万联晨会-20251031

Core Insights - The A-share market experienced a collective decline on Thursday, with the Shanghai Composite Index down 0.73%, the Shenzhen Component down 1.16%, and the ChiNext Index down 1.84% [2][8] - The total trading volume in the Shanghai and Shenzhen markets was 24,213.95 billion yuan [2][8] - In terms of industry performance, steel, non-ferrous metals, and public utilities led the gains, while communication, electronics, and defense industries saw declines [2][8] Important News - The results of the China-US economic and trade consultations in Kuala Lumpur were announced, with the US agreeing to cancel the 10% "fentanyl tariff" on Chinese goods and to suspend the 24% reciprocal tariff for one year [3][9] - The US will also pause the implementation of export controls and investigations related to maritime, logistics, and shipbuilding industries for one year, while China will adjust or suspend related countermeasures [3][9] Industry Analysis - The "14th Five-Year Plan" emphasizes the acceleration of the new energy system construction, which is expected to boost market confidence and improve investor sentiment [4][10] - In September, sales of excavators and loaders saw significant growth, with excavator sales increasing by 25.4% year-on-year and loader sales increasing by 30.5% year-on-year [18][19] - The report on Kweichow Moutai indicates steady growth in the third quarter, with total revenue reaching 130.9 billion yuan, a year-on-year increase of 6.32% [22][23] Investment Recommendations - The report suggests focusing on the new energy sector, particularly hydrogen energy and solid-state batteries, as key development directions for the industry [16][15] - The construction of a new power system is expected to continue, with an emphasis on smart grids and new energy storage solutions [16][15] - The engineering machinery industry is entering a new growth phase, driven by both domestic and international demand, with recommendations to pay attention to companies with strong market positions and overseas expansion strategies [21][20]