川财证券研究所晨报

Core Insights - The overall economic performance of the Sichuan-Chongqing region remains stable in the first half of 2024, with exports increasing due to overseas inventory replenishment and external demand recovery [13][40] - The manufacturing sector is gradually stabilizing, with high-value-added product exports growing and new market developments contributing to the region's economic growth [40][76] - Fixed asset investment growth is expected to remain stable, supported by ongoing infrastructure projects in the Chengdu-Chongqing economic circle [15][63] Industry Analysis - The report emphasizes the importance of "hard technology" sectors, particularly in new energy vehicles, mechanical manufacturing, and low-altitude economy, suggesting a focus on related enterprises in the Sichuan-Chongqing area [21][80] - In the clean energy sector, opportunities are anticipated in hydropower, wind power, solar energy, and hydrogen energy, driven by the development of a complementary energy supply system [70] - The digital economy is highlighted as a growth area, with recommendations to focus on enterprises involved in digital infrastructure and related industries [70] Market Performance - The average price-to-earnings (PE) ratio for the Sichuan sector is reported at 21.93 times, indicating a slight increase in overall valuation levels [65] - The report notes that the performance of listed companies in the Sichuan-Chongqing region has been relatively weak, with significant declines in certain stocks [42][66] - The report suggests monitoring the performance of sectors such as public utilities, electronics, and defense industries for potential investment opportunities [20][30]