市场日报：三大指数震荡走低 人大发布会出台近期地方化债安排

Market Overview - On November 8, 2024, the three major indices opened higher but subsequently fluctuated downwards, closing in the red. The Shanghai Composite Index fell by 0.53% to 3452.30 points, the Shenzhen Component Index decreased by 0.66% to 11161.70 points, and the ChiNext Index dropped by 1.24% to 2321.59 points. The total trading volume exceeded 2.5 trillion yuan [1][2]. Policy Developments - The National People's Congress announced a plan to alleviate local government debt pressure by directly arranging 1 trillion yuan for debt management over the next five years, with 800 billion yuan allocated annually from new local government bonds [2]. - The People's Bank of China is revising monetary supply statistics to better reflect the real situation of money supply, aiming to align social financing scale and monetary supply with economic growth and price level expectations [2]. Interest Rate Changes - The Federal Reserve lowered the federal funds rate target range by 25 basis points to between 4.50% and 4.75%, marking the second consecutive rate cut. This decision aligns with market expectations and reflects ongoing economic expansion in the U.S. [2]. Index Performance - The major indices experienced declines, with the Shanghai Composite Index down by 0.53%, the Shenzhen Component Index down by 0.66%, and the ChiNext Index down by 1.24%. The total number of stocks that rose was 2,218, while 3,043 stocks fell [3][4]. Sector Performance - Among the Shenwan first-level industries, the defense and military industry led with a gain of 2.94%, followed by the computer sector with a 1.53% increase. In contrast, the real estate sector saw a decline of 3.29%, and non-bank financials fell by 2.53% [6][7].