中银证券：中银晨会聚焦-20241010

Core Insights - The report highlights a significant upcoming release period for smartphones in October 2024, with new SoC, OS, and AI models expected to drive hardware upgrades and boost sales in the consumer electronics sector [2][3] - The domestic tourism market during the National Day holiday showed high activity, with both domestic and cross-border travel flourishing, indicating a positive outlook for the travel industry [5][6] Consumer Electronics - The smartphone market is set to experience a surge in new product launches, including flagship SoCs from MediaTek and Qualcomm, which are expected to enhance performance significantly [3] - MediaTek's Dimensity 9400 and Qualcomm's Snapdragon 8 Gen4 will be key products, with the latter utilizing a new CPU architecture that may exceed 4GHz [3] - The integration of AI into smartphones is accelerating, with major brands planning to unveil new models that leverage advanced AI capabilities [3] Tourism Industry - The National Day holiday saw 765 million domestic tourist trips, a year-on-year increase of 5.9%, and total spending reached 700.8 billion yuan, reflecting a 6.3% increase [6] - Popular tourist destinations, including traditional mountain resorts, maintained high visitor numbers, while niche attractions gained popularity, driven by cultural trends [6][7] - The dining sector also benefited from increased travel, with a reported 33.4% year-on-year growth in average daily spending during the holiday [6] Market Performance - The report notes that the overall market indices showed positive movements, with the Shanghai Composite Index closing at 3258.86, reflecting a 6.62% increase [1] - The consumer electronics and tourism sectors are expected to continue benefiting from favorable economic policies and consumer confidence [5][6]