万联证券：万联晨会-20250124

Core Insights - The report highlights the mixed performance of the A-share market, with the Shanghai Composite Index rising by 0.51% while the Shenzhen Component and ChiNext indices fell by 0.49% and 0.37% respectively, with a total trading volume of 1.355 trillion yuan [2][7] - Key sectors leading the market include banking, non-bank financials, and real estate, while telecommunications, electronics, and defense industries lagged behind [2][7] - The report notes significant developments in the capital market, particularly the push for long-term funds to enter the market, which is expected to enhance the quality of capital market development [4][9] Market Performance - The Shanghai Composite Index closed at 3,230.16, up by 0.51% - The Shenzhen Component Index closed at 10,176.17, down by 0.49% - The ChiNext Index closed at 2,093.31, down by 0.37% - The total trading volume in the Shanghai and Shenzhen markets was 1.355 trillion yuan [5][7] Important News - The State Council held a press conference on January 23, announcing measures to promote long-term funds entering the market, including a target for public funds to increase their holdings of A-share market value by at least 10% annually over the next three years [3][8] - The total loan amount for "white list" real estate projects has reached 5.6 trillion yuan, supporting the construction and delivery of 14 million housing units [3][8] Investment Strategy - The report emphasizes the implementation of a plan to encourage long-term funds to enter the market, which includes five major initiatives aimed at improving the investment environment and increasing the proportion of equity investments [9][10] - The plan aims to enhance the stability of insurance funds' investments in A-shares and optimize the investment management mechanisms of social security and pension funds [10][11] - It also encourages companies to increase share buybacks and implement more frequent dividend policies to boost investor confidence [12]