Group 1: Securities Industry Outlook - The report highlights that the securities industry is expected to benefit from macroeconomic recovery and favorable policies in 2025, with a focus on performance improvement and valuation recovery [2][5][45] - It notes that the central political bureau and economic work conference have introduced several positive policies, including more proactive fiscal and monetary policies, which are expected to stabilize the stock and real estate markets [2][5] - The report anticipates that the securities industry will see a significant increase in trading volume, with daily average trading volume reaching 20,150 billion since September 24, compared to 5,973 billion in August and 7,972 billion in September [2][5] Group 2: Investment Opportunities - The report emphasizes the potential for head institutions in the securities industry to innovate and develop investment opportunities in the medium to long term, particularly focusing on value stocks that are currently undervalued [6][45] - It suggests that the integration frequency and intensity within the securities industry are expected to increase in 2024, with a trend likely to continue into 2025, driven by top-down initiatives [5][6] - The report highlights the growing importance of ETFs in wealth management and investment strategies, indicating that ETFs will play a crucial role in the investment landscape [2][6] Group 3: Regulatory Environment - The report indicates that the current regulatory environment remains stringent, with no significant changes expected in the short term, which may impact the growth of the securities industry [2][5] - It mentions that the regulatory focus will likely remain on optimizing the capital market environment and standardizing the behavior of various participants [2][5] Group 4: Market Dynamics - The report notes that the market's trading enthusiasm has been significantly stimulated by the regulatory authorities' positive statements since September 24, leading to a stable high trading volume [2][5] - It also points out that the market's valuation has seen a significant recovery, with the current valuation at 1.59 times PB, which is at the 40.50% percentile of historical valuations, indicating more upside potential [5][6]

Investment Rating - The report maintains a positive outlook for the agricultural, forestry, animal husbandry, and fishery industry, with an investment rating of "Buy" for 2024 [17][40]. Core Insights - The agricultural sector is expected to benefit from consumption growth and cyclical changes, with a focus on the recovery of demand and supply dynamics in the livestock sector [12][36]. - The report highlights the importance of cost management for pig farming enterprises, indicating that those with cost advantages are likely to achieve moderate expansion while underperforming capacities will be eliminated [11][67]. - The report emphasizes the potential for gene-modified seeds and the restructuring of the agricultural industry due to trade tensions between China and the U.S., which may create favorable conditions for certain agricultural sectors [4][19]. Summary by Sections Main Line One: Focus on the Pig Farming Industry - The pig farming industry is experiencing a structural change post-African swine fever, with increased scale and a reduction in price volatility. The average price of live pigs is projected to be between 15-16 yuan/kg in 2025, down from 2024 but still within a profitable range [11][67]. - The report suggests that the supply of breeding sows will maintain a slow recovery, with the number of breeding sows reaching approximately 40.73 million by October 2024, a slight increase from earlier in the year [7][70]. - Key companies recommended for investment include Muyuan Foods, Wens Foodstuff Group, and Tian Kang Biological, which are expected to benefit from their cost advantages [11][40]. Main Line Two: Consumption Improvement Expectations - The report anticipates a rebound in meat consumption driven by policy incentives, particularly in the poultry and aquaculture sectors, which are expected to show high elasticity in response to improving consumer demand [10][31]. - The poultry industry, particularly the white feather chicken segment, is expected to recover due to structural shortages and improved profitability, while yellow chicken profitability is also projected to remain stable [18][31]. Main Line Three: Trade Tensions and Agricultural Sector Opportunities - The report notes that U.S.-China trade tensions may lead to agricultural products being used as a countermeasure, which could impact prices and highlight the importance of food security strategies [4][19]. - The commercialization of genetically modified seeds is expected to reshape the competitive landscape of the seed industry, with leading companies like Dabeinong and Longping High-Tech being highlighted for their early investments in this area [4][19]. Main Line Four: Growth in Pet Consumption - The pet food market is experiencing robust growth, with domestic brands gaining market share and aligning with health and premiumization trends. Companies such as Zhongchong Co. and Petty Co. are recommended for their strong positioning in this sector [19][19]. - The pet healthcare segment is also expected to see growth, with domestic products gradually replacing imports, providing a second growth curve for companies involved in pet healthcare [19][19].

