川财证券：研究所晨报-20241030
Chuancai Securities·2024-10-29 16:04

Core Insights - The report highlights a significant acceleration in the growth rate of social retail sales in September 2024, with a year-on-year increase of 3.2%, up by 1.1 percentage points from the previous value, driven by a boost in commodity retail sales [4][10] - The industrial production showed marginal improvement, with the industrial added value for September increasing by 5.4% year-on-year, which is 0.9 percentage points higher than the previous value, indicating a recovery in manufacturing activity [4][9] - The report notes that the GDP growth for the first three quarters of 2024 was 4.8%, aligning with market expectations, and emphasizes the importance of ongoing fiscal policies to achieve the annual GDP growth target of 5% [10] Market Highlights - The State Council has introduced measures to strengthen fertility support services and establish a subsidy system, aiming to create a more supportive environment for families [5] - The Ministry of Finance reported that from January to September 2024, the operating income of state-owned enterprises increased by 1.2% year-on-year, while total profits decreased by 2.3%, indicating challenges in profitability despite revenue growth [5] - The Hong Kong Stock Exchange plans to launch a series of virtual asset indices on November 15, 2024, to support the development of Hong Kong as a leading digital asset center in Asia [6] Sector Analysis - The report suggests that the steel industry is expected to strengthen due to recent policies aimed at capacity governance and restructuring, alongside supportive measures in the real estate sector [3][5] - The demand for high-speed optical modules is surging due to the rise of artificial intelligence applications, leading to a significant shortage of optical chips, which is driving up prices and investment in the sector [7] - The report discusses the implementation of a new action plan for building a new power system from 2024 to 2027, emphasizing the role of energy storage and the integration of electric vehicles with the grid [7]