农银国际证券：每天导读-20241122

Core Insights - The report highlights a mixed performance in global markets, with major indices showing varied results, particularly in the US and Asian markets [7][19] - The Chinese real estate sector shows signs of recovery, with the top 100 property companies reporting a year-on-year sales increase for the first time in 2024, driven by government stimulus measures [19][20] - The automotive industry, particularly electric vehicle manufacturers like BYD and Li Auto, continues to demonstrate strong sales growth, with BYD reporting a 36% year-on-year increase in cumulative sales [25][26] Market Performance - The Hang Seng Index closed at 20506.43, up 0.93% for the day, while the H-share index rose by 1.08% [2] - The Shanghai Composite Index and Shenzhen Component Index experienced declines, with the latter showing a significant drop [7] - The US stock market saw all three major indices close higher, with positive guidance on capital expenditures from large tech companies [7] Economic Indicators - The Caixin China Manufacturing PMI for October was reported at 50.3, indicating slight expansion, compared to a previous value of 49.3 [7] - Japan's Jibun Bank Manufacturing PMI for October was at 49.2, showing a contraction [7] - The UK housing price index showed a month-on-month increase of 0.1% in October, lower than the expected 0.3% [7] Company-Specific Developments - BYD's October passenger car sales reached 500,526 units, with a significant portion being electric vehicles [25] - Li Auto reported a 27% year-on-year increase in deliveries for October, totaling 51,443 units [25] - Great Wall Motors saw a decline in October sales, with total sales of 116,799 units, down 11% year-on-year [23] Sector Analysis - The real estate sector is showing recovery signs, with a 7.1% year-on-year increase in sales for the top 100 property companies in China, amounting to 435.5 billion RMB (approximately 61.2 billion USD) [19] - The automotive sector, particularly electric vehicles, continues to thrive, with significant sales growth reported by leading manufacturers [25][26] - The manufacturing sector in China is stabilizing, as indicated by the positive PMI readings, suggesting a potential rebound in industrial activity [7]