川财证券：研究所晨报-20241031

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 value, driven mainly by a rise in commodity retail sales [10][9] - Industrial production is showing marginal acceleration, with the industrial added value for September 2024 growing by 5.4% year-on-year, an increase of 0.9 percentage points from the previous value, supported by resilient exports and domestic demand policies [10][4] - The GDP growth rate for the first three quarters of 2024 is reported at 4.8%, indicating a slight slowdown of 0.2 percentage points compared to the first half of the year, with ongoing policies aimed at stabilizing growth [10][4] Market Trends - The report notes that the computer sector has recently strengthened, particularly with the emergence of AI applications, such as the AutoGLM from AI unicorn Zhiyu, which enhances various daily functions [5][3] - The report suggests focusing on sectors like autonomous driving, low-altitude economy, and artificial intelligence as potential investment directions [5][3] Investment Insights - Fixed asset investment growth remains stable, with infrastructure investment increasing by 4.1% year-on-year, while manufacturing investment grew by 9.2%, indicating strong support from industrial policies [10][4] - The report anticipates that the push for new industrialization and the development of new productive forces will drive the manufacturing sector towards higher-end, intelligent, and green transformations [10][4]