川财证券：研究所晨报-20241105

Group 1: Macro Economic Insights - The GDP growth rate for the first three quarters of 2024 is 4.8% year-on-year, with a notable increase in industrial added value of 5.4% in September, up by 0.9 percentage points from the previous value [10][11] - Fixed asset investment (excluding rural households) increased by 3.4% year-on-year in the first nine months, with manufacturing investment showing strong support at a growth rate of 9.2% [11] - The retail sales of consumer goods in September grew by 3.2% year-on-year, a significant increase of 1.1 percentage points compared to the previous month, driven by policies such as automobile replacement subsidies [11] Group 2: Policy and Market Dynamics - The People's Bank of China has initiated a buyout reverse repurchase tool in open market operations, indicating a proactive monetary policy stance [5][6] - The European Central Bank's Vice President highlighted ongoing challenges in controlling inflation, suggesting that geopolitical conflicts and extreme weather could impact economic stability [8] - The National Development and Reform Commission emphasized the need for strong, unconventional policy measures to boost economic confidence and growth [6][7] Group 3: Industry Focus - The report suggests focusing on sectors such as autonomous driving, low-altitude economy, and artificial intelligence as potential investment opportunities [3][5] - The promotion of new energy vehicles within government agencies is expected to drive incremental demand in the new energy sector, with a target of at least 30% for new energy vehicles in public service vehicle updates [8] - The internationalization of the Renminbi is progressing, with significant growth in cross-border payment volumes and a stable share in global trade financing [8]