国泰海通 · 晨报1117｜宏观、计算机、有色

Macro - The main economic indicators in October showed a decline, influenced by both short-term factors like the holiday schedule and high base effects from last year, as well as long-term pressures such as insufficient internal momentum and rising external uncertainties [3] - High-performing sectors like automotive and transportation equipment benefited from seasonal demand and infrastructure projects, while online consumption continued to grow steadily due to convenience and promotions [3] - Traditional consumption sectors and real estate-related areas showed weak demand, indicating a lack of growth momentum [3] - Continued implementation of existing policies and timely introduction of new measures are necessary to counteract internal and external pressures and promote a gradual economic recovery [3] Computer Industry - Alibaba launched the "Qianwen" app to compete with ChatGPT, marking a significant expansion of its AI strategy into consumer applications [5] - Baidu emphasized the value of AI applications at its annual conference, showcasing a range of self-developed hardware and AI products, including the Kunlun chip series and advanced AI models [9] - The IPO of domestic GPU company Muxi was approved, aiming to raise 3.904 billion yuan for the development of high-performance GPUs, highlighting the advancement of domestic chip technology [10] Metals Industry - Precious metals are experiencing a recovery trend as liquidity issues ease, with gold expected to regain upward momentum following the resolution of the U.S. government shutdown [14] - The aluminum sector is seeing price increases driven by supply-demand dynamics, with domestic production capacity utilization at 98.6% and low inventory levels supporting price growth [15] - The lithium sector is witnessing strong demand, with lithium prices rising significantly, while cobalt prices remain high due to tight raw material supply [16] Report Highlights - Service consumption is showing marginal improvement [18] - The Federal Reserve is cautious about interest rate cuts [18] - Increased trading activity is observed, with the Shanghai Composite Index's valuation leading the market [18] - Focus on new domestic opportunities and technology themes is recommended [18] - The food and beverage sector is expected to benefit from CPI catalysts [18]