宏观策略周报：2024年第三季度全A净利润呈较好增长态势，10月PMI重返扩张区间

Investment Highlights - In the first three quarters of 2024, all A-shares achieved operating income of 52.59 trillion yuan, with a year-on-year growth rate of -1.72%. The net profit attributable to shareholders was 4.42 trillion yuan, with a year-on-year growth rate of -0.03%. In Q3 2024, the operating income was 17.76 trillion yuan, down 2.06% year-on-year, while the net profit attributable to shareholders increased by 4.79% to 1.52 trillion yuan [12][2][31] - The sectors that performed well in Q3 2024 included non-bank financials, electronics, and machinery equipment, with operating income growth rates of 29.15%, 16.14%, and 5.26%, respectively. The net profit growth rates for these sectors were 232.79%, 19.66%, and 2.23% [12][2][31] Market Overview - The manufacturing Purchasing Managers' Index (PMI) for October was reported at 50.1%, an increase of 0.3 percentage points from the previous month, indicating a recovery in manufacturing sentiment. The PMI for large and medium-sized enterprises was 51.5% and 49.4%, respectively, while small enterprises saw a decline to 47.5% [3][18][19] - The domestic securities market showed mixed performance, with the CSI 500 index recording the highest increase of 0.4%. The real estate sector had the largest gain among the primary industries, rising by 6.0% [4][25][27] Investment Recommendations - Focus on sectors with strong Q3 performance: non-bank financials, electronics, and machinery equipment [6][31] - Given the introduction of a series of policies to boost the economy and domestic demand, attention is recommended for technology, securities, and consumer sectors [6][31] - Long-term focus on new productivity, fostering emerging industries, and upgrading traditional industries [6][31] - Monitor central state-owned enterprises for mergers, restructuring, and market value management [6][31] - With the U.S. entering a rate-cutting cycle, there are ongoing long-term investment opportunities in gold [6][31]