中国银河：每日晨报-20241115

Macro - The October US CPI data indicates a continued high probability of a rate cut in December, with the CPI year-on-year growth rising from 2.4% in September to 2.6% in October, aligning with market expectations [8][10] - The core CPI remains stable at 3.3%, suggesting that inflation is gradually moving towards the 2% target, supporting the Federal Reserve's potential 25 basis point rate cut in December [9][10] Strategy - The China Securities A500 Index has gained significant attention since its launch, providing a diversified investment opportunity and capturing potential industry leaders as China's economy continues to optimize [14][16] - The A500 Index has shown superior performance compared to other major indices, with a year-to-date return of 19.16%, and a dividend yield of 2.74%, indicating strong fundamentals [14][16] ESG - Geopolitical tensions and market fragmentation pose risks to energy security, emphasizing the need for a more efficient and cleaner energy system to mitigate these risks [17][18] - The report highlights the importance of enhancing the resilience and diversification of clean energy technologies and critical mineral supply chains [17][18] Real Estate - Recent tax policies aimed at promoting stable development in the real estate market are expected to stimulate demand, particularly for improved housing, by reducing transaction costs [20][22] - The reduction in transaction taxes and the elimination of VAT for certain housing sales are likely to boost both second-hand and new housing transactions [20][21][22] Electronics - The semiconductor equipment industry has shown strong quarterly revenue growth, with a total revenue of 16.737 billion yuan in Q3 2024, reflecting a year-on-year increase of 37.67% [26][27] - The demand for advanced logic and memory chips continues to drive growth in the semiconductor equipment sector, with a projected market size increase to 109 billion USD in 2024 [27][29] Communication - The 2024 Global 6G Development Conference has commenced, highlighting the acceleration of 6G development, which promises higher transmission rates and lower latency [32][33] - Key features of 6G include integration with artificial intelligence and enhanced connectivity, with significant advancements expected in the hardware supply chain [33][34]