山西证券：研究早观点-20241114

Market Trends - The report indicates that Shanghai Hanxun (300762.SZ) has shown significant improvement in quarterly revenue, with expectations for increased satellite internet launches [1] - The overall market indices, including the Shanghai Composite Index and Shenzhen Component Index, have shown positive growth, with the Shanghai Composite Index closing at 3,439.28, up by 0.51% [1] Economic Overview - The third quarter of 2024 saw increased downward pressure on China's economy, prompting renewed policy focus on stabilizing growth. Key economic indicators such as industrial output and economic momentum indices showed signs of improvement in September [3][4] - The GDP growth rate is expected to rebound in the fourth quarter, following a likely bottoming out in the third quarter, driven by policy implementation and recovery in domestic demand [3][4] Power Sector Insights - In the power sector, electricity consumption has seen robust growth, with a total of 74,094 billion kWh consumed from January to September 2024, marking a year-on-year increase of 7.9% [6][7] - The generation of electricity has also increased, with total generation reaching 70,560 billion kWh, a 5.4% year-on-year growth. Notably, coal-fired power generation accounted for 67.2% of the total [7][8] Satellite Communication Developments - The report highlights that Shanghai Hanxun's military communication business is expected to recover, with new product developments in military 5G and broadband data links showing promise [13][14] - The company is actively participating in the construction of satellite constellations, with plans to launch at least 108 satellites in 2024, which is anticipated to enhance its commercial service capabilities [15][16] Tourism Sector Analysis - The natural scenic area industry is shifting from a "ticket economy" to a "tourism economy," focusing on secondary consumption and innovative experiences to drive growth [10][11] - The report identifies key growth drivers in the tourism sector, including increased inbound tourism, the growing "silver economy," and the rising demand for educational travel [10][11] Blood Products Industry Update - The blood products industry is expected to maintain a tight supply-demand balance, with new regulations in Xinjiang limiting the growth of plasma collection stations [20][21] - The report notes that the domestic demand for blood plasma is projected to exceed 20,000 tons annually, with significant potential for domestic production to replace imports of human serum albumin [21][22]