万联证券万联晨会

Core Insights - The A-share market experienced fluctuations with the Shanghai Composite Index closing down 0.42% at 3,157.97 points, the Shenzhen Component Index down 0.71%, and the ChiNext Index down 0.77% [3][6] - Northbound capital saw a net outflow of 1.97 billion yuan, with the Shanghai Stock Connect experiencing a net inflow of 330 million yuan, while the Shenzhen Stock Connect had a net outflow of 2.3 billion yuan [6] - The total trading volume in the two markets decreased to 802 billion yuan, with only the coal, banking, and real estate sectors showing gains, while non-ferrous metals, defense, and basic chemicals sectors led the declines [6] Market Performance - The domestic market showed a mixed performance with the Shanghai Composite Index at 3,157.97 (-0.42%), Shenzhen Component Index at 9,681.66 (-0.71%), and the ChiNext Index at 1,861.48 (-0.77%) [4][6] - Internationally, the Dow Jones closed at 34,429.88 (+0.10%), while the Hang Seng Index closed at 19,220.62 (-2.12%) [4][6] Government Initiatives - The National Development and Reform Commission (NDRC) approved 50 fixed asset investment projects from January to April, with a total investment of 320.7 billion yuan, focusing on high-tech and water conservancy sectors [2][6] - Emphasis was placed on implementing "hard investment" projects and accelerating the rollout of "soft construction" policies to support long-term special bonds and equipment upgrades [2][6] Financial Sector Focus - The meeting of local financial offices highlighted the need for orderly financial management reforms, risk prevention, and enhancing financial supervision to promote high-quality financial development [2][6] - The focus is on ensuring financial services support the real economy, with a call to strengthen oversight of local financial organizations and address intertwined risks in real estate and local government debt [2][6]