万联证券：万联晨会-20241120

Core Viewpoints - The A-share market showed a rebound with the Shanghai Composite Index rising by 0.67% to 3,346.01 points, the Shenzhen Component Index increasing by 1.9%, and the ChiNext Index up by 3% on Tuesday [1][7] - The total trading volume in the A-share market reached 1.56 trillion RMB, with nearly 4,500 stocks rising [1][7] - In the Shenwan industry sector, non-ferrous metals and electronics led the gains, while construction decoration and coal industries faced declines [1][7] - The Hong Kong Hang Seng Index rose by 0.44%, and the Hang Seng Technology Index increased by 1.23% [1][7] - In the overseas markets, the Dow Jones fell by 0.28%, while the S&P 500 rose by 0.40% and the Nasdaq increased by 1.04% [1][7] Important News - The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the need for reforms to promote development and stability in the capital market, aiming to enhance the coordination of investment and financing [2][8] - The focus will be on creating a multi-tiered market system to support technological innovation and long-term investments, while also strengthening regulatory measures and investor protection [2][8] Economic Data Insights - In October, the total retail sales of consumer goods in China reached 453.96 billion RMB, showing a year-on-year growth of 4.8%, which is an increase of 1.6 percentage points compared to September [3][13] - The industrial production maintained resilience, with the manufacturing sector showing signs of improvement, although real estate remains under pressure [9][12] - The investment in infrastructure and manufacturing is expected to drive economic growth, with a target growth rate of 5% for the year [9][12] Consumer Market Trends - The "Double 11" shopping festival saw a strong performance, with total sales reaching 1,441.8 billion RMB, a year-on-year increase of 26.6% [17][20] - The beauty and personal care sector experienced significant growth, with skincare sales reaching 71.5 billion RMB, up 22.85% year-on-year [17][20] - Domestic brands like Proya and Han Shu performed well during the sales event, indicating a positive trend in consumer preferences for local products [17][20] Investment Recommendations - Focus on sectors such as food and beverage, social services, and cosmetics, which are expected to benefit from recent government policies aimed at boosting consumer spending [16][25] - The food and beverage sector is highlighted for its resilience, with recommendations to pay attention to leading brands in snacks, liquor, and dairy products [16][25] - The beauty industry is also recommended for investment, particularly companies that demonstrate strong product development and marketing capabilities [16][25]