万联证券：万联晨会-20241101

Core Views - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index up 0.42%, the Shenzhen Component Index up 0.57%, and the ChiNext Index up 0.6% [5][6] - The manufacturing PMI for October returned to the expansion zone at 50.1%, marking a 0.3 percentage point increase from the previous month, indicating a recovery in manufacturing activity [6][7] - New regulations effective from November 1 include the removal of foreign investment restrictions in the manufacturing sector and the implementation of capacity replacement measures in the cement and glass industries [6][7] Market Review - The total trading volume in the Shanghai and Shenzhen markets reached 22,166.51 billion yuan [5] - The real estate, non-bank financial, and electronics sectors led the gains, while household appliances, beauty care, and banking sectors lagged [5] - The Hang Seng Index fell by 0.31%, and the U.S. markets saw declines with the Dow Jones down 0.9%, S&P 500 down 1.86%, and Nasdaq down 2.76% [5][6] Industry Insights - In the consumer goods manufacturing sector, profits grew by 2.4% year-on-year in the first nine months of 2024, outperforming the average profit decline of 3.5% for large industrial enterprises [7][8] - The furniture industry saw an expanded profit increase, with a year-on-year growth of 11% [7][8] - The automotive industry experienced a decline in production and sales in September, but new energy vehicles showed strong performance with production and sales up 48.8% and 42.3% year-on-year, respectively [9][10] Company Performance - Dongpeng Beverage reported a revenue of 12.11 billion yuan for its new product "Dongpeng Water," marking a staggering growth of 292.11% year-on-year [14][15] - Wuliangye's revenue for the first three quarters of 2024 reached 679.16 billion yuan, with a net profit of 249.31 billion yuan, reflecting a year-on-year increase of 9.19% [17][18] - The company plans to increase its cash dividend payout ratio to at least 70% of its net profit for the years 2024-2026, enhancing shareholder returns [17][18]