财信证券：晨会纪要-20241105

Market Overview - The market experienced a rebound with the Shanghai Composite Index closing at 3310.21, up 1.17%, and the Shenzhen Component Index at 10663.10, up 1.99% [1][6] - The ChiNext Index rose by 2.93% to 2185.98, indicating strong performance in the growth sector [1][6] - The North Star 50 Index saw a significant increase of 6.28%, closing at 1216.75, outperforming other indices [1][6] Financial Metrics - The total market capitalization of the Shanghai Composite Index is 628412 million, with a PE ratio of 11.66 and a PB ratio of 1.23 [2] - The Shenzhen Component Index has a total market value of 220478 million, with a PE ratio of 21.88 and a PB ratio of 2.22 [2] - The ChiNext Index shows a high PE ratio of 31.82, indicating elevated valuations in the growth sector [2] Economic Insights - The October China Warehousing Index decreased by 0.4 percentage points, indicating a slight contraction in logistics activity [10] - The State-owned Assets Supervision and Administration Commission emphasized the need for effective policy implementation to support economic growth [10] - The People's Bank of China conducted a 173 billion yuan reverse repurchase operation to maintain liquidity in the banking system [11] Industry Dynamics - Huawei's Harmony OS market share increased from 13% to 15%, reflecting competitive dynamics in the smartphone operating system market [15] - The new energy vehicle sector reported record sales in October, with BYD achieving 503,000 units sold, a year-on-year increase of 66.2% [16] - The gaming IP market in China generated actual sales revenue of 196 billion yuan from January to September, indicating robust growth in the gaming industry [14] Company Updates - Fosun Pharma's subsidiary received drug registration approvals for two injectable products, indicating ongoing expansion in its pharmaceutical portfolio [17] - Tuosida reported that 90.23% of its gross profit contribution comes from its adjusted business structure, highlighting a strategic focus on core operations [18] - Meichang Co. has successfully established a tungsten wire production line with a monthly output exceeding 1 million kilometers, showcasing advancements in manufacturing capabilities [18]