Market Overview - The three major indices experienced significant fluctuations, with the Shanghai Composite Index closing up by 0.42% at 3279.82 points, the Shenzhen Component Index up by 0.57% at 10591.22 points, and the ChiNext Index up by 0.60% at 2164.46 points [1][3] - The total trading volume exceeded 2.2 trillion yuan, indicating a rebound in market activity [1] Sector Performance - The majority of the Shenwan first-level industry indices saw gains, with real estate leading at 3.22%, followed by non-bank financials at 2.27%, and electronics at 2.10% [6] - Conversely, the household appliances and beauty care sectors faced declines, with household appliances down by 1.57% and beauty care down by 1.10% [6] IPO Market Dynamics - There are signs of improvement in the IPO market, with an acceleration in the number of companies approved, registered, and listed since August, particularly following the market rebound on September 24 [2] Manufacturing Sector Insights - The manufacturing PMI for October showed a slight recovery, indicating potential stabilization in the manufacturing sector [2]

Market Overview - On October 30, 2024, the three major indices experienced a decline, with the Shanghai Composite Index down by 0.61% to 3266.24 points, the Shenzhen Component Index down by 0.12% to 10530.85 points, and the ChiNext Index down by 1.18% to 2151.51 points [1][4] - The total trading volume in the two markets fell back to over 1.8 trillion yuan [1] Sector Performance - The top-performing sectors included Computer (+1.63%), Real Estate (+1.44%), and Building Materials (+1.37%), while the worst-performing sectors were Pharmaceutical Biology (-1.25%), Banking (-1.22%), and Non-Bank Financials (-1.04%) [8][9] - More than half of the Shenwan I-level industries saw an increase, indicating a mixed performance across sectors [1] Dividend Trends - Over 60 listed companies have announced cash dividend plans for the first three quarters of 2024, showing a significant increase compared to last year [3] - The rise in dividend announcements reflects a growing awareness among companies to reward investors [3] International Market Impact - The international market faced negative news that caused disturbances, particularly related to U.S. investment restrictions on China, which could affect various sectors including chips, artificial intelligence, and quantum computing [3]

Core Insights - The report emphasizes that the recent measures to support childbirth will enhance the willingness of the reproductive population to have children, contributing to a more childbirth-friendly social environment [1][2]. Market Performance - On October 29, 2024, the major indices experienced a decline, with the Shanghai Composite Index falling by 1.08% to close at 3286.41 points, the Shenzhen Component Index down by 1.33% to 10543.33 points, and the ChiNext Index dropping by 2.32% to 2177.31 points [3][4]. - The total trading volume in the two markets exceeded 2 trillion yuan, indicating increased market activity despite the downturn [1][4]. Sector Performance - Among the Shenwan first-level industry indices, the comprehensive and banking sectors saw slight increases of 0.65% and 0.03%, respectively, while sectors such as steel and coal experienced significant declines of 3.45% and 2.47% [7][8]. - The healthcare and pharmaceutical sectors also faced declines, with the pharmaceutical biotechnology sector down by 2.36% [7]. Trading Data - The market showed a total of 1,059 stocks rising, 52 remaining flat, and 4,243 stocks declining, reflecting a bearish market sentiment [4]. - The total trading volume was recorded at 1,758.39 million shares, with a total turnover of 20,621.10 billion yuan [4].

Investment Rating - The report rates the coal industry as "Positive" [1] Core Views - Multiple favorable factors are expected to support a rebound in thermal coal prices after a period of stabilization. Although thermal coal prices have recently declined, the rate of decrease has significantly narrowed. With the arrival of colder weather, electricity consumption is anticipated to rise, boosting short-term demand for thermal coal. Additionally, the onset of the dry season in the Yangtze River basin is expected to reduce the pressure from hydropower on thermal power, further increasing demand for thermal coal [1][2][4][6][28]. - Short-term confidence is lacking, leading to a decline in coking coal prices, but long-term policy improvements are not a major concern. The coking coal market has shown weak performance during the peak season, resulting in decreased market confidence. However, improvements in policies related to the real estate sector and gradual implementation of fiscal policies are expected to boost demand for coking coal [2][13][28]. - The secondary market remains relatively stable, and investors should await opportunities for market rotation. Despite the short-term underperformance of the coal sector, its high dividend characteristics remain advantageous, and investors need not be overly pessimistic as the fundamentals gradually improve [2][28]. Summary by Sections Market Performance - The coal industry has underperformed compared to the broader market, ranking at the lower end among 31 sectors. The Shanghai Composite Index rose by 1.17%, while the coal sector saw a slight increase of 0.32% [4][28]. Thermal Coal - Thermal coal prices have shown signs of stabilization, with a narrowing decline. The average price for Q5500 thermal coal in various regions is as follows: Inner Mongolia Ordos at 659 CNY/ton, Shanxi Datong at 714 CNY/ton, and Shaanxi Yulin at 760 CNY/ton [6][8][28]. Coking Coal - Coking coal prices have declined again, with the average price for various types reported as follows: Shanxi Gujiao at 850 CNY/ton, Anhui Huaibei at 1580 CNY/ton, and Hebei Tangshan at 1840 CNY/ton. The CCI coking coal index has also decreased [14][28]. Supply and Demand Structure - The supply of thermal coal remains ample, with port inventories increasing. The average daily inventory at ports is 25.06 million tons, with a weekly increase of 737,100 tons. Meanwhile, the average daily consumption by power plants has increased to 34.98 million tons, reflecting a slight decrease from the previous week [8][9][28]. Shipping Situation - Shipping capacity has decreased, with an average of 66 vessels at anchor in the Bohai Rim ports, down by 7 vessels from the previous week. Shipping rates have shown an upward trend [21][24][28]. Industry News - Russia plans to restore coal exports to China to at least 100 million tons starting next year. In the first three quarters, electricity consumption in five southern provinces increased by 8.1% year-on-year [24][28].

