万联证券：万联晨会-20241126

Core Viewpoints - The A-share market experienced a "V" shaped reversal at the end of trading on Monday, with the Shanghai Composite Index down 0.11% to 3263.76 points, the Shenzhen Component Index down 0.17%, and the ChiNext Index down 0.02%. The total trading volume in the A-share market was 1.49 trillion RMB, with over 3600 stocks rising. The social services and textile industries led the gains, while the communication sector lagged behind. The solid-state battery concept sector also saw significant gains [1][10] - In the international markets, the three major US stock indices all closed higher, with the Dow Jones up 0.99%, the S&P 500 up 0.3%, and the Nasdaq up 0.27%. Most European and Asia-Pacific stock markets also saw increases [1][10] Important News - The Central Committee of the Communist Party of China and the State Council issued the "Action Plan for Food Conservation and Anti-Food Waste," aiming to establish a long-term mechanism for food and grain conservation by the end of 2027. The plan includes improving statistical surveys, standards, and indicators for food loss and waste, with a focus on reducing food waste in various sectors, including restaurants and canteens [2] - A meeting was held by the People's Bank of China and nine other departments to promote technology innovation and technical transformation loan policies. As of November 15, banks had signed loan contracts with 1737 enterprises and projects totaling nearly 400 billion RMB, supporting technology companies and large-scale equipment updates. The meeting emphasized the need for banks to enhance efficiency and ensure comprehensive financing coverage for listed enterprises and projects [3][11] Industry Insights - In October, China's excavator sales reached 16,791 units, a year-on-year increase of 15.1%. Domestic sales accounted for 8,266 units, up 21.6%, while exports totaled 8,525 units, increasing by 9.46%. For the first ten months of 2024, total excavator sales were 164,200 units, a slight increase of 0.47% year-on-year [12][15] - The loader sales in October also saw a year-on-year increase of 11.1%, with total sales of 8,355 units. Domestic sales were 4,032 units, down 7.08%, while exports were 4,323 units, up 36%. For the first ten months, total loader sales reached 90,200 units, a year-on-year increase of 5.29% [15] - The gradual implementation of debt reduction policies is expected to support the construction machinery market's recovery. The National People's Congress approved a resolution to increase local government debt limits, which will provide additional resources for infrastructure projects, thereby boosting demand for construction machinery [15]