财信证券：晨会纪要-20241115

Market Overview - The major indices opened lower and experienced a day of reduced trading volume, with the overall A-share market index down by 2.43% to 5229.56 points, and the Shanghai Composite Index down by 1.73% to 3379.84 points [2][3] - The ChiNext Index fell by 3.40% to 2334.96 points, while the STAR 50 Index decreased by 3.21% to 1027.32 points, indicating a weaker performance in the innovation growth sector compared to blue-chip stocks [2][3] Valuation Metrics - As of the latest data, the Shanghai Composite Index has a TTM PE ratio of 14.47, which is in the 29.91% historical percentile, and a PB ratio of 1.34, in the 9.86% historical percentile [2] - The STAR 50 Index has a TTM PE ratio of 90.69, in the 99.15% historical percentile, and a PB ratio of 4.94, in the 49.83% historical percentile [2] - The ChiNext Index has a TTM PE ratio of 35.87, in the 18.49% historical percentile, and a PB ratio of 4.31, in the 29.63% historical percentile [2] Industry Dynamics - The EU has announced final tariff rates on high-altitude work platforms produced in China, with rates ranging from 22.5% to 30.2% for various companies [14] - OpenAI is preparing to launch its first AI assistant product, expected in January 2025, which will automate various complex tasks [14] Company Updates - Dongfang Shenghong (000301.SZ) announced a significant share buyback plan, with the controlling shareholder intending to repurchase shares worth between 2 billion and 4 billion yuan [15] - Fengle Seed Industry (000713.SZ) plans to raise no more than 1.089 billion yuan through a private placement to its controlling shareholder, aimed at supplementing working capital and repaying bank loans [16] - Jingji Zhino (000048.SZ) intends to raise up to 1.93 billion yuan for expanding its pig farming operations, with specific projects aimed at increasing production capacity [17]