首席周观点：2024年第43周

Group 1: Electronic Industry - The report discusses the rise of the Android system, which has maintained a market share of over 65% in China from Q4 2022 to Q1 2024 due to its compatibility, rich functionality, strong application ecosystem, and openness [1][2] - Huawei's HarmonyOS was launched in response to concerns over Google's supply cuts, achieving a market share increase from 8% in Q1 2023 to 17% in Q1 2024, surpassing Apple's iOS [1][2] - The report highlights the advantages of the new HarmonyOS NEXT, including system-level AI capabilities, innovative architecture, enhanced security, and seamless connectivity across devices [2] Group 2: Express Delivery Industry - In September, the national express delivery service volume reached 14.97 billion pieces, a year-on-year increase of 18.8%, although the growth rate slightly declined from August's 19.4% [3] - The report notes that the average single ticket price in the express delivery industry remained stable month-on-month, with a year-on-year decline of 12.5%, indicating a potential easing of price competition [3] - The report suggests that the price competition in the express delivery sector is expected to moderate, especially as the industry enters a peak season in Q4 [3] Group 3: Metal Industry - The report indicates a shift in the pricing logic of the gold market, where supply and demand attributes are becoming more significant in determining price resilience [4][5] - Global gold supply has shown a rigid characteristic, with an average annual production of around 3,484 tons over the past decade, indicating limited growth potential [4][5] - Investment demand for gold has become a new growth point, with significant increases in ETF and central bank purchases, contrasting with declines in traditional gold demand categories [4][5] Group 4: Non-Banking Financial Sector - The report anticipates that the effects of favorable policies in the non-banking financial sector will gradually manifest, with a positive outlook for the capital market and real estate [6] - It emphasizes that the pace of capital market reforms and macroeconomic recovery will be key factors influencing the valuation of the brokerage industry [6] - The report highlights the expected recovery in insurance demand due to increased consumer awareness and the anticipated decline in deposit rates, benefiting insurance companies [6] Group 5: Food and Beverage Industry - The report notes that recent government policies aimed at economic stabilization have boosted market confidence, reflected in a 3% increase in the food and beverage sector index [8] - It highlights the upcoming consumption peaks during the New Year and Spring Festival as critical periods for demand recovery in the food and beverage sector [8] - The report recommends focusing on cyclical sectors such as liquor and condiments, specifically mentioning companies like Kweichow Moutai and Wuliangye [8]