中国银河：每日晨报-20241113

Macro Insights - The monetary policy remains supportive, with an emphasis on increasing the intensity and precision of monetary policy adjustments, particularly concerning prices and the real estate market [1][13][10] - The M1 growth rate improved for the first time this year, while M2 growth accelerated, confirming the upward trend previously identified [8][9] - The October financial data showed a year-on-year decline in M1 by 6.1% and an increase in M2 by 7.5%, indicating a mixed signal between monetary supply and social financing [8][10] Fixed Income Strategies - The low-price strategy has shown a recovery, with three types of strategies yielding excess returns of 3%-7% this year [14][15] - The improved dual-low strategy has been updated to include stable-performing bank bonds and has adjusted to market risk preferences, aiming for excess returns from sectors supported by fiscal policies [17][18] 3C Equipment Industry - The 3C equipment industry is expected to see an upward trend driven by innovations in form, materials, and AI, with a recommendation to focus on specific companies in various segments such as polishing, MIM, and 3D printing [2][21] - The global shipment of foldable smartphones is projected to reach 100 million units by 2027, with a compound annual growth rate (CAGR) of approximately 40% from 2023 to 2027 [19][20] Military Industry - The release of the "Military Equipment Support Regulations" emphasizes the focus on combat readiness, indicating potential increases in equipment procurement and military spending [29][30] - The military sector is expected to outperform the broader market, with significant growth anticipated in global military expenditures over the next four years [31][32] Banking Sector - The banking sector is seeing a marginal recovery in resident credit demand, with a total of 1.4 trillion yuan in new social financing in October, despite a year-on-year decrease [3][34] - The report maintains a positive outlook on the banking sector's dividend value, recommending specific banks based on their performance and growth potential [37]