山西证券：研究早观点-20241015

Market Overview - The overall market experienced a decline, with the Shanghai Composite Index down 3.56% and the Shenzhen Component Index down 4.45% during the week of October 7-11, 2024 [10][20] - The semiconductor sector showed resilience, with the Wind Semiconductor Index increasing by 1.75% [10] Industry Insights Electronic Industry - AMD launched its new flagship AI chip, the MI325X GPU, which features HBM3E high-bandwidth memory and achieves a peak AI performance of 21 PFLOPS, significantly outperforming NVIDIA's H200 in several metrics [10][12] - The global PC market saw a 1% year-on-year increase in shipments in Q3 2024, driven by ongoing demand ahead of the Windows 10 service termination in October 2025 [10][12] Communication Industry - The communication sector experienced a slight adjustment, with a 1.99% decline, as the market shifted from a sentiment-driven surge to a more fundamental-driven approach [14][16] - NVIDIA's Blackwell GPUs have seen strong demand, with orders already sold out for the upcoming year, indicating a robust market outlook [14][16] Chemical Raw Materials - The new materials sector reported a slight decline in performance, with total revenue of 606.58 billion yuan, a 5.02% year-on-year increase, while net profit decreased by 3.77% [18][19] - Sub-sectors such as military stealth materials and OLED materials showed positive growth, with net profits increasing by 19.23% and 100.6% respectively [18][19] Agricultural Sector - The pig farming sector is entering a performance realization phase for Q3, with fluctuating prices observed in key provinces [20] - The average price of pork was reported at 25.02 yuan per kilogram, reflecting a 4.25% decrease from the previous week, while the profitability for self-breeding was noted at 305.91 yuan per head [20] Investment Recommendations - Focus on AI-related investments, particularly in high-performance chips and advanced packaging, as demand for AI applications continues to grow [12] - In the agricultural sector, consider investing in companies like Wens Foodstuffs, Tangrenshen, and Dongrui, as the pig farming sector shows signs of recovery [20]