农银国际证券：每天导读-20241119

Core Insights - The report highlights a cautious outlook on the sustainability of demand for AI chips, as evidenced by TSMC's revenue growth slowing to 29.2% in October, the slowest since February [22] - The report indicates that the Chinese government has announced a significant local government debt restructuring plan amounting to 10 trillion yuan, aimed at addressing hidden debts [16][15] - The report notes that consumer confidence in the U.S. has reached a seven-month high, reflecting optimism about economic and financial prospects [9][8] Market Performance - The report provides a summary of market performance, indicating that major U.S. indices saw less than 1% increase, driven by consumer confidence data and expectations surrounding Trump's administration [4] - The Hang Seng Index and the National Index both experienced declines, with the National Index showing a more significant drop [4] - The report mentions that the Shanghai Composite Index and the Shenzhen Component Index also fell, with the Shenzhen Component Index experiencing a larger decline [4] Economic Indicators - The report outlines key economic indicators, including the Michigan Consumer Sentiment Index rising to 73.0 in November, surpassing expectations [8][6] - It also notes that China's Producer Price Index (PPI) year-on-year change was -2.9% in October, indicating deflationary pressures [6] - The report highlights that Japan's current account balance for September was ¥1717.1 billion, significantly lower than the previous month's ¥3933.1 billion [6] Corporate News - The report discusses challenges faced by Country Garden in fulfilling housing delivery tasks as the year-end approaches, emphasizing the ongoing difficulties in the real estate sector [22] - It mentions that the luxury goods sector, particularly Richemont, has seen a significant profit decline due to weak demand in China, with operating profit dropping 12% to €2.2 billion [22] - The report notes that Evergrande is in discussions with Seatown Holdings for new loan arrangements, reflecting ongoing financial restructuring efforts in the real estate market [22]