川财证券：研究所晨报-20241107

Core Insights - The manufacturing PMI rose to 50.1% in October, indicating an expansion in the manufacturing sector, which is a positive sign for economic recovery [3][8] - Industrial production showed a marginal acceleration with a year-on-year growth of 5.4% in September, supported by macro policies and infrastructure investments [3][9] - The retail sales of consumer goods increased by 3.2% year-on-year in September, driven by policies promoting consumption and a recovery in automobile sales [9] Market Trends - The A-share market saw a total transaction volume of 23,506 billion yuan, with the defense and military sector leading the gains, particularly ahead of the 15th China Airshow [2][4] - The low-altitude economy, artificial intelligence, and unmanned driving are highlighted as key investment directions [2][4] Sector Analysis - The pharmaceutical manufacturing, black metal smelting, and electrical machinery sectors showed significant year-on-year growth rates of 8.2%, 4.8%, and 3.5% respectively, indicating strong sector performance [3][9] - The meeting of the Ministry of Industry and Information Technology emphasized the development of the low-altitude industry, aiming to create a new model of industrialization [5] Policy Impact - The Central Political Bureau meeting on September 26, 2024, indicated that new policies to promote the private economy are expected to accelerate, which may benefit small and medium-sized enterprises [3][7] - The Guangzhou Municipal Bureau of Industry and Information Technology issued a plan to support the new energy storage industry, encouraging financial institutions to increase investment [5]