产业生态圈洞察：政策持续加码，静待行业需求回暖：全景扫描 专业深入

Macro Insights - The report indicates a clear shift in policy expectations, with counter-cyclical policies being further intensified. Since November, policies have been enhanced regarding local government debt and real estate optimization, with a total of 10 trillion yuan in debt resources added to alleviate local debt pressure [10][12][19] - Economic indicators show signs of stabilization, with improvements in consumption and real estate sales data, although corporate recovery remains slower compared to consumer recovery [10][12][14] Industry Insights Steel Industry - Steel exports have continued to grow significantly, with October steel production reaching 81.88 million tons, a year-on-year increase of 2.9% [25][29] - The average profit margin for steel mills rebounded sharply in October, rising from 9.74% in September to 62.12%, indicating a strong recovery in profitability [35] - The report anticipates that steel prices may experience fluctuations in November, with a slight downward adjustment expected due to seasonal demand changes [25][29] New Materials - The magnesium and titanium new materials sector has seen a decline in downstream demand, leading to a general price decrease across the industry [39][40] - The report highlights that while magnesium alloy companies have seen revenue growth, profit margins have slightly declined, indicating a mixed performance in the sector [39][40] New Energy - The new energy vehicle market has shown robust growth, with October sales of new energy vehicles increasing by 49.6% year-on-year, driven by the continued implementation of trade-in policies [46][47] - The report forecasts that the demand for new energy vehicles will remain strong, with expectations of reaching 12 million units sold in 2024 [54][55] Information Technology - The AI software sector is experiencing significant growth, with companies like Applovin seeing a 66% year-on-year increase in revenue, driven by AI-driven advertising technology [60][61] - The report notes that the domestic data center market is recovering, with increased demand for AI-driven solutions expected to sustain growth in the sector [63][64] Enterprise Financing - The report discusses liquidity management, noting that the yield spread between cash management products and money market funds has narrowed significantly, indicating a shift in investment preferences [70][73] - Current deposit rates among major banks remain stable, with a slight variation in rates offered by different banks [72][80] Appendix - The report includes a summary of recent macroeconomic policies and events, highlighting key measures taken to support economic recovery and stimulate demand across various sectors [87][90]