万联证券：万联晨会-20250207

Market Overview - The A-share market experienced a rebound with the Shanghai Composite Index rising by 1.27% to close at 3,270.66 points, the Shenzhen Component Index increasing by 2.26%, and the ChiNext Index up by 2.8%. The total trading volume in the Shanghai and Shenzhen markets reached 1.54 trillion yuan [2][7] - In the industry sectors, automotive, electronics, and computer industries led the gains, while concept sectors such as DeepSeek, humanoid robots, and AI glasses also saw increases [2][7] - The Hong Kong stock market also showed strong performance, with the Hang Seng Index closing up 1.43% at 20,891.62 points and the Hang Seng Tech Index rising by 2.62% [2][7] - Internationally, the US stock indices had mixed results, with the Dow Jones down 0.28% at 44,747.63 points, while the S&P 500 and Nasdaq rose by 0.36% and 0.51%, respectively [2][7] Important News - According to the latest VAT invoice data from the State Taxation Administration, the average daily sales revenue of consumption-related industries during the Spring Festival holiday increased by 10.8% compared to the previous year. Notably, home appliances and audio-visual equipment sales surged by 166.4%, while mobile communication devices saw a growth of 181.9% [3][8] - The third China International Supply Chain Promotion Expo is scheduled to be held in Beijing from July 16 to 20, 2025, covering an area of 120,000 square meters and featuring six major supply chain categories [3][8] Film Industry Insights - The Spring Festival box office reached a new high, with total earnings of 9.51 billion yuan, marking an 18.6% year-on-year increase. The first day of the festival saw a record box office of 1.81 billion yuan [9][10] - The significant increase in audience attendance, with 187 million viewers, was a major driver of box office growth, alongside a slight rise in average ticket prices to 50.8 yuan [9][10] - The competition during the Spring Festival was intense, with the top films showing significant box office concentration. The leading film, "Nezha: The Devil Child Comes to the World," grossed 4.839 billion yuan, accounting for 51% of the total box office [10][11] - The film "Nezha" broke the record for the highest box office for a single Chinese film, surpassing "The Battle at Lake Changjin" [10][11] - The strong performance of the Spring Festival box office is expected to boost confidence in the film market for 2025, potentially stimulating overall industry output and related consumer spending [11]