万联证券：万联晨会-20241119

Core Insights - The A-share market continues to show weakness, with the Shanghai Composite Index down 0.21% to 3,323.85 points, the Shenzhen Component Index down 1.91%, and the ChiNext Index down 2.35% [2][5] - The total trading volume in the A-share market reached 1.76 trillion RMB, with nearly 4,000 stocks declining [2][5] - In terms of industry performance, coal and construction decoration sectors showed the highest gains, while computer and media sectors experienced the largest declines [2][5] - The Hong Kong Hang Seng Index rose by 0.77%, and the Hang Seng Technology Index increased by 0.32% [2][5] - Internationally, the US stock indices showed mixed results, with the Dow Jones down 0.13%, the S&P 500 up 0.39%, and the Nasdaq up 0.60% [2][5] Market Review - The report highlights the recent announcement from Beijing and Shanghai to cancel the standards for ordinary and non-ordinary housing, effective December 1, which will impact the value-added tax on personal housing sales and the deed tax for personal home purchases [2][5] Industry Analysis - In the food and beverage sector, the heavy holding ratio has slightly decreased, reaching a five-year low, with a total market value of 350.65 billion RMB, an increase of 64.24 billion RMB from the previous period [6] - The heavy holding ratio for the food and beverage industry is currently at 4.98%, which is below the five-year average of 7.46%, indicating potential for growth [6] - The white liquor segment has seen a slight recovery in heavy holding ratios, while the mass consumer goods segment remains stable [6] - The report identifies that the top three heavy holdings in the food and beverage sector are Kweichow Moutai, Wuliangye, and Shanxi Fenjiu, with significant fluctuations in their holding ratios [6] Investment Recommendations - Despite the overall weak recovery in consumption, recent policy measures aimed at economic stimulus are expected to positively impact the food and beverage industry [9] - Recommendations include focusing on high-end and mid-range white liquor companies, as well as beer companies benefiting from declining raw material prices and structural upgrades [9]