川财证券：研究所晨报-20241022
Chuancai Securities·2024-10-22 01:08

Core Insights - The report highlights a significant acceleration in the growth rate of social consumer goods retail sales in September, with a year-on-year increase of 3.2%, up 1.1 percentage points from the previous value [4][12] - The GDP growth for the first three quarters of 2024 is reported at 4.8%, indicating a slight slowdown of 0.2 percentage points compared to the first half of the year [12] - Industrial production is showing marginal acceleration, supported by export resilience and domestic demand expansion policies, with industrial added value growing by 5.4% year-on-year in September [4][12] Economic Indicators - The industrial added value for September increased by 5.4% year-on-year, which is a 0.9 percentage point improvement from the previous value, aligning with the recovery in the manufacturing PMI production index [4][12] - Fixed asset investment (excluding rural households) grew by 3.4% year-on-year in the first nine months, with infrastructure investment increasing by 4.1% [4][12] - Manufacturing investment saw a year-on-year growth of 9.2%, reflecting strong support from industrial policies aimed at transformation and upgrading [12] Sectoral Developments - The report suggests a focus on low-altitude economy, artificial intelligence, and semiconductor sectors as potential investment directions [3][8] - The renewable energy sector is highlighted, with the cumulative installed power generation capacity reaching approximately 3.16 billion kilowatts by the end of September, a year-on-year increase of 14.1% [7] - Solar power generation capacity increased by 48.3% year-on-year, while wind power capacity grew by 19.8% [7] Policy Implications - The Central Government's recent opinions on deepening the reform of the industrial workforce aim to improve income distribution and enhance labor remuneration in the initial distribution [5] - The China Securities Regulatory Commission plans to promote the application of new technologies like artificial intelligence in the capital market to support high-quality development [6]