万联证券：万联晨会-20250218

Market Overview - The A-share market saw all three major indices rise on Monday, with the Shanghai Composite Index up by 0.27%, the Shenzhen Component Index up by 0.39%, and the ChiNext Index up by 0.51%. The total trading volume in the Shanghai and Shenzhen markets reached 1,941.043 billion yuan [2][7] - In terms of industry performance, the telecommunications, machinery equipment, and environmental protection sectors led the gains, while non-ferrous metals, coal, and media sectors experienced declines. Concept sectors such as agricultural machinery, humanoid robots, and genetically modified organisms saw the highest increases, while short drama games, lead, and zinc experienced the largest declines [2][7] Important News - National leaders emphasized the commitment to the development of the private economy, stating that the fundamental policies regarding private enterprises have been integrated into the socialist system with Chinese characteristics and will remain unchanged. The outlook for the private economy in the new era is broad and promising [3][8] - The first batch of 13 Science and Technology Innovation Board ETFs raised over 8 billion yuan on their first day of issuance, with the China Construction Bank's ETF reaching its 2 billion yuan cap in just half a day, leading to an early end to fundraising and the initiation of proportional allocation [3][8] Financial Analysis - The total social financing (TSF) stock grew by 8% year-on-year, with a total scale of 415.2 trillion yuan. In January, the net financing of government bonds reached 693.3 billion yuan, and new loans amounted to 5.22 trillion yuan, both showing significant year-on-year increases [9][10] - The new RMB loans in January reached 5.13 trillion yuan, marking a year-on-year increase. The balance of RMB loans from financial institutions was 260.77 trillion yuan, with a year-on-year growth of 7.5% [10] - The report indicates that the increase in government bonds and new loans effectively supports the performance of social financing, reflecting a stable growth characteristic driven by policy factors [11][12]