万联证券：万联晨会-20250304

Market Overview - The A-share market experienced fluctuations with the Shanghai Composite Index closing down by 0.12% at 3,316.93 points, while the Shenzhen Component Index rose by 0.36% and the ChiNext Index increased by 1.2% [2][6] - The total trading volume in the A-share market reached 1.62 trillion RMB, with nearly 3,000 stocks rising. The non-ferrous metals sector led the gains, while the home appliance sector lagged [2][6] - In the Hong Kong market, the Hang Seng Index rose by 0.28%, while the Hang Seng Tech Index fell by 0.58%. In contrast, all three major U.S. indices closed down, with the Dow Jones dropping by 1.48%, the S&P 500 by 1.76%, and the Nasdaq by 2.64% [2][6] Important News - The 14th National Committee of the Chinese People's Political Consultative Conference held its first press conference on March 3, 2025, discussing the current economic situation in China. The spokesperson emphasized that the economy is on a path of high-quality development despite facing challenges [3][7] - The February Caixin China Manufacturing PMI rose to 50.8, the highest in three months, indicating an acceleration in manufacturing activities. This increase was attributed to the return of employees post-holiday and improved international market demand [3][8]