万联证券：万联晨会-20250109

Market Overview - The A-share market showed mixed performance on Wednesday, with the Shanghai Composite Index closing up by 0.02%, while the Shenzhen Component Index and the ChiNext Index fell by 0.54% and 0.98% respectively. The total trading volume in the Shanghai and Shenzhen markets reached 12,428.19 billion yuan [1][5]. - In terms of sector performance, the household appliances, comprehensive, and machinery equipment sectors led the gains, while non-ferrous metals, steel, and basic chemicals sectors experienced declines [1][5]. - The Hong Kong market also saw declines, with the Hang Seng Index down by 0.86% and the Hang Seng Tech Index down by 1.09%. In the overseas markets, the Dow Jones increased by 0.25%, the S&P 500 rose by 0.16%, while the Nasdaq fell by 0.06% [1][5]. Important News - New measures for the "Two New" policy for 2025 have been announced, expanding the support for equipment updates to include electronic information, safety production, and facility agriculture sectors. Additionally, subsidies for the replacement of new energy city buses and power batteries have been increased. New subsidies for replacing old appliances such as microwaves, water purifiers, dishwashers, rice cookers, and for purchasing new mobile phones, tablets, smartwatches, and wristbands have also been introduced. Furthermore, fuel vehicles meeting the National IV emission standards are now eligible for scrapping and replacement subsidies [1][6]. - The incoming U.S. President Trump is considering declaring a national economic emergency to provide a legal basis for implementing widespread tariffs on allies and adversaries. The decision is not final, and the Trump team is exploring other legal avenues, including the potential use of Section 338 of U.S. trade law to support the proposed tariff policy during his campaign [2][6].