山西证券：研究早观点-20241125
Shanxi Securities·2024-11-25 01:39

Group 1: Market Trends - The report highlights a significant decline in major domestic market indices, with the Shanghai Composite Index closing at 3,267.19, down 3.06% [3] - The Shenzhen Component Index and the ChiNext Index also experienced declines of 3.52% and 4.16% respectively, indicating a bearish market sentiment [3] Group 2: Transportation Equipment Industry - The China National Railway Group reported a 10.9% year-on-year increase in fixed asset investment from January to October 2024, totaling 635.1 billion yuan [6] - The railway network has expanded to over 160,000 kilometers, with high-speed rail exceeding 46,000 kilometers and over 3,300 passenger stations built [6] - In October 2024, the national railway transported 370 million passengers, a 6.0% increase year-on-year, and 3.53 million tons of cargo, up 3.7% year-on-year [7] Group 3: Gaming Industry - The report indicates that the gaming company, Dianhun Network, focuses on high-quality game development and has diversified into various gaming formats, including mobile and VR games [9] - The gaming industry is expected to recover due to improved policies and the integration of AI technology, which enhances gameplay and production efficiency [11] - The company has a strong pipeline of upcoming games, including "Barbarian Battle 2" and "Cultivation Chat Group," with significant pre-registration numbers indicating strong market interest [12] Group 4: Export Tax Policy - On November 15, the Chinese government announced the cancellation of export tax rebates for 59 products and reduced tax rates for 229 products, affecting a wide range of industrial materials [14] - This policy aims to enhance the competitiveness of Chinese products in international markets and is seen as a preemptive measure against potential U.S. tariffs [17] - The cancellation of export tax rebates is unlikely to lead to significant foreign product substitution due to the high investment and environmental costs associated with producing these industrial materials abroad [18]