CMSC: Focus on five major tracks with potential for marginal improvements in November.

CMSC released a research report stating that in the short term, the focus in November should be on five key racetracks with marginal improvements: national defense and military industry, automobiles (smart driving, vehicle-to-road cloud), artificial intelligence (software applications), photovoltaics (high-efficiency batteries), and consumer electronics (supply chains such as Guolian and Huawei). From a medium to long-term perspective, it is recommended to focus on cycles as the axis and supply and demand as the anchor. Pay attention to the progress of social intelligence under the new technology cycle (continuous iteration of large models, improvement of computing power infrastructure and AI ecosystem, commercialization of AI business models, as well as empowerment of AI on consumer electronics, Siasun Robot&Automation, etc.), the independent and controllable industry chains in the domestic substitution cycle (domestic large models, domestic AI applications and computing power, domestic integrated circuit industry chains), and the cost reduction and efficiency improvement of the carbon-neutral entire industry chain under the dual-carbon cycle (photovoltaics, wind power, energy storage, hydrogen energy, nuclear power), as well as the increasing penetration rate of electric intelligent vehicles under the trend of electrification and intelligence. Industry Trend One: OpenAI plans to launch a new AI Agent product, codenamed "Operator". Operator can automatically perform various complex operations, including writing code, booking travel, and automatically shopping online. This product will be released in January 2025, and will also open API interfaces to developers. This Operator introduced by OpenAI not only plays a role in text and image processing, but also has a deeper involvement in computer interfaces and operations. Industry Trend Two: The popularity of AI glasses is increasing, and Xiaodu AI glasses are released. On November 12, at the Baidu World 2024 main forum, Xiaodu Technology CEO Li Ying unveiled the first AI glasses with Chinese large models, Xiaodu AI glasses. According to the introduction, Xiaodu AI glasses integrate advanced artificial intelligence technology, with functions such as first-person view shooting, walking while asking, calorie recognition, object identification encyclopedia, audio-visual translation, and intelligent reminders. According to IDC data, global smart glasses sales reached 1.01 million units in 2023. Fourteen measures for market value management have been released, with frequent fiscal policy. In terms of quantity policy, fiscal policy has significantly increased in quantity. Mainly focusing on real estate (deed tax, land value-added tax adjustment), and export tax rebate adjustments. In terms of capital market, Shanghai has agreed on merger and reorganization policy, and the draft for merger and reorganization in Shenzhen is expected to be released; the China Securities Regulatory Commission has issued guidelines for market value management. In terms of real estate policy, supply-side policies are frequent. In terms of industry policies, policies mainly focus on new quality productivity (low-altitude economy, artificial intelligence, commercial space, computing power), data elements, data centers, electricity market transactions, carbon footprint, etc. Key points include: 1) Three departments have clarified multiple tax preferential policies to support the development of the real estate market: On November 13, the Ministry of Finance, the State Administration of Taxation, and the Ministry of Housing and Urban-Rural Development issued the "Announcement on Tax Policies to Promote the Stable and Healthy Development of the Real Estate Market," as well as the State Administration of Taxation issued the "Announcement on the Reduction of the Lower Prepaid VAT Rate for Land Value Appreciation Tax," clarifying multiple tax preferential policies to support the development of the real estate market. 2) Fourteen measures for market value management have been released: On November 15, the China Securities Regulatory Commission issued the "Guidelines for Market Value Management - No. 10 - Market Value Management," further guiding listed companies to focus on their own investment value and effectively improve investor returns. 3) Adjustment of export tax rebate policy: On November 15, the Ministry of Finance and the State Administration of Taxation announced adjustments to the export tax rebate policy for aluminum products and other items.