川财证券：研究所晨报-20241029

Core Insights - The report highlights that the overall economic growth in China is projected to achieve a GDP growth rate of 5% for the year 2024, supported by effective implementation of macroeconomic policies and a focus on stimulating domestic demand [12][11][4] Economic Performance - In the first three quarters of 2024, China's GDP grew by 4.8% year-on-year, with industrial production showing signs of marginal acceleration [12][11] - The industrial added value for September 2024 increased by 5.4% year-on-year, reflecting a 0.9 percentage point improvement from previous values [12][11] - Fixed asset investment (excluding rural households) grew by 3.4% year-on-year in the first nine months of 2024, with infrastructure investment increasing by 4.1% [12][11] Sectoral Insights - High-tech manufacturing profits increased by 6.3% year-on-year, contrasting with a 3.5% decline in total profits for large-scale industrial enterprises [9][3] - The retail sales of consumer goods in September 2024 saw a year-on-year growth of 3.2%, significantly boosted by policies such as vehicle replacement subsidies [12][11] Policy and Market Dynamics - The report emphasizes the importance of fiscal policies and large-scale equipment renewal policies in supporting industrial production and investment [12][11] - The government is expected to enhance macroeconomic regulation and policy interaction to stimulate growth and investment [8][2] Industry Focus - The report suggests focusing on emerging sectors such as low-altitude economy, artificial intelligence, and autonomous driving as potential investment opportunities [3][9]