川财证券：研究所晨报-20241027

Core Insights - The report highlights a significant acceleration in the year-on-year growth rate of social retail sales in September 2024, which increased by 3.2%, up 1.1 percentage points from the previous month, driven by a boost in retail sales of goods, particularly in the automotive sector due to replacement subsidy policies [9][10] - The GDP growth for the first three quarters of 2024 was reported at 4.8%, slightly down by 0.2 percentage points compared to the first half of the year, indicating a need for effective implementation of existing policies and the introduction of new measures to achieve the annual growth target of 5% [10] - Industrial production showed marginal acceleration, with the industrial added value for September growing by 5.4% year-on-year, which is an increase of 0.9 percentage points from the previous value, supported by resilient exports and anticipated fiscal policies [9][10] Market Dynamics - The report notes that the total market turnover was 15,634 billion yuan, with the three major indices experiencing a decline [5] - Tesla's Q3 2024 earnings report indicated a revenue of $25.182 billion, reflecting an 8% year-on-year increase, and a net profit of $2.167 billion, which is a 17% increase year-on-year, showcasing the company's strong performance in the automotive sector [3][5] - The report suggests focusing on sectors such as autonomous driving, low-altitude economy, and artificial intelligence as potential investment opportunities [3][5] Investment Trends - Fixed asset investment (excluding rural households) for the first nine months of 2024 grew by 3.4% year-on-year, with infrastructure investment increasing by 4.1% and manufacturing investment rising by 9.2%, indicating a stable investment environment supported by industrial policy [9][10] - The report emphasizes the importance of fiscal policies and large-scale equipment renewal policies in boosting industrial production and investment, particularly in high-tech manufacturing sectors [9][10]