中原证券：晨会聚焦-20241104

Core Insights - The report indicates a positive trend in the macroeconomic environment, with expectations for continued recovery in the market, driven by government policies and economic stimulus measures [5][9][10] - The manufacturing sector shows signs of improvement, with the October PMI rising to 50.3, indicating a return to expansion after a brief contraction [5][8][10] - The report highlights specific sectors such as electric equipment, automotive, and real estate as leading the market performance, while sectors like software and telecommunications are lagging [9][11] Domestic Market Performance - The Shanghai Composite Index closed at 3,272.01, down 0.24%, while the Shenzhen Component Index closed at 10,455.50, down 1.28% [3] - The average P/E ratios for the Shanghai Composite and ChiNext are 13.90 and 36.31, respectively, indicating a suitable environment for medium to long-term investments [9][10] Economic Indicators - In October, the total transaction volume of new and second-hand homes increased by 5.8% month-on-month and 3.9% year-on-year, reflecting a recovery in the real estate market [5][8] - The electricity consumption in the first three quarters of 2024 reached 7.41 trillion kWh, a year-on-year increase of 7.9%, indicating robust industrial activity [13] Sector Analysis - The electric equipment sector outperformed the broader market, with a decline of only 0.22% compared to the 3.20% drop in the CSI 300 index [12] - The photovoltaic industry saw a significant rebound in October, with a 9.22% increase, outperforming the CSI 300 index [14] - The blood products sector reported a revenue of 11.788 billion yuan in the first half of 2024, a year-on-year increase of 3.31%, with net profit growth of 9.60% [19] Investment Recommendations - The report suggests focusing on sectors such as electric equipment, automotive, and real estate for short-term investment opportunities, while also considering the long-term potential in the photovoltaic and blood products sectors [14][19] - It is recommended to pay attention to leading companies in the electric equipment and photovoltaic industries due to their strong market positions and growth potential [12][14]