Group 1 - The overall market is expected to remain volatile, with positive policy direction but a need for time to reverse the macroeconomic situation. The anticipated implementation of sanctions related to Trump's administration in January may directly impact China's export performance [1] - The proportion of high-growth industries is still relatively low, with notable highlights in specific sectors such as technology. The market style is expected to gradually shift back to large-cap stocks, while small-cap stocks may face adjustment risks in January due to the upcoming annual report disclosures and the implementation of new ST rules [2] - Based on the macro environment, policy direction, and industry tracking, a barbell strategy is maintained, recommending defensive sectors like banking, home appliances, and electricity, alongside offensive sectors such as domestic computing power and AI chips [3]

Group 1 - CES 2025 will serve as a global benchmark for technology innovation and consumer electronics, showcasing cutting-edge technologies and outstanding products from leading tech players worldwide [1] - The event is expected to highlight the latest innovations in consumer electronics, with a focus on significant breakthroughs in AI applications and chip technology, acting as a key catalyst for the consumer electronics industry in early 2025 [2] - The CES 2025 will take place from January 7 to 10, 2025, in Las Vegas, USA, as reported by CITIC Securities [3] Group 2 - The enthusiasm for AI technology is anticipated to further escalate at this year's CES, with an expectation of more AI application examples being showcased [4]

Group 1 - The core viewpoint indicates that a potential reduction in reserve requirement ratios and interest rates in the first quarter of next year may enhance stock valuation attractiveness, leading to an upward trend in the A-share market [1] - The A-share market has shown a consistent upward movement in its bottom over the past few months, with seasonal patterns suggesting a temporary decline in trading activity towards the end of the year, followed by increased activity at the beginning of the new year [3] - Post-Chinese New Year, liquidity is expected to improve further, which may support market performance [3] Group 2 - Key themes to focus on include AI+, low-altitude economy, and initial public offerings [2] - Industries of interest include non-bank financials, electronics, military industry, media, machinery, real estate chain, construction, and leisure services [4] - The report suggests continued attention to potential policy-driven beneficiaries, with AI+ identified as a mid-term industry focus [5]

Group 1 - The core viewpoint is that the medical device industry has significant advantages in going global, with China's innovation and cost-effectiveness expected to establish global leaders [1] - The industry is anticipated to continue its recovery from a low base, with the impact of medical compliance requirements and centralized procurement gradually clearing, leading to high growth for companies launching new products or expanding internationally [2] - The report from CITIC Securities expresses optimism about investment opportunities in the medical device sector by 2025 [3] Group 2 - Recent approvals of multiple innovative devices are expected to create new opportunities for commercial insurance to facilitate the growth of innovative products, while the rapid development of AI in healthcare and advancements in brain-computer interface technology are likely to continue catalyzing the industry [4] - Regulatory encouragement for mergers and acquisitions has led to increased activity in the medical device sector [5]

Group 1 - Xiaomi is building its own GPU cluster and is making significant investments in AI large models [1] - The Xiaomi large model team initially had 6,500 GPU resources, indicating a strong focus on AI large models [2] - The demand for data centers is expected to increase due to rising AI computing power needs, particularly for high-power super-large data centers [3] Group 2 - The recent power outage at Microsoft's data center affected OpenAI's AI services, highlighting the importance of reliable power supply for AI operations [2] - There is a growing need for advanced infrastructure in the IDC industry, including power equipment and liquid cooling systems, to meet the demands of high-performance computing [3]

Group 1 - The core viewpoint emphasizes the potential benefits from policy initiatives, with AI+ being a key mid-term industry theme [1] - The report suggests focusing on sectors such as non-bank financials, electronics, military industry, media, machinery, real estate chain, construction, and leisure services [2] - It is anticipated that in the current policy environment, there may be timely reductions in reserve requirements and interest rates in the first quarter of next year, which could enhance stock valuation attractiveness and drive liquidity in the A-share market [3] Group 2 - The report highlights key themes to watch, including AI+, low-altitude economy, and initial public offerings [5] - It notes that the A-share market has been gradually moving upward from its bottom over the past few months, with seasonal trends indicating a typically quieter market towards year-end due to profit-taking [4] - Following the Lunar New Year, liquidity is expected to improve further, potentially leading to increased market activity [4]

证券代码：601066 证券简称：中信建投 公告编号：临2024-078号 中信建投证券股份有限公司 第三届董事会第十一次会议决议公告 表决结果：12 票同意、0 票反对、0 票弃权，本议案获得通过。公司董事长、 执行董事、执行委员会主任王常青先生予以回避表决。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中信建投证券股份有限公司（以下简称公司）第三届董事会第十一次会议于 2024 年 12 月 6 日、2024 年 12 月 20 日以书面方式发出会议通知与补充通知，于 2024 年 12 月 27 日在公司总部会议中心以现场结合通讯的方式召开。本次会议 应出席董事 13 名；实际出席董事 13 名，其中现场出席的董事 7 名，以电话方式 出席的董事 6 名（闫小雷董事、浦伟光董事、赖观荣董事、张峥董事、吴溪董事 和郑伟董事）。 本次会议由董事长王常青先生主持，公司监事与相关高级管理人员列席会议。 会议召开和表决情况符合法律、法规、股票上市地证券交易所上市规则及《中信 建投证券股份有限公司章程》《 ...

