中原证券：晨会聚焦-20241028

Core Insights - The report highlights a potential stabilization and recovery in the market due to enhanced counter-cyclical policy expectations and government measures aimed at boosting effective demand [5][7][9] Domestic Market Performance - As of the latest data, the Shanghai Composite Index closed at 3,299.70 with a daily increase of 0.59%, while the Shenzhen Component Index closed at 10,619.85 with a rise of 1.71% [3] - The A-share market showed a slight upward trend, with sectors such as new energy and media leading the gains, while insurance and banking sectors lagged [9][11] Economic Data - In the first nine months of 2024, the total profit of industrial enterprises above designated size in China was 52,281.6 billion yuan, a year-on-year decrease of 3.5%, while operating revenue reached 99.20 trillion yuan, reflecting a growth of 2.1% [5][7] - The GDP for the first three quarters of 2024 was reported at 949,746 billion yuan, with a year-on-year growth of 4.8%, indicating a slow recovery in economic momentum [10] Industry Analysis - The automotive market saw a retail volume of 1.264 million units in October, with a year-on-year increase of 16% and a cumulative retail volume of 16.838 million units for the year, reflecting a 3% growth [13] - The new energy vehicle segment continues to thrive, with sales reaching 128.7 million units in September, marking a year-on-year growth of 42.3% and a market penetration rate of 45.8% [13][14] Sector-Specific Insights - The pharmaceutical sector is experiencing a mixed performance, with the chemical raw materials segment showing revenue growth but declining net profits due to increased procurement pressures [18] - The textile and apparel industry in Henan province is witnessing a robust development, with a complete industrial chain and significant growth in production capacity [16] Investment Recommendations - The report suggests focusing on sectors such as chips, home appliances, consumption, new energy, and non-ferrous metals for potential investment opportunities as the market stabilizes [7][9] - In the automotive sector, the report recommends monitoring companies that are expanding their product cycles and global reach, particularly in the context of new energy vehicles [14]