万联证券：万联晨会-20250220

Core Insights - The A-share market saw a collective rise in the three major indices on Wednesday, with the Shanghai Composite Index up by 0.81%, the Shenzhen Component Index up by 1.46%, and the ChiNext Index up by 2.03% [2][7] - The total trading volume in the Shanghai and Shenzhen markets reached 17,207.92 billion [2][7] - In terms of industry performance, machinery, electronics, and computers led the gains, while coal, banking, and oil & petrochemicals lagged behind [2][7] - Concept sectors such as humanoid robots, PEEK materials, and reducer concepts saw significant increases, while fentanyl, artemisinin, and soybean concepts had lower gains [2][7] - The Hong Kong market experienced a slight decline, with the Hang Seng Index down by 0.14% and the Hang Seng Technology Index up by 0.59% [2][7] - Internationally, the US major indices also rose, with the Dow Jones up by 0.16%, S&P 500 up by 0.24%, and Nasdaq up by 0.07% [2][7] Important News - The State Council's action plan for stabilizing foreign investment in 2025 includes expanding pilot programs in telecommunications, healthcare, and education, as well as removing restrictions on foreign investment in the manufacturing sector [3][8] - The National Bureau of Statistics released data showing that in January, the number of cities with rising new home prices increased compared to the previous month, with first-tier cities continuing to see price increases [3][8] Industry Analysis - The media industry index saw adjustments in Q4 2024, with daily trading volume increasing year-on-year and month-on-month, indicating heightened market activity [9] - The valuation (PE-TTM) of the media industry remains on an upward trend, outperforming the average level of the past seven years [9] - The fund allocation ratio for the media industry was recorded at 1.66%, with a heavy concentration in the gaming and advertising sectors, which are currently favored by the market [9][10] - The top ten heavy stocks in the media sector are primarily composed of gaming, publishing, advertising, and film industries, with gaming stocks occupying five positions [10] - The concentration of fund heavy allocations is significant, with the top five, ten, and twenty stocks accounting for 60.12%, 78.68%, and 93.80% of the total fund heavy market value, respectively [10]