万联证券：万联晨会-20250205

Market Overview - On the last trading day before the holiday, the A-share market showed mixed performance, with the Shanghai Composite Index down 0.06% at 3,250.6 points, the Shenzhen Component Index down 1.33%, and the ChiNext Index down 2.73% [1][6] - The total trading volume in the Shanghai and Shenzhen markets was 1.12 trillion yuan [1][6] - In terms of industry performance, banking, public utilities, and building materials led the gains, while telecommunications, electronics, and machinery equipment lagged [1][6] - Concept sectors such as genetically modified organisms, AI intelligence, and corn saw increases, while sectors like copper cable high-speed connections, F5G concepts, and humanoid robots experienced declines [1][6] Important News - The State Council Tariff Commission announced that starting from February 10, 2025, tariffs will be increased on certain imported goods from the United States. Specifically, a 15% tariff will be imposed on coal and liquefied natural gas, while a 10% tariff will apply to crude oil, agricultural machinery, large displacement vehicles, and pickups [2][6] - The Caixin Manufacturing PMI for January was reported at 50.1, down from 50.5, marking the fourth consecutive month in the expansion zone. Various sub-indices showed mixed results, with production, new orders, finished goods inventory, business expectations, and supplier delivery time indices rising in the expansion zone, while the new export orders index slightly rebounded from the contraction zone, indicating accelerated growth in manufacturing supply and demand, improved external demand, logistics conditions, and business expectations [2][7]