万联证券：万联晨会-20250214

Market Overview - The A-share market experienced a collective decline on Thursday, with the Shanghai Composite Index falling by 0.42%, the Shenzhen Component Index down by 0.77%, and the ChiNext Index decreasing by 0.71. The total trading volume in the Shanghai and Shenzhen markets reached 1,819.523 billion yuan [2][7] - In terms of industry performance, the food and beverage, agriculture, forestry, animal husbandry, and fishery sectors led the gains, while electronics, machinery equipment, and telecommunications sectors faced declines. Concept sectors such as short drama games, pork, and Xiaohongshu saw significant increases, whereas humanoid robots, sci-tech new shares, and AI mobile phones experienced notable declines [2][7] Important News - The first film in Chinese history to surpass 10 billion yuan in box office revenue, "Ne Zha," has achieved this milestone, with projections suggesting total earnings could exceed 16 billion yuan, potentially placing it among the top five globally [3][8] - The U.S. President signed a memorandum to introduce reciprocal tariffs, indicating that goods transported through other countries to evade tariffs will not be accepted. Tariffs on automobiles, steel, aluminum, and pharmaceuticals are expected to rise soon, with potential short-term price increases [3][8] Fund Allocation Insights - The technology growth sector has seen a high allocation of funds, with the overall market fund net value rising to 32.19 trillion yuan by the end of 2024. The proportion of money market funds increased to 42.27%, marking a rise of 0.92 percentage points from the previous quarter [9][11] - The electronic, power equipment, and food and beverage industries received the largest increases in fund allocations, with stock allocation ratios rising by 9.83 percentage points, 6.66 percentage points, and 3.27 percentage points, respectively. Conversely, the banking, oil and petrochemical, and transportation sectors saw declines exceeding 3 percentage points [10][11] Industry Development - Guangdong Province has launched an action plan to accelerate the development of humanoid robots, aiming to establish a modern industrial system by 2025. This includes the construction of innovation centers and the promotion of key research projects in humanoid robotics [12][13] - The plan emphasizes the need for high-level construction of innovation platforms and aims to foster a competitive industrial cluster in humanoid robotics, supported by various policies and financial incentives [14][15]