万联证券：万联晨会-20240924

Core Insights - The A-share market showed a mixed performance with the Shanghai Composite Index rising by 0.44% to 2748.92 points, while the Shenzhen Component Index increased by 0.10%, and the ChiNext Index fell by 0.40% [4][6] - The total trading volume in the A-share market was approximately 550.82 billion RMB, with net purchases from southbound funds amounting to 8.415 billion HKD [4][6] - In the Shenwan industry sector, coal and banking industries led the gains, while the pharmaceutical, agriculture, forestry, animal husbandry, and fishery sectors experienced declines [4][6] Market Review - The A-share market maintained a volatile trend, with significant movements in various indices [4][6] - The Hong Kong Hang Seng Index decreased by 0.06%, and the Hang Seng Technology Index fell by 0.15% [4][6] - In the overseas markets, the three major U.S. stock indices closed higher, with the Dow Jones rising by 0.15%, the S&P 500 increasing by 0.28%, and the Nasdaq up by 0.14% [4][6] Economic Indicators - In August 2024, China's total retail sales of consumer goods reached 387.26 billion RMB, showing a year-on-year growth of 2.10%, which is a slight decline of 0.6 percentage points compared to July 2024 [6][8] - The retail sales growth rate for goods was 1.9%, while the catering revenue increased by 3.3% [6][8] - Online retail sales from January to August 2024 totaled 963.52 billion RMB, reflecting a year-on-year increase of 8.9%, accounting for 30.84% of total retail sales [6][8] Sector Analysis - In August, among 16 categories of goods, 8 categories experienced negative growth, including clothing, cosmetics, and jewelry [6][8] - Essential consumer goods showed relative stability, while most discretionary goods saw a decline in growth rates [6][8] - The food and beverage sector is recommended for investment due to its resilience, with a focus on snacks, liquor, beer, dairy products, and condiments [7][8]