万联晨会-20250605

Market Overview - The A-share market experienced an overall increase, with the Shanghai Composite Index closing up 0.42% at 3,376.20 points, the Shenzhen Component Index rising 0.87%, and the ChiNext Index increasing by 1.11%. The total trading volume in the A-share market was approximately 1.15 trillion yuan, with over 3,700 stocks rising [2][7] - In the industry sector, beauty care and comprehensive industries led the gains, while the transportation sector lagged. Concept sectors such as beer, copper cable high-speed connections, and tobacco saw significant increases [2][7] - The Hong Kong market also saw gains, with the Hang Seng Index closing up 0.60% and the Hang Seng Tech Index up 0.57%. In the US, the three major indices had mixed results, with the Dow Jones down 0.22%, the S&P 500 up 0.01%, and the Nasdaq up 0.32% [2][7] Important News - The National Energy Administration has initiated the first batch of pilot projects for the construction of a new power system, focusing on seven areas including grid-type technology and intelligent microgrids, aiming to explore new technologies and models for power system construction [3][8] - The Ministry of Industry and Information Technology is promoting the development of the artificial intelligence industry to empower new industrialization, emphasizing the need to strengthen the industrial foundation and enhance computing power supply [3][8] Tourism Industry Insights - During the Dragon Boat Festival holiday, 119 million domestic trips were made, representing a year-on-year increase of 5.7%, with total domestic travel expenditure reaching 42.73 billion yuan, up 5.9% year-on-year [9][10] - The growth rate of the tourism market has slightly declined compared to the May Day holiday, with per capita travel expenditure decreasing by 2.11% to 359.08 yuan per person [10][12] - The implementation of visa-free policies has led to a significant increase in inbound tourism, with a 59.4% year-on-year increase in foreign visitors entering under visa-free policies during the holiday [12][13] - Family travel has seen a notable increase, particularly in parent-child travel products, with bookings for such products rising by 80% year-on-year [12][13] Investment Recommendations - The tourism sector is expected to benefit from the optimization of holiday systems and policies, with potential growth in inbound consumption providing new opportunities for the duty-free industry [13] - The report suggests focusing on leading companies in tourism, duty-free, hotels, catering, and education sectors that are likely to benefit from favorable policies [13]