中原证券：晨会聚焦-20241023

Core Insights - The report highlights a positive trend in China's macroeconomic policies, indicating a potential stabilization and recovery in the market, particularly in the context of the A-share market and various sectors such as new energy, semiconductors, and software development [6][8][10]. Market Performance - The A-share market has shown slight upward movement, with the Shanghai Composite Index closing at 3,285.87, reflecting a 0.54% increase, while the Shenzhen Component Index rose by 0.85% to 10,559.51 [3]. - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are at 13.67 times and 33.57 times, respectively, indicating a suitable environment for medium to long-term investments [8][11]. Economic Indicators - In September, the unemployment rate for urban youth aged 16-24 reached 17.6%, while the rate for those aged 25-29 was 6.7% [6][7]. - The industrial added value for large-scale industries in September grew by 5.4% year-on-year, with significant contributions from the manufacturing sector, which saw a 5.2% increase [9]. Sector Analysis - The automotive and media sectors are leading the A-share market, with notable performance in the military and semiconductor industries [6][8]. - The raw material pharmaceutical industry reported a revenue of 907 billion yuan in the first half of 2024, with a year-on-year growth of 2.06%, although net profit declined by 4.09% [12]. Consumer Trends - The retail sales of consumer goods in September reached 41,112 billion yuan, with a year-on-year growth of 3.2%, driven by policies promoting consumption [9]. - The pet food export market has shown significant growth, with exports in August increasing by 30.68% year-on-year [13]. Investment Recommendations - The report suggests focusing on sectors such as new energy, semiconductors, software development, and military industries for short-term investment opportunities [8][10]. - The pre-prepared food industry is recommended for investment, particularly companies like Qianwei Central Kitchen, which has shown resilience despite market challenges [16].