万联证券：万联晨会-20241010

Core Views - The report indicates a significant decline in the domestic stock market, with the Shanghai Composite Index closing at 3,258.86, down 6.62%, and the Shenzhen Component Index down 8.15% [2][5] - All sectors experienced a downturn, particularly beauty care, media, and electric equipment, while the GPU concept index saw substantial gains [5] - The tourism market is showing signs of recovery, with 765 million domestic trips taken during the National Day holiday, reflecting a 5.9% year-on-year increase, and total spending reaching 700.82 billion yuan, up 6.3% year-on-year [6][8] Market Review - The A-share market experienced a turbulent session with all major indices declining, leading to a total trading volume of 296.73 billion yuan [5] - The Hong Kong market also saw declines, with the Hang Seng Index down 1.38% and the Hang Seng Tech Index down 1.17% [5] - In contrast, U.S. markets closed higher, with the Dow Jones up 1.03% and the S&P 500 up 0.71% [3][5] Important News - The Ministry of Housing and Urban-Rural Development and the China Banking and Insurance Regulatory Commission emphasized the need to enhance financing support for real estate projects, particularly those on the "white list" [3][5] - A new policy for city duty-free shops was implemented, expanding the range of products and increasing the tax-free quota, which is expected to boost the duty-free market [6][8] Tourism Industry Insights - The tourism sector is witnessing a shift, with residents from lower-tier cities becoming the main drivers of travel, and niche destinations gaining popularity among younger travelers [6][7] - The implementation of the city duty-free policy is anticipated to lead to rapid growth in the duty-free market, creating a tri-channel development model [6][8] - Major scenic spots continue to attract visitors, while lesser-known destinations are also gaining traction due to the demand for unique travel experiences [8]