中国银河：每日晨报-20241112

Fixed Income - Production has declined but demand is recovering, with real estate sales showing strong year-on-year growth. The issuance scale of interest rate bonds in the primary market continues to rise, particularly local government bonds, which have reached an issuance progress of 98.4% [7][9] - The long-end interest rates have risen while short-end rates have fallen, leading to a steeper yield curve and wider spreads. The net injection of funds in the open market this week was 19,571 billion yuan, with a reverse repurchase maturity scale of 22,515 billion yuan next week [7][9] Machinery - In October, domestic excavator sales increased by 22%. The report suggests focusing on investment opportunities in 2024, including large-scale equipment updates, overseas equipment exports, AI applications, and new technology penetration [12][13] - The excavator market has shown a positive growth trend, with domestic sales reaching 8,266 units in October, a year-on-year increase of 21.6% [12][13] Electronics - The passive components sector continues to show growth, with a focus on domestic substitution. The total revenue of key LED companies in the first three quarters of 2024 reached 33.66 billion yuan, a year-on-year increase of 14.3% [17][19] - The overall performance of the passive components sector remains strong, with high capacity utilization rates and a positive outlook for continued demand from downstream markets [18][19] Agriculture - The agricultural sector is experiencing a downturn in pig prices, with external piglet breeding losses expanding. The sector's overall valuation is at a historically low level, with specific companies recommended for investment [27][29] - The price of live pigs as of November 8 was 16.64 yuan/kg, down 4.04% week-on-week, while the price of piglets increased by 6.76% [27][29] Textile and Apparel - Domestic sales are under pressure, while exports continue to rise steadily. The textile and apparel sector saw a 5.35% increase, with specific companies recommended for investment due to their potential for recovery and stable dividends [34][35] - The cotton price index has decreased, indicating a potential impact on production costs in the textile sector [33][34] North Exchange - The North Exchange is experiencing high trading activity, with a weekly increase of 21.53% in the North Exchange 50 index. The overall trading volume remains robust, with a daily average transaction amount of approximately 49.83 billion yuan [23][24] - Investment strategies for the fourth quarter of 2024 include focusing on high-growth companies, state-owned enterprises with strong returns, and companies enhancing shareholder returns [24]