万联证券：万联晨会-20241121

Core Viewpoints - The A-share market showed a positive trend with the Shanghai Composite Index rising by 0.66% to 3,367.99 points, the Shenzhen Component Index increasing by 0.78%, and the ChiNext Index up by 0.5%. The total trading volume in the A-share market reached 1.61 trillion RMB, with over 4,300 stocks rising [1][6] - In the industry performance, the media and comprehensive sectors led the gains, while the banking sector experienced a decline. Concept sectors such as DRG/DIP, Kuaishou, and Sora saw significant increases [1][6] - The Hong Kong market also experienced slight gains, with the Hang Seng Index up by 0.21% and the Hang Seng Tech Index up by 0.41% [1][6] - Internationally, the US stock indices showed mixed results, with the Dow Jones up by 0.32%, the S&P 500 unchanged, and the Nasdaq down by 0.11%. European markets saw slight declines, while most Asia-Pacific markets also fell [1][6] Important News - The Ministry of Industry and Information Technology of China released new regulations for the photovoltaic manufacturing industry, encouraging a rational layout of photovoltaic projects and promoting cluster development. The minimum capital ratio for new and expanded photovoltaic manufacturing projects is set at 30% [3][6] Industry Insights - In the home appliance sector, public fund holdings have increased for seven consecutive quarters, with significant increases in white goods leaders, robotic vacuum cleaners, and appliance components. However, major black goods stocks have seen reductions in holdings [11] - The total market value of public funds in the home appliance sector reached 138.207 billion RMB by the end of Q3 2024, a 31% increase from Q2 2024, representing 4.38% of the total A-share market value [11] - The white goods sector, particularly Haier, Midea, and Gree, continues to see increased holdings, while black goods such as Hisense have faced reductions. The kitchen and bathroom appliance sectors have shown mixed results, with some stocks gaining and others losing [11] - The outlook for domestic sales is positive due to the implementation of replacement policies, while external sales are expected to benefit from interest rate cuts in the US and contributions from emerging markets [11]