中国银河：每日晨报-20241030

Group 1: Macroeconomic Insights - The core view suggests that the 10-year U.S. Treasury yield is expected to stabilize around 3.7%-4.3%, with 4.3% being the upper limit based on high assessments of natural rates and term premiums. There is a possibility of further increases in yields due to better-than-expected economic data and ongoing fiscal deficits, but yields above 4.3% may present renewed investment value [6][10]. - The report indicates that since the Federal Reserve's interest rate cut on September 18, the 10-year Treasury yield has risen approximately 13%, from around 3.7% to above 4.2%, reflecting a shift in market sentiment towards concerns of "no landing" and re-inflation [6][7]. Group 2: Fund Management and Sector Analysis - In Q3 2024, public funds significantly increased their holdings in the electric power equipment sector, with notable growth in the electronic, electric power equipment, pharmaceutical, food and beverage, and automotive industries. The electric power equipment sector saw substantial increases in allocation, while financial and real estate sectors remain underweight [11][14]. - The report highlights that the stock allocation of actively managed equity funds rose to 83.31%, marking a historical high since 2005, with a notable increase in the proportion of A-shares in their asset allocation [11][13]. Group 3: Company-Specific Insights - The report on Focus Media (002027.SZ) indicates steady revenue growth, with Q3 2024 revenue reaching 3.294 billion yuan, a year-on-year increase of 4.3%. The net profit attributable to shareholders was 1.475 billion yuan, up 7.59% year-on-year, and the company expects net profits for 2024-2026 to be 5.305 billion, 5.829 billion, and 6.348 billion yuan respectively, maintaining a "recommended" rating [24][29]. - Focus Media is leveraging AI technology to enhance its marketing capabilities, aiming to improve operational efficiency and reduce costs. The company is expanding its overseas media network, covering major cities in several countries, which is expected to contribute to its revenue growth as Chinese brands globalize [25][28].