财信证券：晨会纪要-20241122

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.07% to close at 3370.40 points, while the Shenzhen Component Index fell by 0.07% to 10819.88 points [5][11] - The total market capitalization of the Shanghai Composite Index is 638576 billion, with a price-to-earnings (PE) ratio of 11.79 and a price-to-book (PB) ratio of 1.25 [5][11] - The overall trading volume in the market was 16558.26 billion, an increase of 42.49 billion compared to the previous trading day [5][11] Economic Insights - From January to October, China's non-financial direct investment abroad grew by 10.6% year-on-year, totaling 1158.3 billion USD [11] - The People's Bank of China conducted a reverse repurchase operation of 4701 billion for a 7-day term to maintain liquidity in the banking system [12] - The Ministry of Industry and Information Technology emphasized the need for increased R&D investment, focusing on computing power, models, and data to strengthen key technological foundations [13][15] Industry Dynamics - NVIDIA reported a revenue of 35.1 billion USD for the third quarter of fiscal year 2025, a 17% increase from the previous quarter and a 94% increase year-on-year [19] - STMicroelectronics announced a collaboration with Huahong Semiconductor for 40nm process MCU production, enhancing service capabilities for mainland China clients [19][22] - The Ministry of Commerce is planning to advance next year's vehicle trade-in policies, with over 400 million applications for vehicle scrapping and replacement recorded [23] Company Updates - Dongpeng Beverage announced progress in external investments, signing a land use rights transfer contract for an industrial site of 119,200 square meters [24] - Enhua Pharmaceutical received a drug registration certificate for its Mivacurium injection, enhancing its product pipeline in the anesthesia field [25] - Midea Group is set to acquire controlling interest in Toshiba Elevator China, with the transaction expected to complete within the year [26] Regional Economic Developments - Hunan Province is implementing zero-based budgeting reforms to enhance fiscal management and improve the efficiency of financial policies [30] - Sains plans to sign a cooperation agreement with Jilin Zijin Copper Industry for the construction and operation of a rhenium ammonium production line [27]