Industry Investment Rating - The report maintains a positive outlook on the real estate industry, particularly focusing on core cities where the market is expected to stabilize and recover first [85] Core Views - The real estate market is expected to stabilize and recover, with core cities leading the way due to stronger demand and policy support [85] - The report predicts a continued decline in housing sales and prices, but at a slower pace, with sales area and prices expected to drop by 13.5% and 5.7% respectively in 2024 [3] - New housing starts are projected to decrease by 18.8% in 2025, reflecting a cautious approach by developers in response to market conditions [5] - The report highlights the resilience of housing prices in higher-tier cities, with first-tier cities expected to see a stabilization in prices due to strong demand and limited supply [16] Sales and Market Trends - The report forecasts a 11.3% decline in housing sales revenue in 2025, with sales area expected to drop by 8.1% [80] - Housing prices in 70 major cities have fallen significantly since their peak, with new home prices down by 9.6% and second-hand home prices down by 16.1% as of November 2024 [69] - The report notes that higher-tier cities have shown greater resilience in housing prices, with first-tier cities experiencing smaller declines and shorter durations of price drops compared to lower-tier cities [73] Construction and Investment - Housing completions are expected to decrease by 10.7% in 2025, with a significant backlog of projects due to the "guaranteed delivery" policy [47] - Construction area is projected to decline by 9.4% in 2025, reflecting a slowdown in new projects and a focus on completing existing ones [53] - Real estate development investment is forecasted to drop by 11.9% in 2025, driven by reduced land purchases and lower construction intensity [59] Policy and Strategy - The report emphasizes the importance of policy support in stabilizing the market, with central authorities showing a strong commitment to maintaining market stability [28] - Investment strategies focus on high-quality developers with a strong presence in core cities, such as Poly Development, China Merchants Shekou, and China Resources Land [22] Urban Tier Analysis - First-tier cities are expected to see a faster recovery in housing prices due to strong demand and limited supply, with second-hand home prices likely to stabilize before new home prices [16] - Second-tier cities show a mixed performance, with cities like Hangzhou, Chengdu, and Xi'an leading in price resilience due to strong population inflows and economic growth [16] - Third-tier cities face significant challenges, with weak demand and prolonged inventory pressure, although further price declines are expected to be limited [16]

Investment Rating - The report maintains a strong recommendation for several companies, including Kingsoft (金山办公), Foxit Software (福昕软件), Zhongke Shuguang (中科曙光), and others, indicating a positive outlook for the computer industry in 2025 [2][30]. Core Insights - The investment strategy focuses on three main lines: the leaders in various segments of the domestic IT innovation (信创) ecosystem, companies with urgent self-controllable demands, and key participants in the Huawei supply chain [1][2]. - The AIGC (Artificial Intelligence Generated Content) industry is experiencing rapid growth, with IDC predicting a global AI industry scale of $623.3 billion in 2024, a year-on-year increase of 21.5% [1][43]. - The report highlights structural opportunities in new productivity sectors, including intelligent driving, quantum computing, low-altitude economy, vehicle-road cloud integration, and data element markets [1][2][18]. Summary by Sections Industry Review - The computer sector's performance has been roughly in line with the CSI 300 index, with a significant rebound since September 2024 [23][27]. - The report notes that large-cap companies have shown better performance, with a 71.43% increase in companies with a market cap over 50 billion [39] [12]. Industry Outlook - The report anticipates improvements in market liquidity and risk appetite, with a focus on IT innovation and AI applications as key investment themes [18][27]. - It emphasizes the importance of fundamental analysis, cost-effectiveness, and attractiveness in assessing the sustainability of market trends [18][14]. Investment Strategy - The report identifies key companies in the IT innovation sector, such as China Software (中国软件), Taiji (太极股份), and others, as potential investment targets [1][2]. - It also highlights the rapid development of intelligent driving technologies, with expectations for significant market growth by 2025 [47][52]. Other New Productivity Sectors - The intelligent driving sector is projected to see a penetration rate of 16% for L2+ driving functions by 2025, with a market size of 39.5 billion yuan [47]. - Quantum computing is still in its early stages, with significant potential for future applications [53]. - The low-altitude economy is expected to have high development certainty, with infrastructure construction leading the way [1][18].

Investment Rating - The report maintains a "Positive" outlook for the food and beverage industry, indicating a relative strength against market benchmarks with expected returns exceeding 5% [6][62]. Core Insights - The food and beverage industry is witnessing a shift towards stable development among liquor companies, as evidenced by the recent series of distributor conferences held by major brands like Moutai and Wuliangye [12][14]. - Moutai plans to adjust its product offerings for 2025, focusing on increasing the overall supply of its flagship products while reducing the volume of certain variants [12]. - Wuliangye emphasizes price stability and market share acquisition as key strategies for the upcoming year, implementing tailored approaches for different regions and distributors [13]. - Liquor companies are increasingly prioritizing quality over quantity, aiming for sustainable growth and improved financial health rather than merely pushing for higher sales volumes [14]. Industry Overview - The food and beverage sector comprises 126 listed companies with a total market capitalization of approximately 49,462.88 billion yuan, reflecting a 5.12% increase [2]. - The average price-to-earnings (P/E) ratio for the industry stands at 22.17, indicating a moderate valuation level [2]. - Recent market performance shows a decline across various sub-sectors, with the liquor segment experiencing a drop of 2.56% [29]. Company Performance Tracking - Recent stock performance highlights include Yanjing Beer with a 3.09% increase and Bai Run shares rising by 2.72%, while companies like Jin Feng and Hainan Coconut Island faced significant declines [4][30]. - The report notes that the liquor industry is focusing on enhancing brand value and consumer engagement, particularly targeting younger demographics [14].

