万联证券：万联晨会-20241127

Core Insights - The A-share market continued to show weakness with the Shanghai Composite Index down 0.12% to 3,259.76 points, the Shenzhen Component Index down 0.84%, and the ChiNext Index down 1.15% [2][6] - The total trading volume in the A-share market was 1.30 trillion RMB, with over 3,400 stocks declining [2][6] - In the industry sectors, banking and food & beverage led the gains, while the power equipment sector saw the largest declines [2][6] - The Hang Seng Index in Hong Kong closed up 0.04%, while the Hang Seng Tech Index fell by 0.31% [2][6] - U.S. stock indices all closed higher, with the Dow Jones up 0.28%, S&P 500 up 0.57%, and Nasdaq up 0.63% [2][6] - European and Asia-Pacific stock markets experienced declines [2][6] Important News - The Financial Regulatory Bureau held a symposium on the high-quality development of the insurance industry, gathering opinions from major insurance institutions [2][6] - The meeting emphasized the close relationship between the insurance industry and the macroeconomy, highlighting recent government policies aimed at stabilizing growth [2][6] - The insurance sector is encouraged to leverage historical opportunities, enhance product offerings, and better meet the evolving needs of society [2][6] - There is a focus on increasing investments in strategic emerging industries, advanced manufacturing, and new infrastructure to support the development of new productive forces [2][6] Economic Performance of State-Owned Enterprises - From January to October 2024, the total operating revenue of state-owned and state-controlled enterprises reached 676,606.0 billion RMB, a year-on-year increase of 0.9% [4][7] - The total profit amounted to 35,371.9 billion RMB, reflecting a year-on-year decrease of 1.1% [4][7] - Tax payments totaled 48,524.7 billion RMB, down 0.4% year-on-year [4][7] - The asset-liability ratio stood at 64.9%, an increase of 0.1 percentage points [4][7]