农银国际证券：每天导读-20241102

Core Insights - The report highlights a mixed performance in global stock markets, with the Hang Seng Index and the National Index showing upward trends, driven by sectors such as photovoltaics, pharmaceuticals, automotive, and technology [5][24] - The report notes a significant decline in China's industrial enterprise profits, with a year-on-year decrease of 27.1% in September, compared to a 17.8% decline in August, indicating increasing deflationary pressures [24][17] - The report discusses the anticipated meeting of China's National People's Congress, where fiscal stimulus measures will be a key focus to address the slowing economy [15][16] Market Performance - The Hang Seng Index closed at 20,590.15, up by 0.49% for the day but down 1.03% over the past five days [1] - The Shanghai Composite Index and Shenzhen Component Index both experienced gains, with the Shenzhen Component Index rising by 3.56% [5] - The report provides forward-looking price-to-earnings ratios for major indices, with the Hang Seng Index at 9.7 times and the Shanghai Composite Index at 13.0 times [5] Economic Indicators - The U.S. consumer confidence index rose to 70.5 in October, up from 70.1 in the previous month, reflecting improved consumer sentiment [7][8] - The European Central Bank's President Lagarde emphasized the ongoing progress in reducing inflation, despite existing wage pressures [9][10] - The report mentions that South Korea plans to maintain strong bilateral relations with the U.S. regardless of the outcome of the upcoming U.S. elections [11] Corporate Developments - HSBC has joined China's Cross-Border RMB Payment System (CIPS), enhancing its role in facilitating RMB transactions [24] - TSMC's Arizona plant has achieved initial chip yield rates exceeding those of similar facilities in Taiwan, indicating operational success [24] - The report notes that the Korean prosecution has initiated legal action against BNP Paribas for alleged violations of short-selling regulations [24]