万联证券：万联晨会-20241113

Core Insights - The A-share market experienced a collective decline, with the Shanghai Composite Index falling by 1.39%, the Shenzhen Component Index down by 0.65%, and the ChiNext Index decreasing by 0.07, with a total trading volume of 25,501.74 billion yuan [2][6] - In the industry sector, pharmaceuticals, retail, and home appliances led the gains, while defense, media, and non-bank financials lagged behind [2][6] - The Hong Kong market also saw declines, with the Hang Seng Index dropping by 2.84% and the Hang Seng Tech Index down by 4.19% [2][4] Market Performance - Domestic market performance showed the Shanghai Composite Index closing at 3,421.97, down 1.39%, and the Shenzhen Component Index at 11,314.46, down 0.65% [3] - Internationally, the Dow Jones closed at 43,910.98, down 0.86%, and the S&P 500 at 5,983.99, down 0.29% [4] Important News - The State Council announced an increase in public holidays by two days starting January 1, 2025, which includes Lunar New Year's Eve and May 2 [2][7] - The Shanghai government approved a plan to support mergers and acquisitions for listed companies from 2025 to 2027, emphasizing the importance of enhancing company quality and fostering leading enterprises [2][7] Automotive Industry Insights - In October 2024, BYD's sales exceeded 500,000 units, marking a 66.5% year-on-year increase, with a cumulative sales figure of over 3.25 million units for the year, reflecting strong competitive positioning in the electric vehicle market [9] - Li Auto delivered 51,443 vehicles in October, a 27.3% increase year-on-year, while NIO delivered 20,976 vehicles, maintaining over 20,000 units for six consecutive months [9][10] - The overall automotive sector showed stable performance in the first three quarters of 2024, with a slight increase in revenue and net profit, driven by the growth of the new energy vehicle segment [11][12] Healthcare Sector Insights - The introduction of a prepayment system for medical insurance is expected to shorten the payment cycle for pharmaceutical and medical supply companies, enhancing the operational efficiency of healthcare institutions [14][15] - The prepayment policy aims to provide timely funding for medical institutions, thereby alleviating financial burdens and improving service efficiency [18]