：A股和港股行业首选：2024年7月

Financial Data and Key Metrics Changes - The report indicates that the net profit growth for Jiangsu Bank in Q4 2023 was below market expectations, which were already conservative [14] - The anticipated revenue and profit growth for 2024 is expected to continue declining due to factors such as narrowing interest margins and limited room for credit cost reductions [14] Business Line Data and Key Metrics Changes - The air conditioning market is experiencing a downturn, with retail demand in June 2024 falling below expectations, leading to a downward adjustment in production plans for air conditioning units [14] - The high-end liquor market is facing downward pressure on prices, prompting adjustments in the portfolio for brands like Luzhou Laojiao and Kweichow Moutai [14] Market Data and Key Metrics Changes - The report highlights that the southern regions of China experienced heavy rainfall in Q2, which negatively impacted beer sales, particularly for Qingdao Beer [14] - The overall market for high-end liquor is under pressure, with expectations of price declines affecting the valuation of companies in this sector [14] Company Strategy and Development Direction - The report emphasizes the importance of focusing on high-quality growth and operational efficiency, particularly for companies like HSBC, which is expected to maintain high ROE and shareholder returns in a prolonged high-interest environment [16] - Companies like TCL Electronics are noted for improving their profitability due to enhanced global competitiveness in the television industry [16] Management Comments on Operating Environment and Future Outlook - Management comments suggest that the economic recovery in China is expected to gradually drive up copper and gold prices, benefiting companies like Zijin Mining [10] - The management of Kweichow Moutai acknowledges the challenges posed by price pressures in the high-end liquor market but remains optimistic about long-term growth prospects [14] Other Important Information - The report includes a list of newly added stocks to the industry favorites, such as Zijin Mining, CITIC Securities, and Kweichow Moutai, indicating a strategic shift towards companies with strong growth potential [10][16] - The report also notes the removal of several stocks from the favorites list due to underperformance or market conditions, including Jiangsu Bank and Luzhou Laojiao [14] Q&A Session Summary Question: What are the expectations for Jiangsu Bank's performance in 2024? - The bank's net profit growth is expected to remain under pressure due to narrowing interest margins and limited credit cost reduction opportunities [14] Question: How is the air conditioning market expected to perform? - The air conditioning market is facing challenges, with retail demand lower than expected and production plans being adjusted downward [14] Question: What is the outlook for high-end liquor companies? - High-end liquor companies are experiencing price pressures, which may affect their valuations and market performance in the near term [14]