中银国际证券：关注“涨价扩散”行情

Group 1 - The market is experiencing short-term fluctuations with a focus on "price increase diffusion" trends, as the TMT sector adjusts while consumer sectors like retail and food & beverage show active performance [1] - Recent economic data for October indicates increased pressure on investment, leading to a heightened demand for policies aimed at stabilizing growth, while consumption may see a phase of recovery [1] - The market is expected to continue a fluctuation around the 4000-point mark, with potential volatility in Federal Reserve interest rate cut expectations [1] Group 2 - The energy storage industry is witnessing a "price increase" trend, particularly in the upstream and midstream segments, driven by supply-demand mismatches and growing storage demand [2] - The energy storage market is becoming a new growth direction for the lithium battery sector, with high configuration value in the tight segments of the entire industry chain [2] - There is a notable divergence in market expectations regarding the profitability recovery capabilities of traditional midstream industries, which is crucial for future profitability elasticity assessments across the A-share market [2] Group 3 - The AI sector continues to show strong demand, but supply shortages, particularly in AI chips and power, are becoming more pronounced [3] - Major companies like Tencent have adjusted their capital expenditure guidance due to changes in AI chip supply, with significant price increases in memory chips reported by Samsung [3] - The current environment of "strong demand and tight supply" suggests a focus on sectors with notable supply contradictions, such as storage chips and energy solutions [3]