万联证券：万联晨会-20241025

Market Overview - The A-share market experienced a decline on Thursday, with the Shanghai Composite Index falling by 0.68% to 3,280.26 points, the Shenzhen Component Index down by 1.27%, and the ChiNext Index decreasing by 1.37%. The total trading volume in the A-share market was 1.52 trillion RMB, with over 3,000 stocks declining [1][5] - In the industry sectors, telecommunications and comprehensive industries saw the highest gains, while defense, military, and electric equipment sectors faced the largest declines. Concept sectors such as NMN and ST showed notable increases [1][5] - The Hong Kong Hang Seng Index dropped by 1.30%, and the Hang Seng Technology Index fell by 2.64%. In overseas markets, the Dow Jones decreased by 0.33%, while the S&P 500 rose by 0.21% and the Nasdaq increased by 0.76% [1][5] Important News - Shenzhen aims to establish a trillion-level government investment fund cluster by 2026, along with a hundred-billion-level angel and seed fund cluster. The plan includes the establishment of over 10,000 registered equity investment and venture capital funds [2][6] Industry Insights Inverter Export Analysis - In September 2024, China's inverter export value was 4.844 billion RMB, a month-on-month decrease of 21.32% but a year-on-year increase of 4.20%. Cumulatively, from January to September 2024, the total export value was 45.037 billion RMB, reflecting a year-on-year decline of 21.48% [7][8] - The decline in September was attributed to weather impacts in the Yangtze River Delta region and seasonal demand fluctuations in emerging markets [7] - Exports to Asia amounted to 1.756 billion RMB, down 7.42% month-on-month but up 26.99% year-on-year. Notably, exports to India and Pakistan faced significant month-on-month declines due to seasonal and pricing factors [7][8] - Exports to Europe were valued at 2.079 billion RMB, down 24.02% month-on-month and 7.17% year-on-year, primarily due to inventory backlog issues [7][8] Huawei's Product Launch - Huawei introduced the Nova 13 series, which for the first time supports Beidou satellite functionality, enhancing its product ecosystem. The Nova 13 standard model is priced competitively, with significant price reductions compared to the previous model [9][10] - The HarmonyOS NEXT was launched, marking a significant upgrade and positioning it as the third-largest mobile operating system globally, following iOS and Android [9][10] - The HarmonyOS ecosystem has expanded to over 1 billion devices, with a growing number of applications and services, indicating a maturing ecosystem that could drive investment opportunities [9][10]