证券研究报告——市场日报 2024.10.28 （预计发布时间：2024.10.29） 周一（10 月 28 日），三大指数早盘快速 下跌，之后触底反弹，沪深指数翻红，创业板 指跌幅收窄，午盘三大指数窄幅震荡，午后沪 大同证券研究中心 深指数震荡走高，尾盘沪深两指收红，创业板 分析师：景剑文 指收绿，三大指数走势分化。截至收盘，上证 执业证书编号：S0770523090001 指数（+0.68%）收报 3322.20 点，深证成指 （+0.62%）收报 10685.89 点，创业板指（- 邮箱：jingjw@dtsbc.com.cn 0.44%）收报 2229.12 点。两市量能仍处于 1.8 地址：山西太原长治路 111 号山西世贸中心 万亿（数据来源：Wind）。申万Ⅰ级行业多数 A 座 F12、F13 上涨，仅银行板块下跌，综合、钢铁、商贸零 网址: http://www.dtsbc.com.cn 售领涨。 三大指数走势分化 两市量能再度回暖 证券研究报告——市场日报 行情回顾 风险提示 热门板块突发利空引发市场扰动 当日要闻 商务部新闻发言人就美对多家中国实体实施出口管制制裁事答记者问。中方注意到有关 ...

Market Overview - On October 25, 2024, the three major indices experienced fluctuations, with the Shanghai Composite Index closing at 3299.70 points (+0.59%), the Shenzhen Component Index at 10619.85 points (+1.71%), and the ChiNext Index at 2238.90 points (+2.93%) [1][2] - The total trading volume exceeded 1.7 trillion yuan, indicating a recovery in market activity [1] Sector Performance - Among the Shenwan I-level industries, most sectors saw gains, with notable declines in the banking and public utilities sectors [1] - The top-performing sectors included: - Electric Equipment: +5.30% - Comprehensive: +3.31% - Media: +2.91% - Light Industry Manufacturing: +2.79% - Construction Materials: +2.69% [6] - Conversely, the banking sector saw a decline of -0.59%, and public utilities fell by -0.10% [6] Key Events - Shenzhen is set to lead the development of "bold capital" with a plan to form a trillion-yuan fund cluster, as outlined in the "Shenzhen City Action Plan for Promoting High-Quality Development of Venture Capital (2024-2026)" [2] - The first Saudi ETF investing in Chinese stocks is expected to launch on October 30, 2024, with an estimated fundraising of over 10 billion HKD [2]

Market Overview - The three major indices opened lower and experienced fluctuations, ultimately closing in the red. The Shanghai Composite Index fell by 0.68% to 3280.26 points, the Shenzhen Component Index decreased by 1.27% to 10441.75 points, and the ChiNext Index dropped by 1.37% to 2175.10 points. The total trading volume was 1.5 trillion yuan [1][2]. Key Market Events - In September, there was a notable change in private equity, with a decrease in the number of registered institutions and an increase of 238 new private fund products. However, the scale of new registrations slightly declined. The proportion of private securities investment funds increased [2]. - The Ministry of Industry and Information Technology reported stable economic operations in the industrial and information sectors for the first three quarters of 2024, with ongoing optimization of industrial structure and significant innovations in key areas [2]. - Margin trading balances have increased for seven consecutive trading days, reaching 1.642948 trillion yuan, marking the longest continuous increase in seven months, with over 600 billion yuan added during this period [2]. Index Performance - The major indices showed the following daily performance: Shanghai Composite Index (-0.68%), Shenzhen Component Index (-1.27%), CSI 300 Index (-1.12%), ChiNext Index (-1.37%), and STAR 50 Index (-0.16%) [3][4]. Sector Performance - Among the Shenwan first-level industries, the top performers included: - Communication: +0.93% - Comprehensive: +0.51% - Textile and Apparel: +0.41% - The sectors that underperformed included: - National Defense and Military Industry: -2.56% - Electric Equipment: -2.49% - Construction Materials: -1.53% [6][7]. Capital Flow - The net inflow of funds in the Shenwan first-level industries showed significant variations, with some sectors experiencing substantial outflows while others saw inflows [8].

