万联证券：万联晨会-20241118

Core Views - The A-share market experienced a collective decline last Friday, with the Shanghai Composite Index falling by 1.45% to 3,330.73 points, the Shenzhen Component Index down by 2.62%, and the ChiNext Index dropping by 3.91% [1][6] - The total trading volume in the A-share market reached 1.83 trillion RMB, with over 4,200 stocks declining [1][6] - In the industry sector, media and transportation showed the highest gains, while defense, military, and non-bank financial sectors faced the largest declines [1][6] - The Hong Kong Hang Seng Index fell by 0.05%, while the Hang Seng Tech Index rose by 0.22% [1][6] - Internationally, all three major U.S. indices closed lower, with the Dow Jones down by 0.7%, the S&P 500 down by 1.32%, and the Nasdaq down by 2.24% [1][6] Economic Indicators - In October, the industrial value-added of large-scale enterprises in China grew by 5.3% year-on-year, while retail sales of consumer goods increased by 4.8% [2][7] - The service production index rose by 6.3%, and fixed asset investment increased by 3.4% year-on-year from January to October, although real estate development investment fell by 10.3% [2][7] - The urban unemployment rate in October was reported at 5.0%, a decrease of 0.1 percentage points from the previous month [2][7] Industry Insights - The social services sector showed strong performance in the first three quarters of 2024, with total revenue reaching 140.658 billion RMB, a year-on-year increase of 9.02%, and net profit rising by 30.02% to 8.652 billion RMB [8] - The tourism and scenic area sector achieved revenue of 26.627 billion RMB, up 18.14% year-on-year, driven by recovering travel demand and supportive policies [8] - The hotel and catering sector reported revenue of 22.598 billion RMB, nearly flat year-on-year, but net profit increased by 2.81% to 1.804 billion RMB, indicating a trend towards industry consolidation and profitability [8] AI and Semiconductor Industry - The AI Personal Computer (AIPC) market is expected to penetrate the PC market rapidly, with a projected penetration rate of 79.7% by 2028 [11] - The AIPC integrates features such as natural language interaction and mixed computing power, driving innovation in the PC sector [11] - Major PC manufacturers are actively launching AIPC products, with significant market growth anticipated in the second quarter of 2024 [11] - The semiconductor sector is seeing increased attention from funds, with a focus on AI edge computing and domestic semiconductor self-sufficiency [14] - The SW Electronics sector's fund allocation remains high, with a notable increase in concentration among top holdings [14]