万联晨会-20251218

Core Insights - The A-share market saw a collective rise in the three major indices on Wednesday, with the Shanghai Composite Index increasing by 1.19%, the Shenzhen Component Index by 2.4%, and the ChiNext Index by 3.39%. The total trading volume in the Shanghai and Shenzhen markets reached 1,811.002 billion yuan [2][7] - In terms of industry performance, telecommunications, non-ferrous metals, and electronics led the gains, while agriculture, defense, and coal sectors lagged behind. Concept sectors such as CPO, copper cable high-speed connections, and liquid cooling servers showed significant increases, whereas Hainan Free Trade Zone, horse racing, and ride-hailing concepts experienced declines [2][7] - The Hang Seng Index in Hong Kong rose by 0.92%, and the Hang Seng Technology Index increased by 1.03%. In contrast, the three major U.S. indices closed lower, with the Dow Jones down by 0.47%, S&P 500 down by 1.16%, and Nasdaq down by 1.81% [2][7] Important News - According to the Securities Times, the "14th Five-Year Plan" aims for a moderately loose monetary policy to promote economic growth and price recovery. This requires maintaining reasonable growth in financial totals to meet the financing needs of the real economy. Market institutions generally expect a reduction in the reserve requirement ratio and interest rates by approximately 0.5 and 0.1 percentage points, respectively, in the coming year. Structural tools will focus on expanding domestic demand, technological innovation, and supporting small and micro enterprises [3][7] - The Ministry of Finance reported that national fiscal revenue for the first 11 months of the year reached 20.05 trillion yuan, a year-on-year increase of 0.8%, consistent with the growth rate of the previous 10 months. Tax revenue amounted to 16.48 trillion yuan, growing by 1.8%, while securities transaction stamp duty revenue surged by 70.7% to 185.5 billion yuan [3][8]