财信证券：晨会纪要-20241119

Market Overview - Major indices experienced a pullback after reaching highs, with the market showing a decrease in trading volume throughout the day [3][6] - The overall A-share market saw a decline of 1.45%, with the Shanghai Composite Index down by 0.21% and the ChiNext Index down by 2.35% [6] - The construction and real estate sectors showed strong performance due to supportive policies for urban village renovations [6] Economic Indicators - In October, national general public budget revenue increased by 5.5% year-on-year, with tax revenue growing by 1.8%, marking the first positive growth of the year [12] - The central bank conducted a 1726 billion yuan reverse repurchase operation to maintain liquidity in the banking system [13] Industry Dynamics - In October, the sales of excavators in the engineering machinery sector reached 16,791 units, a year-on-year increase of 15.1%, with domestic sales up by 21.6% [20] - Japan's four major machine tool companies reported a 12.9% year-on-year increase in orders for October, marking five consecutive months of growth [21] - Nvidia's GB200 chip may face delivery delays due to overheating issues, impacting data center processor deployment timelines [25] Company Updates - Zhenghai Biological's application for the registration of calcium silicate bioceramic bone repair materials has been accepted by the National Medical Products Administration [26] - Hengguang Co., Ltd. plans to invest in a chemical project in Laos with an annual production capacity of 300,000 tons, with a total investment not exceeding 250 million yuan [27]