11 楼， 100073 上海： 浦东新区国展路 839 号， 200126 | | 深圳：福田区福华三路 成都：高新区交子大道 | ...

川财证券研究报告 新能源产业月报：风光行业反内卷共识已达成，盈利能力改善可 期 —新能源产业十月月报 所属部门：行业公司部 分析师：孙灿 报告类别：行业研究报告 执业证书：S1100517100001 报告时间：2024 年 11 月 3 日 联系方式：suncan@cczq.com 北京：丰台区金丽南路华电产融大厦 11 楼，100073 上海：浦东新区国展路 839 号，200126 深圳：福田区福华三路 100 号鼎和大厦 D 座 13 层 1303-1305，518026 成都：高新区交子大道 177 号中海国际中心 B 座 17 楼，610041 ❖ 本月市场表现回顾 截至10月31日收盘，本月三大指数分化，上证指数下跌1.70%，深证成指上涨0.58%， 创业板指下跌 0.49%，沪深 300 下跌 3.16%。本月电力设备指数实现收涨，截至 10 月 31 日收盘，申万电力设备指数收报 7775.8 点，月涨幅达 4.34%，在 31 只指数中排名第 11。 本月，电力设备子板块仅电网设备小幅收跌，光伏设备及风电设备表现亮眼。具体来 看，各板块按涨幅依次为光伏设备、风电设备、电池、电网设备，涨跌 ...

| --- | --- | --- | |-----------------------------------------------------|---------------------------|---------------------------------------------------------| | 川财证券研究所晨报 | | 川财证券研究报告 | | 所属部门：总量研究部 | 报告类别：其他研究报告 | 报告时间： 2024 年 11 月 4 日 | | 分析师：徐国勇 | 执业证书： S1100524060001 | 联系方式： xuguoyong@cczq.com | | 北京：丰台区金丽南路华电产融大厦 11 楼， 100073 | 深圳：福田区福华三路 | 100 号鼎和大厦 D 座 13 层 1303-1305，518026 | | 上海：浦东新区国展路 839 号，200126 | 成都：高新区交子大道 | 177 号中海国际中心 B 座 17 楼，610041 | ❖ 每日热点 商务部、中国证监会等六部门修订发布《外国投资者对上市公司战略投资管理办法》 上海市商务委等 ...