中国银河：每日晨报-20241104

Group 1: Macroeconomic Insights - The upcoming National People's Congress Standing Committee meeting is expected to reveal new fiscal policies, particularly regarding the scale of new debt issuance and its impact on local government debt risks and market liquidity [7][8][9]. - The broad fiscal deficit rate is crucial for assessing the effectiveness of fiscal policies in stimulating economic growth, with a significant reduction in this rate contributing to weak overall demand [7][9]. - The labor market data, despite recent noise from strikes and hurricanes, indicates resilience, and is not expected to alter the Federal Reserve's monetary policy trajectory, with anticipated rate cuts in November and December [17][18]. Group 2: Investment Strategies - The Hong Kong stock market is experiencing short-term volatility due to external uncertainties, but sectors like technology, particularly internet and consumer electronics, are expected to present high investment opportunities [12][13]. - The mechanical sector is advised to focus on structural opportunities, including large-scale equipment upgrades and AI applications, with specific attention to industries like railway equipment and robotics [2][23]. - The North Exchange is seeing steady new stock issuances and a high percentage of companies reporting profits, indicating investment value in growth-oriented firms with strong R&D [32][34]. Group 3: Sector Performance - The mechanical sector's fund allocation has slightly decreased, with engineering machinery maintaining a high proportion of holdings, while new technologies are expected to drive future investments [20][23]. - The North Exchange's overall trading activity remains high, with a significant number of companies reporting revenue growth, particularly in sectors like oil and light manufacturing [32][34]. - The healthcare sector, particularly in health management services, is witnessing growth driven by increased public health awareness and strategic investments in large corporate clients [24][25].