万联证券：万联晨会-20250118

Market Overview - The A-share market saw all three major indices rise on Thursday, with the Shanghai Composite Index up by 0.28%, the Shenzhen Component Index up by 0.41%, and the ChiNext Index up by 0.66%. The total trading volume in the Shanghai and Shenzhen markets reached 1.27 trillion yuan. The leading sectors included telecommunications, comprehensive, and non-ferrous metals, while food and beverage, electronics, and transportation sectors lagged behind. Concept sectors that performed well included F5G, EDR, and Xiaohongshu, while sectors like sci-tech new shares, humanoid robots, and the National Fund holdings concept underperformed [2][6]. Important News - The State Administration of Taxation announced that in 2025, it will expedite the implementation of the VAT law and focus on structural tax reduction policies. The aim is to ensure that eligible taxpayers can quickly enjoy benefits while strictly preventing tax fraud. The department will also work on improving the tax system and standardizing preferential policies to boost consumption and expand domestic demand [3][7]. - Kweichow Moutai reported that its annual export revenue has surpassed 5 billion yuan for the first time, marking a historical high. The sales volume of high-value Moutai liquor exceeded 100 tons, with a year-on-year growth of over 40%. The sales volume of the sauce-flavored liquor series reached 150 tons, with a year-on-year increase of 30%. The structure of export products has been continuously optimized, leading to a more coordinated supply-demand pattern and significantly improved sales quality in international markets [3][7].