川财证券：研究所晨报-20241102

Core Insights - The report highlights a stable growth in the cultural industry, with total revenue reaching 99,668 billion yuan in the first three quarters of 2024, marking a 5.9% increase year-on-year [4][10] - The cultural service sector showed the highest growth rate among cultural industries, achieving a revenue increase of 7.6%, which is 1.7 percentage points higher than the overall growth of cultural enterprises [4][10] - The manufacturing sector within the cultural industry generated 29,935 billion yuan, growing by 3.9%, while the wholesale and retail sector saw a revenue of 16,656 billion yuan, up by 4.4% [4][10] Market Overview - The manufacturing Purchasing Managers' Index (PMI) for October 2024 is reported at 50.1%, indicating a slight recovery in manufacturing sentiment, up by 0.3 percentage points from the previous month [5][6] - The non-manufacturing business activity index also increased to 50.2%, reflecting a modest improvement in the non-manufacturing sector [6] - The overall PMI output index rose to 50.8%, suggesting a faster pace of expansion in business activities across the board [6] Industry Focus - The report suggests focusing on sectors such as artificial intelligence, low-altitude economy, and autonomous driving as potential investment opportunities [3][5] - The low-altitude economy is projected to reach a market size of 2.5 trillion yuan by 2030 and 3.5 trillion yuan by 2035, driven by supportive government policies [8] - The cultural service industry's contribution to total revenue has increased to 53.3%, up by 0.9 percentage points from the previous year, indicating its growing importance in the cultural sector [4][10]