万联证券：万联晨会-20250122

Core Insights - The A-share market showed mixed performance with the Shanghai Composite Index down by 0.05%, while the Shenzhen Component Index and the ChiNext Index rose by 0.48% and 0.36% respectively, with a total trading volume of 1,205.11 billion yuan [2][8] - In the industry sector, electronics, telecommunications, and real estate led the gains, while oil and petrochemicals, steel, and coal sectors faced declines [2][8] - The Hang Seng Index increased by 0.91%, and the Hang Seng Technology Index rose by 2.14%, reflecting positive trends in the Hong Kong market [2][8] Important News - The Chinese government is committed to enhancing macroeconomic policies, implementing more proactive fiscal policies, and moderately easing monetary policies to promote effective qualitative improvements and reasonable quantitative growth in the economy [9] - Guangdong Province introduced 28 measures to support high-quality development in the capital market, focusing on fostering new productive forces, supporting mergers and acquisitions for tech companies, and enhancing cash dividends and stock buybacks for listed companies [3][9] Industry Research Highlights - The diamond industry in India saw a narrowing decline in December exports, with cultivated diamond rough imports down by 50.14% year-on-year, while polished diamond exports decreased by 5.48% [10][12] - The penetration rate for cultivated diamonds in exports increased to 9.26%, while the import penetration rate fell to 7.52% [10][12] - The LCD panel market experienced a price recovery in Q4 2024, driven by demand from the "old-for-new" policy, with a notable increase in the sales of large-screen televisions [13][14] - The overall operating rate of panel manufacturers remained above 80% in Q4 2024, indicating a stable supply side amidst price stabilization [14][15]