中国银河：每日晨报-20241101

Group 1: Macroeconomic Insights - The October PMI data indicates a recovery in manufacturing, with the manufacturing PMI rising to 50.1% from 49.8%, signaling an expansion in the manufacturing sector [5][7] - The production index increased to 52% in October, driven by demand, with significant recovery in steel and construction sectors, indicating a shift from policy-driven to demand-driven growth [5][7] - Domestic demand has started to strengthen, with the new orders index rising to 50.0%, while external demand shows signs of weakness, as indicated by a decline in new export orders [5][7] Group 2: Industry-Specific Insights - The data center market in ASEAN is experiencing significant growth, with the construction value chain benefiting more than operators due to the ongoing large-scale development [13][17] - The ASEAN data center capacity is projected to grow from 1,677 MW in Q1 2024 to 7,589 MW by 2028, driven by increased data usage and AI development [14][16] - Companies involved in the construction value chain, such as equipment suppliers and contractors, are expected to gain more from the data center boom in the next 3-5 years [17] Group 3: Company Performance Highlights - Berteli (603596) reported a revenue of 6.578 billion yuan for the first three quarters of 2024, with a year-on-year growth of 28.85%, and a net profit of 778 million yuan, up 30.79% [18][19] - Shenzhen South Circuit (002916) achieved a revenue of 13.049 billion yuan in the first three quarters, a 37.92% increase year-on-year, with a net profit of 1.488 billion yuan, up 63.86% [23][25] - Times Electric (688187) reported a revenue of 16.256 billion yuan for the first three quarters, a 15.33% increase year-on-year, with a net profit of 2.501 billion yuan, up 21.83% [27][30]