万联证券：万联晨会-20241009

Core Viewpoints - The A-share market experienced a rebound with the Shanghai Composite Index closing up 4.59% at 3,489.78 points, the Shenzhen Component Index rising 9.17%, and the ChiNext Index increasing by 17.25% [1][5] - The total trading volume in the two markets reached 34,851 billion yuan, with only the coal industry declining, while the computer, electronics, and power equipment sectors led the gains [1][5] - In the Hong Kong market, the Hang Seng Index fell by 9.41%, and the Hang Seng Tech Index dropped by 12.82% [1][5] Market Review - The National Day holiday saw domestic travel reach 765 million trips, a year-on-year increase of 5.9%, with total spending by domestic tourists amounting to 700.817 billion yuan, up 6.3% year-on-year [2][5] - The number of inbound and outbound trips reached 13.098 million, reflecting a year-on-year growth of 25.8% [2][5] Important News - The State Council, led by Premier Li Qiang, emphasized the need to implement a package of incremental policies to stabilize the economy and promote development, particularly in light of the current economic pressures [2][6] - The meeting highlighted the importance of policy coordination and the need to avoid policies that could contract or suppress economic growth [2][6] Industry Insights - The media industry is experiencing a mixed performance during the National Day holiday, with top films performing well while others underperformed, leading to a total box office of 2.104 billion yuan, a decline of 23.07% year-on-year [8] - The number of moviegoers and average ticket prices have also decreased, with total attendance dropping by 20.04% year-on-year [8] - Future prospects for the film market appear positive with several high-profile films set to be released, indicating a potential recovery in the industry [8]