万联证券：万联晨会-20241211

Core Views - The report indicates a positive market sentiment following the Central Political Bureau meeting on December 9, which aims to stabilize investor confidence and promote economic growth [7][11] - The meeting emphasized the implementation of a more proactive fiscal policy and moderately loose monetary policy, suggesting an increase in macroeconomic policy strength and liquidity [7][11] - The focus on expanding domestic demand and improving investment efficiency is expected to enhance corporate profitability and stimulate economic growth [7][11] Market Review - On December 10, the A-share market opened high but retreated, with the Shanghai Composite Index rising by 0.59% to 3422.66 points, and the Shenzhen Component Index increasing by 0.75% [6][3] - The total trading volume in the A-share market was approximately 21,998.87 billion RMB, with net sales of southbound funds amounting to 10.32 billion HKD [6][3] - The Hong Kong Hang Seng Index fell by 0.50%, while the Hang Seng Technology Index decreased by 1.39% [6][3] Important News - The Shanghai Municipal Government released the "Shanghai Support for Listed Companies' Mergers and Acquisitions Action Plan (2025-2027)" on December 9, aiming to cultivate around 10 internationally competitive listed companies in key industries by 2027, with a target merger transaction scale of 300 billion RMB [2][6] - The plan seeks to activate total assets exceeding 2 trillion RMB and enhance the capabilities of intermediary institutions in merger services [2][6] Investment Insights - The report suggests focusing on high-quality companies in the new productive forces sector, particularly in technology growth areas [10] - It highlights the potential for increased mergers and acquisitions among central and state-owned enterprises as industry integration accelerates [10] - The report anticipates that the consumer sector will see multiple highlights due to policies aimed at expanding domestic demand and boosting consumption [10]