农银国际证券：每天导读-20250116

Core Insights - The report highlights a significant decline in major stock indices, with the Dow Jones and Nasdaq experiencing notable drops due to concerns over inflation following unexpected job growth in December 2024 [7][10] - The report indicates that the Hang Seng Index and the National Index also fell, with the National Index showing a larger decline, while the materials index led gains in the Hang Seng Index [7][10] - Predictions for the price-to-earnings ratios for major indices in 2024 are provided, with the Dow Jones at 22.5x, S&P 500 at 24.7x, and Hang Seng Index at 9.2x [7] Economic Data Summary - The U.S. non-farm payrolls increased by 256,000 in December, surpassing expectations of 165,000, while the unemployment rate fell to 4.1% [8][10] - China's commitment to a "very proactive" fiscal policy is emphasized, aiming to support economic growth amid domestic economic challenges [10] - The report notes that the Chinese Ministry of Finance plans to increase the deficit scale significantly in 2025, with a focus on public spending to bolster the economy [10] Market Performance Overview - The report details the performance of various stock indices, with the Hang Seng Index closing at 19,064.29, down 0.92% for the day and 3.52% over five days [2] - The report provides a comprehensive overview of the performance of major stocks listed in Hong Kong, including their closing prices and dynamic price-to-earnings ratios [11] - The report also mentions the issuance of panda bonds by the New Development Bank, indicating ongoing financial activities in the market [10]