万联晨会-20251107

Core Insights - The A-share market showed a strong upward trend, with the Shanghai Composite Index rising by 0.97% to 4007.76 points, and the Shenzhen Component Index increasing by 1.73% [2][8] - The total trading volume in the A-share market reached approximately 2.05 trillion RMB, with over 2800 stocks experiencing gains [2][8] - The leading sectors included non-ferrous metals, electronics, and telecommunications, while the media sector lagged behind [2][8] - In the Hong Kong market, the Hang Seng Index closed up by 2.12%, and the Hang Seng Tech Index rose by 2.74% [2][8] - In contrast, all three major US stock indices closed lower, with the Dow Jones down by 0.84%, the S&P 500 down by 1.12%, and the Nasdaq down by 1.9% [2][8] Important News - President Xi Jinping emphasized the high-standard construction of the Hainan Free Trade Port, marking it as a significant step towards expanding high-level opening-up and promoting an open world economy [3][9] - The strategic goal of the Hainan Free Trade Port is to become a key gateway for China's new era of opening-up, focusing on high-quality development and integrating with major economic regions [3][9] Fund Allocation Insights - As of Q3 2025, the total net value of all funds in the market reached 35.16 trillion RMB, with equity and mixed funds accounting for 24.33% of the total [10] - The overall fund position increased to 80.03%, with equity mixed funds at 74.77% and ordinary equity funds at 82.14% [10] - The performance of various fund types varied significantly, with equity funds achieving a return of 24.14% and mixed funds at 20.87% for the quarter [11] Beauty and Personal Care Sector - In Q3 2025, the fund allocation ratio for the beauty and personal care sector decreased to 0.20%, indicating a low allocation level [14][15] - The medical beauty sub-sector remains in an overweight position, while personal care and cosmetics are underweighted [15][16] - The top three stocks in the beauty and personal care sector by fund allocation are Jinbo Biological, Aimeike, and Baiya Shares, although their allocation ratios have declined [16] Precision Reducer Industry - The precision reducer is a core component in the transmission field, crucial for humanoid robots, with significant market potential expected by 2030 [18][21] - The market for precision reducers is projected to grow substantially, with the domestic market for harmonic reducers expected to reach 24.9 billion RMB in 2023, growing at a CAGR of 16.54% from 2019 to 2023 [20] - The domestic production of precision reducers is increasing, with local manufacturers gradually closing the gap with international standards, indicating a strong trend towards domestic substitution [22]