万联证券：万联晨会-20241008

Core Viewpoints - The A-share market experienced a significant upward trend before the holiday, with the Shanghai Composite Index closing up 8.06% at 3,336.50 points, the Shenzhen Component Index rising 10.67%, and the ChiNext Index increasing by 15.36% [5][6] - All sectors showed gains, with beauty care, computing, and electronics leading the market. The trading volume reached 26,125 billion yuan [5][6] - The Hong Kong market also saw positive performance, with the Hang Seng Index rising 1.6% and the Hang Seng Tech Index increasing by 3.05% [5][6] - Internationally, U.S. stock indices closed lower, while major indices in Asia-Pacific and Europe mostly rose [5][6] Market Review - On the last trading day before the holiday, A-shares showed a strong upward trend, with all major indices closing higher. The trading volume was notably high, indicating increased market activity and investor interest [5][6] - The railway sector reported a peak in passenger flow, with 19.86 million passengers expected to be sent on October 7, and a record high in train operations [3][5] - The Shanghai Stock Exchange extended the time for accepting designated trading instructions, which is expected to facilitate smoother trading post-holiday [3][5] Policy and Economic Support - Continuous implementation of supportive policies is driving high-quality economic development. Recent measures include monetary and real estate policies aimed at reducing financing costs and stabilizing the real estate market [6][8] - The People's Bank of China has lowered the reserve requirement ratio and policy interest rates to support economic growth, with expectations of further reductions in loan prime rates (LPR) [8][10] - The government is focusing on enhancing market confidence and liquidity through various financial support policies, which are expected to benefit the capital market [8][9] Investment Recommendations - The report suggests focusing on sectors that are likely to benefit from new policies, particularly "hard technology" and industries related to new productivity [7][9] - The anticipated release of more detailed policy documents is expected to provide ongoing support to the market, enhancing investor sentiment and risk appetite [7][9] - The report highlights the importance of mergers and acquisitions in the A-share market, particularly for companies that can strengthen their market position through strategic consolidation [9][10]