万联证券：万联晨会-20241031

Core Views - The A-share market experienced a collective decline on Wednesday, with the Shanghai Composite Index falling by 0.61%, the Shenzhen Component down by 0.12%, and the ChiNext Index decreasing by 1.18%. The total trading volume in the Shanghai and Shenzhen markets reached 1,846.018 billion yuan [1][5] - The National Development and Reform Commission and five other departments issued guidelines to promote renewable energy substitution, aiming for a national renewable energy consumption of over 1.1 billion tons of standard coal by 2025 and 1.5 billion tons by 2030, supporting the carbon peak goal [1][6] - Nearly 2,000 listed companies in the A-share market conducted buybacks in the first three quarters, with a total buyback amount exceeding 140 billion yuan, marking an increase of over 80% compared to the same period last year [1][6] Market Review - The A-share market saw declines across major indices, with the Shanghai Composite Index closing at 3,266.24, down 0.61%, and the ChiNext Index at 2,151.51, down 1.18%. The total trading volume was 1,846.018 billion yuan [2][5] - In the Hong Kong market, the Hang Seng Index fell by 1.55%, and the Hang Seng Technology Index decreased by 2.38%. Internationally, the three major US indices also closed lower, with the Dow Jones down 0.22% and the Nasdaq down 0.56% [3][5] Important News - The guidelines for renewable energy substitution emphasize the need for coordinated planning and safety in the transition to renewable energy, with a focus on enhancing supply capabilities and infrastructure [9] - The buyback trend in the A-share market indicates a positive sentiment among companies, particularly in the pharmaceutical, electronics, and power equipment sectors, with leading firms like WuXi AppTec and Hikvision being significant contributors [1][6] Industry Insights - The report highlights the ongoing recovery in the pharmaceutical sector, with sales stabilizing after previous declines, while the cosmetics business faced challenges [11] - The renewable energy sector is expected to see significant growth, particularly in solar and wind energy, as the government continues to prioritize energy transition and sustainability [9] - The report indicates that the cosmetics industry is experiencing competitive pressures, but companies are adapting their strategies to maintain growth [11][12]