中原证券：晨会聚焦-20241105

Core Insights - The report indicates a positive trend in macroeconomic conditions, with expectations for continued recovery in the market, particularly in sectors such as chips, home appliances, non-bank finance, new energy, and metals [11][12][14] - The manufacturing PMI for October shows a rebound to 50.1%, indicating a return to expansion after five months of contraction, with large enterprises performing better than smaller ones [10][11] - The report highlights the performance of the electrical equipment sector, which outperformed the broader market, suggesting strong growth potential in this area [15][16] Market Performance - The A-share market experienced slight fluctuations, with the Shanghai Composite Index closing at 3,310.21, up 1.17%, while the Shenzhen Component Index rose by 1.99% to 10,663.10 [3][12] - The report notes that the banking and metals sectors led the A-share market, indicating strong investor interest in these areas [12][14] Economic Indicators - The report details that the total electricity consumption in China reached 7.41 trillion kWh in the first three quarters of 2024, reflecting a year-on-year growth of 7.9%, with significant increases in high-tech and equipment manufacturing sectors [16][26] - The report also mentions that the industrial added value for September grew by 5.4% year-on-year, indicating a positive trend in industrial production [16] Sector Analysis - The electrical equipment sector is highlighted for its strong performance, with investments in power grid projects continuing to grow, supporting the sector's expansion [15][16] - The report emphasizes the solar energy sector's recovery, with significant increases in new installations and exports, despite some challenges in pricing and competition [19][23] Investment Recommendations - The report suggests focusing on sectors that are expected to benefit from economic recovery, including electrical equipment, new energy, and financial services, as these areas are likely to see improved performance in the coming months [11][12][14] - It also recommends monitoring the performance of leading companies in the solar energy sector, as they are positioned to capitalize on market opportunities despite current challenges [19][23]