万联证券：万联晨会-20241204

Core Views - The A-share market experienced mixed fluctuations, with the Shanghai Composite Index rising by 0.44% to 3378.81 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.40% and 0.44% respectively. The total trading volume in the Shanghai and Shenzhen markets was 1.72 trillion yuan [2][7] - In the industry performance, banking, public utilities, and construction decoration sectors led the gains, while electronics, military industry, and media sectors lagged behind. Concept sectors such as cultivated diamonds and debt restructuring saw gains, while genetically modified organisms, corn, and soybeans faced declines [2][7] Important News - Four major industry associations in China, including the Semiconductor Industry Association, issued a statement urging caution in purchasing American chips due to the loss of trust and reliability stemming from U.S. export control measures [3][7] - The Ministry of Commerce announced strengthened export controls on dual-use items to the U.S., prohibiting exports of certain materials and implementing stricter reviews for graphite-related items [3][7] Investment Highlights - The establishment of the Central Enterprise Venture Capital Fund aims to cultivate state-owned patient capital, focusing on early, small, long-term investments in hard technology [5][8] - The new U.S. sanctions on China are expected to accelerate the domestic production of advanced semiconductor equipment and materials, as companies prepare for supply chain adjustments [12][15] - The release of the "National Unified Electricity Market Development Planning Blue Book" outlines a three-step approach to building a unified electricity market in China, with significant growth in market trading volume and participation from renewable energy sources [16][19] - In October, inverter exports showed a slight decline month-on-month but maintained a year-on-year growth of 17.03%, with North America showing significant growth [20][24] - Transformer exports in October reached 3.301 billion yuan, with a year-on-year increase of 71.77%, indicating stable growth in the sector [24][27]