万联证券：万联晨会-20240920

Core Viewpoints - The A-share market showed a rebound with the Shanghai Composite Index rising by 0.69% to 2736.02 points, the Shenzhen Component Index increasing by 1.19% to 8087.60 points, and the ChiNext Index up by 0.85% to 1546.47 points, with a total trading volume of 626.807 billion RMB [2][6] - All 31 Shenwan first-level industries experienced gains, with the non-ferrous metals, agriculture, forestry, animal husbandry, and real estate sectors leading the rise [2][6] - The mid-term dividend distribution among A-share listed companies saw a significant increase, with 681 companies announcing or implementing mid-term profit distributions amounting to an estimated 532.488 billion RMB, representing a year-on-year growth of 237.13% [4][6] Market Review - The A-share market experienced a broad-based increase, with over 4500 stocks rising, and net inflows from southbound funds amounting to 2.604 billion HKD [2][6] - The Hang Seng Index rose by 2.00%, and the Hang Seng Technology Index increased by 3.25%, while U.S. indices also closed higher, with the Dow Jones up by 1.26% to 42025.19 points [2][6] Important News - The National Development and Reform Commission announced the formulation of guidelines for optimizing the layout and structural adjustment of the state-owned economy, promoting the development of various ownership economies [3][6] - The government aims to establish a unified national market and improve the rules and standards for factor markets, facilitating the circulation of the national economy [3][6] Dividend Distribution Insights - The mid-term dividend distribution from central enterprises was notably active, with 88 out of 478 central enterprises announcing or implementing dividends, accounting for 18.41% of the total [4][6] - The banking sector led in dividend scale, with a total of 218.123 billion RMB, followed by the oil and petrochemical sector at 90.374 billion RMB, and the telecommunications sector at 71.257 billion RMB [4][6] - Several industries, including textiles, environmental protection, and construction decoration, saw dividend growth rates exceeding 500% compared to the previous year [4][6]