万联证券：万联晨会-20241203

Core Viewpoints - The A-share market showed resilience against exchange rate pressures, with the Shanghai Composite Index rising by 1.13% to 3363.98 points, the Shenzhen Component Index increasing by 1.36%, and the ChiNext Index up by 1.42% [1][6] - The total trading volume in the Shanghai and Shenzhen markets reached 1.79 trillion yuan, with 30 out of 30 sectors experiencing gains, particularly in the comprehensive, retail, automotive, and steel industries, while the banking sector declined [1][6] - In the Hong Kong market, the Hang Seng Index rose by 0.65% to 19550.29 points, with the Hang Seng Tech Index increasing by 1.2% and the Hang Seng China Enterprises Index up by 0.9% [1][6] Important News - The People's Bank of China announced a revision to the narrow money (M1) statistical caliber, which will include personal demand deposits and non-bank payment institution customer reserves, effective from January 2025 [3][6] - The November Caixin China Manufacturing PMI rose to 51.5, marking a 1.2 percentage point increase from October, indicating expansion in the manufacturing sector for two consecutive months [3][6]