中原证券：晨会聚焦-20241017

Core Insights - The report highlights a positive outlook for the real estate market in Henan Province, driven by new policies aimed at stabilizing housing consumption and improving market conditions [19][20] - The consumer electronics sector is expected to benefit from the "old for new" policy, which encourages upgrades in household appliances and home renovations [18][19] - The report emphasizes the growth potential in the pet food industry, with significant increases in export volumes and values, indicating a robust market demand [10][11] Domestic Market Performance - The Shanghai Composite Index closed at 3,202.95 with a slight increase of 0.05%, while the Shenzhen Component Index fell by 1.01% to 9,965.02 [2] - The A-share market has shown a mixed performance, with various sectors such as banking, real estate, and consumer electronics leading the gains, while sectors like multi-finance and semiconductors lagged [5][6][7] Industry Analysis - The livestock sector is experiencing fluctuations, with pig prices decreasing by 6.26% month-on-month but showing a year-on-year increase of 15.90% [10] - The software industry is facing a slowdown, with revenue growth dropping to 11.2% in the first eight months of 2024, down from 13.4% in 2023 [12][13] - The lithium battery sector has seen a significant increase in sales, with a 42.37% year-on-year growth in new energy vehicle sales, indicating strong market demand [17] Policy Impact - New measures in Henan Province aim to support the real estate market by enhancing housing consumption and providing financial incentives for home renovations [19][20] - The "old for new" policy is expected to stimulate consumer spending in the home appliance sector, with various subsidies available for upgrading household items [18][19] Investment Recommendations - The report suggests maintaining a "stronger than market" rating for the livestock sector, particularly focusing on companies like Muyuan Foods and Haida Group, which are well-positioned for growth [11] - In the consumer electronics sector, companies involved in the "old for new" initiative are recommended for investment due to the anticipated increase in consumer spending [18][19]