Sports and fitness are constantly evolving in the world. It looks like every other person is trying to enhance their health, and every athlete is trying to improve their performance and preserve health. Moreover, people who are simply looking to maintain their personal fitness are trying to do exercise. At the same time, people experience a huge burden of sports-associated injuries. The increasing prevalence of sports-associated injuries positively influenced the requirement for athletic tapes. Athletic tapes are also known as sports tape if often seen across the back, shoulder, arms, legs, and hands of a person in various settings, from rock climbing and boxing to rugby and football and track and field.

The air purifier market is one of the growing markets in the electronic appliances industry. The use of air purifiers is growing across countries, particularly those facing high concentrations of pollution. The increase in industrial activities, urbanization, traffic pollution, and emissions from factories and household activities are the major drivers of the market. Major regions with growing demand include APAC, Europe, and North America. Some of the advantages of air purifiers include

中美库存周期的指标体系和结构不同，中国主要是与上游更密切的工业产成品库存（因此与 PPI 更相关），美国则有涵盖生产、渠道和消费各个环节的全社会库存，二者也都有进一步细分的行业层面数据。周期划分上，中美都可以用增速定位所处位置，但在向当前价格波动较大时，实际比名义库存更可靠，因此我们首选实际库存增速划分，辅以库销比和绝对水平来判断周期。在补库和去库周期，可以进一步叠加需求拆分主动和被动两个子阶段，其经济与资产含义明显不同。

Over the past few years, agriculture drones have rapidly gained recognition as one of the most advanced and efficient tools for precision agriculture worldwide. The UAVs are specifically designed to support farmers in managing their crops and fields more effectively. Drones have revolutionized farming practices, offering benefits such as improved yield, increased productivity, and enhanced resource management.

10 月 17 日，农业农村部国家农作物品种审定委员会办公室对 第五届国家农作物品种审定委员会第四次审定会议初审通过的 37 个 转基因玉米品种和 14 个转基因大豆品种予以公示，为国内首批过审公示的转基因玉米和大豆品种，转基因商业化在即。

节后猪价震荡回落，行业产能继续去化。10 月上旬以来，受节后需求回落、供给相对充足等因素影响，生猪价格震荡回落，当前价格水平行业再次陷入亏损状态。根据畜牧业信息网数据，10 月 13 日，自繁自养群体头均亏损约 133.1 元/头，外购育肥群体头均亏损约 208.1 元/头。产能节奏层面，行业整体资金链压力在持续累积，母猪产能处于去化状态。根据涌益咨询数据，9 月份能繁母猪存栏量环比减少约 0.27%，1-9 月累计下滑约 7%。

全年完成经济增长目标压力不大。3 季度经济景气明显好于 2 季度，全年完成经济增长目标的压力不大。考虑基数效应，9 月社零稳健增长。固定资产投资中，除房地产以外，制造业、基建等主要投资类别增速也稳中有升。如我们在 8 月经济数据点评中提到，近期居民杠杆率，特别是居民中长期贷款杠杆率较为稳定，后续居民中长期贷款需求预计将随着名义 GDP 增长而平稳修复。

10 月 18 日，统计局公布 9 月经济数据。9 月社零当月同比 5.5%，规上工增累 计同比 4%，固定资产投资累计同比 3.1%。 三季度收官，经济复苏态势与我们中期报告中提示较为一致：今年 1-3 季度，一季度需求冲高，二季度下滑最快，三季度斜率走平。现在的问题是，市场普遍关注今年全年经济是否走“N 型”趋势，四季度能否迎来反弹。我们认为目前尚未看到经济强反弹动能，剔除各项经济指标低基数效应，就增长动能本身而言，下半年经济逐步确认走平走稳。

10 月 18 日，国家统计局发布三季度经济数据。初步核算，前三季度国内生产总值 913027 亿元，同比增长 4.4%，较上半年下降 0.5 个百分点。按不变价格计算，前三季度 GDP 同比增长 5.2%，比上半年放缓 0.3 个百分点；分季度看，一季度国内生产总值同比增长 4.5%，二季度增长 6.3%，三季度增长 4.9%。

Q3经济环比回升、同比高于预期，9月也继续修复，指向当前正逐步走出“经 济底”。往后看，考虑到Q3超预期、Q4基数低，全年5%左右的目标有望超额实现，2024年GDP目标定5%左右应还是可选项。需注意的是，综合地产仍在下行、物价延续走低等多维度指标，回升基础仍需巩固、政策也仍需持续发力，年内关注一线松地产、化债、城中村改造、降准降息等，短期紧盯4大会议。