东海证券：晨会纪要-20240925

Key Recommendations - Kweichow Moutai's first share buyback and cancellation boosts investor confidence, with a plan to repurchase shares worth between 3 billion to 6 billion RMB at a maximum price of 1795.78 RMB per share, potentially reducing the total share count by 0.13% to 0.27% [5][6] - The food and beverage sector saw a 0.19% increase last week, with the liquor sub-sector experiencing a 0.79% decline, while the snack segment rose by 4.93% [5][6] - The semiconductor industry has achieved a breakthrough in high-energy hydrogen ion implantation technology, which may alleviate price pressures on storage modules due to high inventory levels and weaker-than-expected consumer demand [12][13] - The photovoltaic silicon material prices have stabilized at the bottom, while wind turbine prices are expected to continue their recovery [21][22] Economic News - The National Development and Reform Commission has fully allocated 300 billion RMB in government bond funds to support "two new" initiatives [26] - The People's Bank of China will maintain a supportive monetary policy stance and enhance the precision of monetary policy adjustments [26] - The Federal Reserve's Kashkari anticipates a 50 basis point rate cut by the end of 2024, with a target policy rate of 4.4% [26] A-Share Market Commentary - The Shanghai Composite Index rose by 0.44%, closing at 2748 points, while the Shenzhen Component and ChiNext exhibited mixed performance [28] - The market showed signs of divergence, with 52% of industry sectors closing in the green, while sectors like wind and solar equipment faced adjustments [28][29]