Market Overview - The three major indices experienced fluctuations, with the Shanghai Composite Index closing at 3302.80 points, up by 0.52%, while the Shenzhen Component Index rose by 0.16% to 10576.41 points. The ChiNext Index, however, fell by 0.53% to 2205.30 points [1][2][3] - The total trading volume in both markets exceeded 1.9 trillion yuan, indicating active trading [1] Sector Performance - The leading sectors included defense and military, electrical equipment, and food and beverage, with respective gains of 2.62%, 2.34%, and 1.39% [4][6] - Conversely, the media, electronics, and telecommunications sectors faced declines, with losses of -1.79%, -1.25%, and -1.01% respectively [4][6] Key News - The Ministry of Industry and Information Technology launched pilot programs for expanding foreign access to value-added telecommunications services in four regions, including Beijing and Shanghai [2] - The State-owned Assets Supervision and Administration Commission emphasized the importance of strategic emerging industries such as quantum technology and 6G [2] - The National Development and Reform Commission announced that nearly half of the incremental policies have been implemented, with more policies expected to be introduced soon [2] Trading Data - The number of stocks that rose was 2,751, while 2,420 stocks declined, indicating a mixed market sentiment [4] - The total trading volume was reported at 1,571.05 million shares, with a total turnover of 19,268.60 billion yuan [4]

Market Overview - On October 22, 2024, the three major indices opened lower but experienced fluctuations throughout the day, ultimately closing higher, marking a three-day winning streak. The Shanghai Composite Index rose by 0.54% to close at 3285.87 points, the Shenzhen Component Index increased by 0.85% to 10559.51 points, and the ChiNext Index gained 0.30% to finish at 2216.99 points. The total trading volume exceeded 1.9 trillion yuan [1][2]. Key Market Events - The People's Bank of China initiated a swap facility operation amounting to 50 billion yuan to stabilize the market, with a competitive bidding process involving 20 institutions [2]. - As of October 21, 2024, over 83% of A-share listed companies have issued positive earnings forecasts for the third quarter, indicating a sustained improvement in industry conditions [2]. - The State Administration of Foreign Exchange reported an increase in foreign capital net purchases of domestic stocks since late September, reflecting a growing interest in RMB-denominated assets [2]. Index Performance - The major indices showed varied performance, with the Shanghai Composite Index increasing by 0.54%, the Shenzhen Component Index by 0.85%, and the ChiNext Index by 0.30%. The trading volume for the two markets reached 19,125.28 billion yuan [3][4]. Sector Performance - Among the Shenwan first-level industries, the leading sectors included Home Appliances (+2.90%), Media (+2.59%), and Agriculture, Forestry, Animal Husbandry, and Fishery (+2.35%). Conversely, the Computer sector saw a decline of 2.55%, and the Defense and Military sector fell by 1.50% [6][8].

Market Overview - On October 21, 2024, the three major indices opened higher, experienced a brief decline, and then fluctuated upward before retreating in the afternoon, resulting in a "V" shaped trading day. The Shanghai Composite Index closed at 3268.11 points with a gain of 0.20%, the Shenzhen Component Index rose by 1.09% to 10470.91 points, and the ChiNext Index increased by 0.69% to 2210.34 points. The total trading volume exceeded 2 trillion yuan [1][2]. Key Events - The first batch of 23 listed companies announced share buybacks and increases, utilizing a total of over 11 billion yuan in repurchase and increase loan quotas, marking the official implementation of these buyback cases [2]. - The China Securities Regulatory Commission (CSRC) held a meeting to discuss further deepening capital market reforms, emphasizing the importance of expert and media feedback to promote high-quality development [2]. - The China Photovoltaic Industry Association stated that bidding for photovoltaic components below 0.68 yuan/W is suspected of being illegal, highlighting a significant drop in component prices that have halved since the second half of 2023 [2]. Index Performance - The major indices showed varied performance with the following daily changes: Shanghai Composite Index (+0.20%), Shenzhen Component Index (+1.09%), CSI 300 (+0.25%), ChiNext Index (+0.69%), and the Sci-Tech 50 Index (+2.22%) [3][4]. Sector Performance - The top-performing sectors included: - Defense and Military (+4.72%) - Social Services (+3.75%) - Media (+3.36%) - Computer (+3.13%) - Electronics (+2.65%) - Conversely, the sectors that underperformed were: - Steel (-1.64%) - Banking (-1.23%) - Non-bank Financials (-1.22%) - Utilities (-0.85%) - Coal (-0.44%) [6][7]. Market Sentiment - The market exhibited strong sentiment with 5,091 stocks rising, 62 remaining flat, and 198 declining. The proportion of stocks that increased was 92.75% [4]. The total trading volume was 1.633 billion shares, with a total turnover of 21,839.88 billion yuan [4].