万联晨会-20250410

Core Viewpoints - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index up by 1.31%, the Shenzhen Component Index up by 1.22%, and the ChiNext Index up by 0.98% [2][7] - The total trading volume in the Shanghai and Shenzhen markets reached 1,699.27 billion yuan [2][7] - The leading sectors included defense and military, retail, and real estate, while banking, oil and petrochemicals, and coal sectors lagged behind [2][7] - In the Hong Kong market, the Hang Seng Index rose by 0.68%, and the Hang Seng Technology Index increased by 2.64% [2][7] - Internationally, all three major US indices rose, with the Dow Jones up by 7.87%, the S&P 500 up by 9.52%, and the Nasdaq up by 12.16% [2][7] Important News - The US government announced a 90-day suspension of reciprocal tariffs on dozens of countries, maintaining a minimum tariff rate of 10% [3][8] - The State Council Tariff Commission announced an increase in the additional tariff rate on all imported goods from the US from 34% to 84%, effective from April 10, 2025 [3][8] Company Analysis - Guizhou Moutai reported a total revenue of 174.144 billion yuan for 2024, representing a year-on-year increase of 15.66%, with a net profit of 86.228 billion yuan, also up by 15.38% [9][10] - The company plans to distribute a cash dividend of 238.82 yuan per 10 shares for 2024 [9] - The gross profit margin and net profit margin slightly decreased to 91.93% and 49.52%, respectively, for 2024 [10] - Moutai's revenue from Moutai liquor reached 145.928 billion yuan, up by 15.28%, while series liquor revenue was 24.683 billion yuan, up by 19.65% [10][12] - The company aims for a revenue growth target of approximately 9% for 2025, with a fixed asset investment of 4.711 billion yuan [13]