国信证券：晨会纪要-20241209

Group 1: Market Overview - The Shanghai Composite Index closed at 3404.07 points, with a weekly increase of 1.04% [1] - The Shenzhen Component Index rose by 1.47%, closing at 10791.33 points [1] - The total trading volume across the markets reached 6859.81 billion yuan [1] Group 2: Fixed Income Market - The bond market experienced a general increase, with the 10-year government bond yield dropping to 1.95%, a historical low [11] - The average yield of government bonds and policy bank bonds fell by 14 basis points and 12 basis points, respectively, in November [6] - The average price increase for AA- rated corporate bonds was 0.65%, significantly higher than other rated bonds [6] Group 3: Chemical Industry - The fluorochemical industry saw a significant increase in production, with R125 and R134a prices rising further [17] - The market for R22 is expected to tighten due to a substantial reduction in quotas, while R32 is gradually replacing it [21] - The ecological environment department has announced a reduction in the production quotas for second-generation refrigerants, which will impact supply dynamics [21] Group 4: Cross-Border E-commerce - The "Black Friday" and "Cyber Monday" sales reached record highs, with U.S. sales increasing by 10.2% and 7.3%, respectively [26] - Chinese sellers contributed significantly to the sales growth, with over 60% of Amazon's sales during the event coming from third-party sellers [26] - The trend of cost-effective consumption continues, with platforms focusing on providing high-quality, low-priced products [26] Group 5: Public Utilities and Environmental Protection - The public utilities index rose by 3.27%, while the environmental protection index increased by 2.92% [30] - The National Energy Administration has released a roadmap for the unified national electricity market, aiming for completion by 2029 [30] - Recommendations include investing in nuclear power and renewable energy sectors, as well as stable dividend-paying natural gas companies [30]