山西证券：研究早观点-20241022

Market Trends - The report highlights the recent performance of major indices, with the Shanghai Composite Index closing at 3,268.11, up 0.20%, and the Shenzhen Component Index at 10,470.91, up 1.09% [1] - The report notes that the capital market is supported by two monetary policy tools, indicating a stronger-than-expected commitment to support the market [8] Non-Bank Financial Sector - The report discusses the Financial Street Forum, emphasizing the need for a "long money, long investment" policy framework to enhance the capital market [3][4] - It outlines the importance of promoting long-term capital into the market and improving the quality of listed companies through better governance and transparency [5][6] - The report mentions the introduction of two innovative financial tools: SFISF and stock repurchase loans, aimed at enhancing market liquidity [7][8] New Stock Market Activity - The report indicates an increase in new stock market activity, with 26 new stocks recording positive gains, representing 81.25% of the total [2] - It highlights significant first-day gains for new stocks on the ChiNext board, with some stocks seeing increases of up to 800% [2] - The report suggests that the high valuations of newly listed stocks may compress the secondary market space [2] Coal Industry Insights - The report provides insights into the coal supply and demand dynamics, noting a slight increase in coal supply in September, with a total production of 4.14 billion tons, up 4.40% year-on-year [9][10] - It highlights the ongoing pressure on downstream demand, particularly in the manufacturing sector, with fixed asset investment growing by 3.4% year-on-year [9] - The report discusses the pricing trends in the coal market, indicating a mixed performance with some prices showing a decline [10][11] Transportation Equipment Sector - The report notes a significant increase in railway passenger traffic, with 33.3 billion passengers transported from January to September, a 13.5% increase year-on-year [12] - It highlights the record high freight volume in Q3 2024, with 10.04 billion tons of goods transported, reflecting a 3.8% year-on-year growth [12] - The report suggests that the demand for railway equipment, particularly for high-speed trains, is expected to remain strong due to ongoing infrastructure investments [13]