万联证券：万联晨会-20241111

Core Viewpoints - The A-share market experienced a collective decline last Friday, with the Shanghai Composite Index down by 0.53%, the Shenzhen Component down by 0.66%, and the ChiNext Index down by 1.24% [6][8] - The total trading volume in the Shanghai and Shenzhen markets reached 26,810.5 billion [6][8] - In the Shenwan industry sector, defense and military, computer, and electronics led the gains, while real estate, non-bank financials, and building materials lagged [6][8] - The Hang Seng Index fell by 1.07%, while the Hang Seng Technology Index decreased by 0.2% [6][8] - In the overseas markets, all three major U.S. indices rose, with the Dow Jones up by 0.59%, S&P 500 up by 0.38%, and Nasdaq up by 0.09% [6][8] Economic Indicators - In October, China's Consumer Price Index (CPI) rose by 0.3% year-on-year, while the Producer Price Index (PPI) fell by 2.9% year-on-year [2][7] - The National Bureau of Statistics reported that the consumer market remained stable overall, with food prices declining and gasoline prices decreasing, leading to a 0.3% month-on-month decline in CPI [2][7] - The National People's Congress approved an increase of 60,000 billion in local government debt limits to replace hidden debts, with the new debt limit entirely allocated for special debt [2][7] Industry Developments - The Ministry of Industry and Information Technology released a draft action plan for the high-quality development of new energy storage, aiming to enhance the international competitiveness of the industry by 2027 [10][11] - The action plan targets the cultivation of 3-5 leading enterprises with a scale exceeding 100 billion, focusing on high-end, intelligent, and green development [10][11] - The plan emphasizes the development of diverse new energy storage technologies, including lithium batteries and sodium-ion batteries, and encourages the exploration of various storage technologies [10][11] - The action plan also aims to expand the application of energy storage in various scenarios, particularly in renewable energy utilization [10][11]