万联证券：万联晨会-20241023

Market Overview - The A-share market saw all three major indices rise on Tuesday, with the Shanghai Composite Index increasing by 0.54% to 3285.87 points, the Shenzhen Component Index rising by 0.85%, and the ChiNext Index up by 0.30% [1][4] - The total trading volume in the A-share market reached 1.91 trillion RMB, with over 3500 stocks experiencing gains [1][4] - In the industry sectors, household appliances, media, and agriculture showed the highest gains, while the computer and defense industries faced declines [1][4] - The Hong Kong Hang Seng Index rose by 0.10%, and the Hang Seng Technology Index increased by 0.66% [1][4] - Internationally, the US stock indices showed mixed results, with the Dow Jones down by 0.02%, S&P 500 down by 0.05%, and Nasdaq up by 0.18% [1][4] Important News - The State Administration of Foreign Exchange reported a net inflow of cross-border funds in the first three quarters of 2024, indicating a gradual improvement in foreign investment in China [1][4] - Huawei launched the HarmonyOS 5.0, a domestically developed mobile operating system, which has become the second-largest operating system in China with over 1.1 billion lines of code and 6.75 million registered developers [1][4] Industry Insights Optical Chip Industry - Guangdong Province has introduced a policy to accelerate the development of the optical chip industry, aiming for breakthroughs in over 10 key technologies and the establishment of a new trillion-level industrial cluster by 2030 [4][5] - The global optical chip market is projected to grow from approximately 2.78 billion USD in 2023 to 3.17 billion USD in 2024, driven by the increasing demand for data transmission in cloud computing and AI [4][5] - The initiative in Guangdong is expected to enhance the province's digital economy, which reached 6.9 trillion RMB in 2023, maintaining its position as the largest in the country [5] Photovoltaic Industry - The China Photovoltaic Industry Association has called for reasonable bidding prices to ensure sustainable development in the photovoltaic sector, highlighting that the current average price of components is close to the cost line [6][7] - The association indicated that the production cost for high-quality photovoltaic components is around 0.68 RMB/W, while current market prices are fluctuating between 0.64 RMB/W and 0.78 RMB/W [6][7] - The overall photovoltaic industry is facing challenges with many segments operating at a loss, but recent signals of supply-side reform may lead to gradual improvements in the supply-demand balance [7] Pharmaceutical Industry - The company reported a revenue of 8.45 billion RMB for the first three quarters of 2024, reflecting an 11.19% increase year-on-year, with a net profit of 2.69 billion RMB, also up by 11.73% [8][9] - The core products, particularly liver disease and cardiovascular medications, showed strong growth, indicating resilience in demand [8][9] - The company is expanding its retail channel presence, with over 10,000 new store partnerships established, enhancing its market reach [9][10]