万联证券：万联晨会-20240930

Core Views - The report indicates that the A-share market experienced a significant upward trend, with the Shanghai Composite Index closing up 2.88% at 3,087.53 points, the Shenzhen Component Index rising 6.71%, and the ChiNext Index increasing by 10% [2][6] - The report highlights that the banking sector was the only industry to decline, while the beauty care, computer, and power equipment sectors saw the largest gains [2][6] - The report notes that the total trading volume in the two markets reached 1,456.2 billion yuan [2][6] Important News - The People's Bank of China announced improvements to the pricing mechanism for commercial personal housing loans, allowing for adjustments to existing loans, which is expected to lower average rates by approximately 0.5 percentage points [3][7] - Major cities like Guangzhou, Shenzhen, and Shanghai have optimized their real estate market policies, with Guangzhou being the first major city to completely exit purchase restrictions [3][7] - The report mentions that the minimum down payment ratio for first and second homes has been standardized across these cities, with Guangzhou and Shenzhen setting it at 15% and 20% respectively, while Shanghai has set it at 15% and 25% [3][7] Investment Strategy - The report emphasizes that a series of favorable policies are expected to boost market confidence, with a focus on sectors that show high performance growth and competitive advantages [8][9] - It suggests that the capital market is witnessing a series of favorable policies aimed at enhancing market confidence, attracting funds, and improving market ecology [9] - The report recommends focusing on high-quality industry leaders with significant performance growth and sectors benefiting from policy support for mergers and acquisitions [9][10] Industry Insights - The report discusses the recent release of guidelines by the China Securities Regulatory Commission to support mergers and acquisitions in the pharmaceutical industry, emphasizing the importance of integrating resources towards new productive forces [10][11] - It highlights that the guidelines encourage listed companies to engage in mergers and acquisitions that align with their business logic and support the development of new productive forces [10][11] - The report suggests that the pharmaceutical sector is experiencing a wave of state-owned enterprise reforms, particularly in areas like traditional Chinese medicine and blood products, which are expected to enhance operational efficiency and drive growth [10][11]