东兴证券：东兴晨报-20241109

Macro Analysis - The economic fundamentals are expected to improve in stages, with consumption data likely to show improvement in Q4 due to the implementation of consumption stimulus policies [1] - Current fiscal policies focus on local government debt reduction, alleviating fiscal pressure and creating space for economic development [1] - The Minister of Finance has indicated a rapid increase in bond issuance to quickly generate physical work volume, making a GDP rebound in Q4 a high probability event [1] - The upcoming National People's Congress meeting in early November is a key date to watch for potential fiscal stimulus policies [1][21] A-Share Strategy - The A-share market is currently in the second phase of a bull market, characterized by strong fluctuations and a recovery in market confidence [2] - The market is experiencing healthy rotation among sectors, with a focus on restructuring and technology, leading to good participation and profit-making effects [2] - The upcoming U.S. election results and the National People's Congress meeting are expected to reduce market uncertainties, supporting stable industry development [2] Bond Market - The bond market is anticipated to experience range-bound fluctuations, with low interest rates required due to unstable confidence and insufficient demand [3] - Short-term opportunities are favored, particularly in interbank certificates of deposit and short-duration credit varieties [3] - The expected yield range for 10Y and 30Y government bonds is approximately 2.10%-2.20% and 2.25%-2.35% respectively [3] Airborne Imaging Industry - Airborne imaging is a non-contact imaging technology that does not require a medium for image formation, utilizing flat lenses and various advanced techniques [30] - Compared to holographic projection, airborne imaging has advantages in application principles, lack of medium, and key technologies [30][31] - The technology is expected to see growth in various applications, including home, exhibition, automotive, medical, and educational sectors [31] - The market for smart cockpit solutions incorporating airborne imaging technology is projected to reach 212.7 billion yuan by 2026, with a compound annual growth rate of approximately 17% [32] Food and Beverage Industry - The white liquor sector is facing pressure in Q3 2024, with overall performance impacted by weak demand during the Mid-Autumn Festival [26] - The industry is expected to recover in Q4, with economic stimulus policies likely to enhance consumer demand [27] - Recommendations include focusing on leading companies with increasing market share, such as Guizhou Moutai and Wuliangye [28]