中原证券：晨会聚焦-20241102

Core Insights - The report highlights the ongoing structural employment challenges in China, emphasizing the need for a modernized workforce that is well-matched in terms of quality and distribution [4][5] - The manufacturing PMI for October stands at 50.1%, indicating a slight expansion, while the non-manufacturing PMI is at 50.2%, suggesting stability in the service sector [4][5] - Major banks in China are set to implement a new pricing mechanism for commercial personal housing loans, reflecting the central bank's recent policy adjustments [4][5] Domestic Market Performance - The Shanghai Composite Index closed at 3,279.82 with a slight increase of 0.42%, while the Shenzhen Component Index rose by 0.57% to 10,591.22 [2] - The A-share market has shown resilience with significant trading volumes, indicating investor confidence amidst macroeconomic adjustments [5][6] Industry Analysis - The food and beverage sector experienced a decline of 9.22% in October, following a brief rebound in September, with an overall year-to-date drop of 4.13% [9] - The machinery sector, particularly in the context of the lithium battery and photovoltaic equipment, has shown signs of recovery, with significant gains in specific sub-sectors [12][13] - The blood products industry reported a revenue increase of 3.31% year-on-year for the first half of 2024, with notable growth in net profits [15] Investment Recommendations - The report suggests focusing on sectors that have been severely undervalued, such as lithium battery equipment and photovoltaic technologies, as they are expected to rebound [12][19] - Investors are encouraged to consider opportunities in the automotive sector, particularly in new energy vehicles, which have seen a significant increase in sales and market penetration [22][23] Key Data Updates - The report provides insights into the performance of various indices, with the securities sector showing a remarkable recovery in September, outperforming the broader market [16][17] - The energy sector, particularly hydropower, is expected to maintain a strong performance due to favorable water conditions and market dynamics [18]