中原证券：晨会聚焦-20241106

Core Insights - The report highlights a positive trend in China's service trade, with a total import and export value of 55,181.4 billion yuan, reflecting a year-on-year growth of 14.5% [5][6] - The logistics industry in China shows signs of recovery, with the logistics prosperity index for October at 52.6, indicating expansion [5][6] - The macroeconomic environment is improving, supported by various government policies aimed at stabilizing and stimulating growth, which is expected to lead to a rebound in the market [9][10] Market Performance - The Shanghai Composite Index closed at 3,386.99, up by 2.32%, while the Shenzhen Component Index rose by 3.22% to 11,006.94 [3] - The A-share market experienced slight fluctuations, with the banking and non-ferrous metal sectors leading the gains [10][11] - The average P/E ratios for the Shanghai Composite and ChiNext indices are at 13.90 and 36.31, respectively, indicating a suitable environment for medium to long-term investments [10][11] Industry Analysis - The electrical equipment sector outperformed the broader market, with a decline of only 0.22% compared to the Shanghai Composite's 3.20% drop [13] - The power generation sector is witnessing robust investment, with significant increases in both power generation and consumption, particularly in high-tech and equipment manufacturing [13] - The photovoltaic industry showed a strong rebound in October, with a 9.22% increase in the solar index, indicating a recovery in profitability for leading companies [14] Investment Recommendations - The report suggests focusing on sectors such as non-ferrous metals, banking, and energy, which are expected to benefit from the ongoing economic recovery and government policies [10][11] - In the electrical equipment sector, attention is drawn to leading companies involved in power grid construction, as they are likely to benefit from increased investment [13] - The photovoltaic sector is recommended for investment due to its potential for recovery and growth, particularly in leading companies that can leverage their scale and market position [14]