万联证券：万联晨会-20240905

Core Insights - The A-share market experienced a collective decline, with the Shanghai Composite Index falling by 0.67% to 2784.28 points, the Shenzhen Component Index down by 0.51%, and the ChiNext Index decreasing by 0.11% [1][5] - The total trading volume in the Shanghai and Shenzhen markets was 0.56 trillion yuan [1][5] - In the Shenwan industry classification, sectors such as electric equipment, automotive, biomedicine, and textile and apparel saw gains, while non-ferrous metals, oil and petrochemicals, and construction decoration led the declines [1][5] - The Hong Kong Hang Seng Index dropped by 1.1% to 17457.34 points, and the Hang Seng Technology Index fell by 0.39% [1][5] - Internationally, the Dow Jones increased by 0.09% to 40974.97 points, while the S&P 500 and Nasdaq fell by 0.16% and 0.3% respectively [1][5] Industry Analysis - The social service sector showed significant profit growth in the first half of 2024, with total revenue reaching 68.291 billion yuan, a year-on-year increase of 9.70%, ranking second among Shenwan's primary industries [6] - The net profit attributable to shareholders in the social service sector totaled 4.157 billion yuan, marking a substantial year-on-year growth of 89.08% [6] - The return on equity (ROE) in the sector continued to improve, with a decrease in expense ratios [6] - The tourism and scenic area segment reported revenue and net profit growth of 28.47% and 13.04% respectively, driven by recovering travel demand and supportive policies [6] - The hotel and catering sector saw a significant rebound, with revenue and net profit increasing by 2.60% and 44.95% respectively, as offline leisure and business demand continued to recover [6][7] - The report suggests focusing on companies benefiting from the recovery in travel and tourism, particularly those in the duty-free and hotel sectors that are enhancing their brand and operational efficiency [7]