中国银河：每日晨报-20241128

Group 1: Macro Insights - The report indicates that profit improvement in the industrial sector requires patience, as current production and revenue increases reflect a policy-driven demand recovery trend, but price competition and "involution" are still evident, suppressing profit recovery [2][8] - As of October, the total profit of industrial enterprises above designated size reached 58,680.4 billion yuan, a year-on-year decline of 4.3%, while operating revenue was 110.96 trillion yuan, a year-on-year increase of 1.9% [8] - The Producer Price Index (PPI) and profit margins are exerting pressure on industrial profits, with PPI in October down 2.9% year-on-year, and the operating profit margin at 5.29%, a decrease of 0.34 percentage points year-on-year [8][9] Group 2: Corporate Performance - The report highlights that state-owned enterprises (SOEs) experienced a significant profit decline, with profits totaling 18,530.9 billion yuan from January to October, down 8.2% year-on-year [9] - The overall performance of information technology SOEs is expected to improve, with net profit growth projected at 33.14% and 23.96% for 2024 and 2025, respectively [14][18] - The report suggests focusing on leading companies within SOE groups in the information technology sector, such as Deep Sanda A, Keda Xunfei, and Hikvision, as they are expected to undergo value reassessment [14][19] Group 3: Industry Trends - The report discusses the AI wave leading to a new phase in the digital economy, with SOEs playing a crucial role in driving technological breakthroughs and industrial transformation [14] - The report notes that the share of SOE revenue in GDP has increased from 62.44% in 2020 to 68.01% in 2023, indicating their growing importance in the economy [14] - The report emphasizes that the restructuring and mergers among SOEs in the information technology sector are becoming a trend, which is expected to enhance their competitive edge and overall valuation [14][19]