万联证券：万联晨会-20250123

Core Insights - The A-share market experienced a collective decline on Wednesday, with the Shanghai Composite Index falling by 0.89%, the Shenzhen Component down by 0.77%, and the ChiNext Index decreasing by 0.54% [2][7] - The total trading volume in the Shanghai and Shenzhen markets reached 1,135.68 billion yuan [2][7] - In terms of industry performance, telecommunications, electronics, and steel sectors led the gains, while real estate, media, and banking sectors faced declines [2][7] - The Hong Kong market also saw a decline, with the Hang Seng Index dropping by 1.63% and the Hang Seng Tech Index falling by 2.4% [2][7] - In contrast, U.S. markets showed positive performance, with the Dow Jones up by 0.3%, S&P 500 rising by 0.61%, and Nasdaq increasing by 1.28% [2][7] Important News - A joint implementation plan was issued by six departments, including the Central Financial Office, to promote long-term capital entering the market, focusing on increasing the investment ratio and stability of commercial insurance funds and optimizing the investment management mechanisms of social security and pension funds [3][8] - The "Rural Comprehensive Revitalization Plan (2024-2027)" was released, aiming for substantial progress in rural revitalization by 2027 and achieving decisive progress in agricultural modernization by 2035 [3][8] Industry Analysis - In December, the export of transformers showed stable growth, with a total export value of 3.9 billion yuan, reflecting a month-on-month increase of 5.96% and a year-on-year decrease of 2.55% [9] - Cumulative transformer exports for the year reached 33.858 billion yuan, marking a year-on-year increase of 42.87% [9] - The export of electric meters in December amounted to 966 million yuan, with a month-on-month decrease of 13.10% but a year-on-year increase of 18.84% [10][11] - The export of switches exceeded 644 million yuan in December, showing a month-on-month increase of 23.33% and a year-on-year increase of 3.01% [11] - Cable exports reached 1.482 billion yuan in December, with a month-on-month increase of 24.57% and a year-on-year increase of 15.53% [12] Investment Recommendations - The report suggests that the global renewable energy installation is rapidly increasing, and the demand for power equipment exports is expected to benefit from this trend, particularly in transformers, electric meters, switches, and cables [12] - Companies with strong overseas market penetration, product reputation, and technological leadership are recommended for investment [12][18]