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万联证券:万联晨会-20240927
Wanlian Securities·2024-09-27 00:49

Core Views - The A-share market experienced a significant increase, with the Shanghai Composite Index rising by 3.61% to 3000.95 points, and the Shenzhen Component Index increasing by 4.44% [1][5] - The Central Political Bureau meeting on September 26 emphasized the resilience and potential of the Chinese economy, stating that favorable conditions have not changed [1][6] - The meeting highlighted the need for effective implementation of existing policies and the introduction of new measures to stimulate economic growth, including increased fiscal and monetary policy adjustments [1][7] Market Review - A-share trading volume reached approximately 11,620.69 billion RMB, with net purchases from southbound funds amounting to 59.93 billion HKD [1][5] - The food and beverage, and real estate sectors led the gains in the Shenwan industry classification, while public utilities and oil and petrochemicals lagged behind [1][5] - The Hong Kong Hang Seng Index rose by 4.16%, and the Hang Seng Technology Index increased by 7.27% [1][5] Important News - The Central Financial Office and the China Securities Regulatory Commission issued guidelines to promote long-term capital market investment, aiming to enhance the structure of investors and stabilize market behavior [1][6] - The People's Bank of China held a video conference to accelerate the implementation of financial incremental policy measures, emphasizing the need for coordinated efforts across departments to support economic recovery [1][3] Real Estate Industry Insights - The real estate sector continues to face pressure, but recent policies from the State Council are expected to support recovery, with a focus on reducing inventory and boosting buyer confidence [8][9] - The meeting specifically mentioned the need to lower the reserve requirement ratio and implement effective interest rate cuts to stabilize the real estate market [8][9] - Policies aimed at controlling new construction, optimizing existing stock, and improving quality are expected to be reinforced, with a focus on addressing public concerns and adjusting housing purchase restrictions [8][9] Aviation Industry Insights - In August, the civil aviation sector saw a year-on-year increase in total turnover of 21.1%, with domestic routes growing by 10.7% and international routes by 49.4% [10][11] - The passenger load factor for listed airlines improved, with some exceeding pre-pandemic levels, indicating a recovery in demand [10][11] - The outlook for the aviation industry remains positive, with expectations of continued growth in passenger numbers during the upcoming National Day holiday [10][11]