万联证券：万联晨会-20241129

Core Viewpoints - The A-share market experienced fluctuations with all three major indices closing lower, specifically the Shanghai Composite Index down by 0.43%, the Shenzhen Component Index down by 1.26%, and the ChiNext Index down by 1.76% [1][6] - The total trading volume in the A-share market reached 1.49 trillion RMB, with approximately 2,400 stocks rising [1][6] - In terms of industry performance, the comprehensive and retail sectors led the gains, while the media sector saw the largest declines [1][6] - The Hong Kong market also faced declines, with the Hang Seng Index down by 1.2% and the Hang Seng Tech Index down by 1.52% [1][6] - Internationally, European indices closed higher, while the US markets were closed due to the Thanksgiving holiday [1][6] Industry News - The Central Committee of the Communist Party of China and the State Council issued opinions on the reform and innovative development of digital trade, emphasizing its importance as a component of the digital economy and a new growth point for international trade [3][6] - The main goals include increasing the proportion of digitally deliverable service trade to over 45% of total service trade by 2029, and to over 50% by 2035, alongside improving digital trade infrastructure and governance [3][6] Financial Market Overview - In October, the bond market issued a total of 52,361.7 billion RMB in various bonds, with interbank bond market transactions reaching 25.5 trillion RMB, reflecting a year-on-year increase of 17.6% [4][7] - The average daily transaction volume in the interbank bond market was 13,408.9 billion RMB, with a notable increase in bond repurchase transactions [4][7] - The weighted average interest rate for interbank lending was 1.59%, showing a decrease of 19 basis points month-on-month [4][7]