国信证券：晨会纪要-20241203

Group 1: Macroeconomic Insights - The macroeconomic review indicates a dual expansion in manufacturing and non-manufacturing sectors, with manufacturing showing resilience and demand indicators improving due to factors like holiday demand and export boosts [6][10] - The November PMI data reveals a narrowing production-demand gap, with new orders stabilizing and production slightly recovering, leading to a production index of 52.4 [6][10] - Non-manufacturing PMI shows marginal decline, primarily driven by a drop in the construction sector, which fell to 49.7, marking the lowest since the pandemic [6][10] Group 2: Industry Opportunities - The transportation sector is highlighted with significant price increases in European shipping routes, while the air transport sector is expected to see a gradual recovery in profitability as supply constraints persist [25][27] - The logistics industry is recommended for investment, particularly in companies like DeBang and JiaYou International, which are expected to benefit from operational efficiencies and market demand recovery [25][27] - The AI and media sectors are experiencing growth, with advancements in AI applications and a resurgence in box office revenues, indicating a positive outlook for companies involved in these areas [25][27] Group 3: Company-Specific Developments - SF Express successfully listed on the Hong Kong Stock Exchange, raising approximately 5.83 billion HKD, which is expected to enhance its competitive position in the logistics market [25][27] - Lenovo Group is noted for accelerating AI PC penetration, which is anticipated to drive performance growth [25][27] - Meituan's core local business shows steady growth, with a focus on expanding its service offerings [25][27]