Group 1 - The low-altitude economy is being accelerated by policy initiatives, with a focus on infrastructure development as a precursor to industry growth [1][2] - The establishment of the Low Altitude Economy Department will enhance the coordination of low-altitude economic development [2] - Shanghai Low Altitude Economy Industry Development Co., Ltd. has been registered, and the first provincial low-altitude flight service center has been successfully established [3] Group 2 - The expansion of special bonds for project capital now includes new sectors such as low-altitude economy and commercial aerospace [2] - There is an emphasis on low-altitude flying vehicles and related sectors as core components of the low-altitude economy [1] - The completion of low-altitude infrastructure will lead to a richer operational landscape, driving market expansion for local and vertical low-altitude flight operation companies [1]

Core Points - The company plans to raise a total of up to 885 million yuan through a private placement of shares, with the net proceeds intended for the production project of automotive wiring harnesses and to supplement working capital [1] - The issuance will not include the company's controlling shareholders or related parties, and the specific investors have not yet been determined [2] - The issuance has been approved by the Shanghai Stock Exchange [3] Pricing and Lock-up - The pricing benchmark for the issuance will be the first day of the issuance period, with the price set at no less than 80% of the average trading price of the company's A-shares over the 20 trading days prior to the pricing date [4] - Shares subscribed by the investors will be locked for a period of six months post-issuance, with any subsequent reduction in holdings subject to regulatory requirements [5] Issuance Details - The issuance will target up to 35 specific investors, including various financial institutions and qualified investors, with all subscriptions to be made in cash at the same price [7] - The number of shares issued will be determined by dividing the total raised funds by the issuance price, capped at 30% of the company's total share capital prior to the issuance, which equates to a maximum of 131,032,824 shares [8] Control and Ownership - The actual controllers of the company, Cheng Sanrong and Jin Chengcheng, hold a combined 74.98% of the shares, and post-issuance, their combined ownership will decrease to 57.68%, ensuring that control of the company remains unchanged [9]

Industry and Company Key Points **1. Global Economic Uncertainty and Policy Shifts**: * **U.S. Conservatism and Protectionism**: The U.S. policy of "America First" and unilateralism is causing significant uncertainty globally, impacting non-U.S. currency and capital flows [2]. * **Positive Fiscal and Monetary Policies**: Implementing more aggressive fiscal and monetary policies is expected to stabilize the economy, with manufacturing investment playing a crucial role [3]. * **Supply Chain Disruption**: Policies like self-sufficiency, restricting foreign investment, and enhancing cybersecurity are aimed at ensuring U.S. technological leadership and potentially disrupting global supply chains [5]. **2. Economic Outlook and Growth**: * **GDP Growth Target**: The target for GDP growth in 2025 is expected to be around 5% [10]. * **Inflation Expectations**: Increasing inflation expectations is a key task, with the CPI expected to rise from 0.4% in 2024 to 0.8% in 2025 [12]. * **PPI**: The PPI is expected to remain negative in 2024 but turn positive in the second half of 2025, reaching 0% for the full year [12]. **3. Consumption and Investment**: * **Consumer Spending**: The report emphasizes the need to boost consumer spending and improve living standards, including increasing pensions, healthcare subsidies, and implementing pro-childbirth policies [20, 30]. * **Investment**: The focus is on "filling in the gaps" and enhancing future growth, with a focus on major projects and government investment [41]. **4. Real Estate Market**: * **Stabilization**: The real estate market is expected to stabilize in 2025, with prices expected to rise slightly [34]. * **Deleveraging**: The report highlights the ongoing deleveraging process in the real estate sector, with a focus on reducing inventory and stabilizing prices [36]. **5. Industrial Development and Technology**: * **Marshall's Cycle**: The report discusses the upward trend in the Marshall's cycle, with a focus on industries like new energy, new energy vehicles, and high-end manufacturing [38, 48]. * **Strategic Emerging Industries**: The report emphasizes the importance of strategic emerging industries, including new generation information technology, high-end equipment manufacturing, new materials, and new energy vehicles [53]. **6. Policy Measures**: * **Fiscal Policy**: The report highlights the expansionary fiscal policy, including increasing the fiscal deficit, increasing government bond issuance, and optimizing fiscal expenditure [62, 68, 74]. * **Monetary Policy**: The report advocates for a moderate easing of monetary policy, including lowering interest rates and maintaining sufficient liquidity [76, 86, 94]. **7. Asset Allocation**: * **Equities**: The report suggests that the stock market will benefit from policy support and the expansion of domestic demand [138]. * **Bonds**: The report predicts a downward trend in bond yields due to long-term growth deceleration, asset scarcity, and the start of a monetary easing cycle [124]. * **Currencies**: The report expects the US dollar to weaken in the medium term, while the renminbi is expected to stabilize [138]. * **Real Estate**: The report predicts a stabilization in the real estate market, with a focus on reducing inventory and improving quality [138]. * **Commodities**: The report suggests that commodities like copper and crude oil will be affected by weak demand and the strong US dollar [138]. * **U.S. Equities**: The report predicts that the U.S. stock market will face challenges due to economic weakness and profit growth concerns [138]. **8. Risks and Challenges**: * **Global Economic Uncertainty**: The report highlights the potential risks of global economic uncertainty, including geopolitical tensions, trade disputes, and financial stability concerns [147]. * **Inflation**: The report emphasizes the need to control inflation and maintain price stability [14, 195]. * **Deleveraging**: The process of deleveraging in key sectors like real estate and local government debt remains a challenge [36, 41].