万联证券：万联晨会-20241104

Core Viewpoints - The A-share market experienced a collective decline on Friday, with the Shanghai Composite Index down by 0.24%, the Shenzhen Component down by 1.28%, and the ChiNext Index down by 1.88%. The total trading volume in the Shanghai and Shenzhen markets reached 2.23 trillion yuan. The non-ferrous metals, steel, and coal sectors led the gains, while the computer, electronics, and defense industries lagged behind [1][5]. - In the Hong Kong market, the Hang Seng Index rose by 0.93%, while the Hang Seng Tech Index fell by 0.34%. Internationally, all three major U.S. indices closed higher, with the Dow Jones up by 0.69%, the S&P 500 up by 0.41%, and the Nasdaq up by 0.8% [1][3]. Economic Performance - Guangdong Province's economic growth rate for the first three quarters of the year was reported at 3.4%, which is below the national average of 4.8%. Among the nine cities in the Pearl River Delta, only Shenzhen outperformed the national average with a growth rate of 5.4%, while Guangzhou and Foshan lagged behind with growth rates of 2% and 1.6%, respectively [1][5]. Investment Trends - As of September 30, the total net value of all funds increased to 31.60 trillion yuan, with stock funds showing the largest growth at 38.48% compared to the end of Q2 2024. The performance of various public funds varied, with stock funds yielding 15.87%, mixed funds at 8.65%, and QDII funds at 8.00%. Money market funds maintained a steady performance with a yield of 0.40%, while bond funds decreased by 0.50 percentage points to 0.57% [6][7]. - The sectors of medicine and biology, petroleum and petrochemicals, and electric equipment saw the largest increases in fund allocations, with respective increases of 2.67 percentage points, 2.42 percentage points, and 1.70 percentage points. Conversely, the banking, non-bank financial, and transportation sectors experienced the largest reductions in allocations, with the banking sector seeing a significant drop of 9.61 percentage points [6][7]. Market Outlook - Following the announcement of a "package" of new policies on September 24, there has been a continuous release of positive signals, which are expected to enhance market confidence. The policies aim to improve the quality of listed companies, attract long-term capital into the market, and strengthen investor protection. The A-share market is anticipated to have significant potential for valuation recovery, making it an attractive option for investment [6][7].