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [2][24]. Core Insights - The Shanghai and Shenzhen Stock Exchanges have announced multiple fee reduction measures for 2025, which are expected to lower trading costs by approximately 1.5 billion yuan, enhancing trading activity and market liquidity [3]. - Following recent policy announcements aimed at stimulating the capital market, investor confidence is anticipated to rise, further boosting trading enthusiasm [4]. - The report highlights the potential for increased market concentration in the securities industry due to accelerated mergers and acquisitions, suggesting that leading firms may see their investment value recognized by the market [5]. Summary by Sections Fee Reduction Initiatives - The Shanghai Stock Exchange will waive listing fees for companies and reduce various transaction-related fees, with an estimated total reduction of about 965 million yuan for 2025 [3]. - The Shenzhen Stock Exchange will also eliminate listing fees for funds and bonds, with an expected reduction of nearly 500 million yuan, bringing the total fee cuts from both exchanges to around 1.5 billion yuan [3]. Market Environment and Investor Sentiment - The report notes that the recent policy environment has significantly activated market enthusiasm, with expectations for further positive impacts from upcoming central government meetings [4]. - Continuous improvements in the capital market environment are expected to benefit various business operations within the securities industry, leading to performance enhancements and valuation increases [4]. Industry Trends - The report anticipates that the trend of mergers and acquisitions will strengthen the "Matthew Effect" in the securities industry, leading to higher market concentration [5]. - The growth of ETFs is highlighted as a significant opportunity, with differentiated investment demands suggesting continued focus on the investment value of securities ETFs [5].

Core Insights - The report emphasizes the importance of expanding domestic demand as a key policy direction for 2025, particularly in the context of real estate drag and external uncertainties [1] - The report highlights the potential impact of U.S. tariffs and tax cuts on inflation uncertainty, which may affect interest rate cuts [1] - The central economic work conference has identified expanding domestic demand and preventing real estate risks as critical components of risk prevention for 2025 [1] Industry Overview - The construction materials sector is advised to focus on supply-side optimization and mergers, benefiting leading and excellent companies [4] - The construction sector is expected to see improved demand elasticity influenced by central government fiscal efforts, with state-owned enterprises benefiting significantly from policies [4] - The report suggests that the transportation sector is experiencing a price competition phase, with a focus on supply-demand marginal improvements and policy adjustments [11][23] Company Insights - Zhonghe Technology is planning a major asset restructuring involving the acquisition of a 71.97% stake in Zhonghe Xiyi through a share issuance [7] - Changan Automobile is projected to achieve a total scale of over 3 million vehicles in 2025, with a market share exceeding 9.4% and a procurement amount of 148.7 billion yuan, reflecting an 8.9% year-on-year increase [8] - The report indicates that the logistics sector, particularly leading companies like Zhongtong and YTO, are expected to maintain stable profitability during downturns due to their advantages in franchisee stability [12] Market Trends - The report notes that the retail and social services sectors are experiencing a recovery in consumer spending, with a 3.5% year-on-year increase in retail sales from January to November 2024 [46] - The report identifies a shift towards "interest consumption," which is expected to drive growth in sectors like toys and beauty products, benefiting companies that can leverage IP and engage younger consumers [66][89] - The metal industry is anticipated to see a strong cycle driven by liquidity changes and inventory cycles, with a focus on industrial metals and new materials [16][29]

Industry Investment Rating - The report maintains a positive outlook on the non-banking financial sector, particularly the securities industry, with a "看好" (positive) rating for 2025 [1] Core Views - The securities sector outperformed major market indices in 2024, with the Shenwan Secondary Securities Index rising by 33.32% year-to-date as of December 20, 2024 [1] - The industry is expected to benefit from a recovery in the capital markets in 2025, driven by supportive macroeconomic policies and regulatory improvements [2] - The "9.24" policy announcements in 2024 significantly boosted market trading volumes, with daily average trading volume reaching 20.15 trillion yuan in October, up from 5.973 trillion yuan in August [3] - Wealth management and ETF-related businesses are seen as key growth areas for securities firms, with potential for rapid expansion in fee-based income [3] - The report highlights the importance of asset allocation and risk management capabilities for securities firms, especially in a volatile market environment [4] - Industry consolidation is expected to accelerate in 2025, with several major mergers and acquisitions anticipated, including potential deals involving Guotai Junan & Haitong, Minsheng & Guolian, and others [5] Summary by Sections Market Performance and Policy Impact - The securities sector experienced a strong rebound in 2024, driven by multiple policy measures aimed at stabilizing the market and boosting investor confidence [1] - The "9.24" policy announcements in 2024 led to a significant increase in market trading volumes, with daily average trading volume stabilizing above 1 trillion yuan in the latter months of the year [3] - The report expects continued policy support in 2025, including more proactive fiscal and monetary policies, which could further benefit the securities industry [2] Wealth Management and ETF Opportunities - The rapid growth in ETF investments is seen as a key driver for wealth management businesses, with securities firms expected to focus on ETF-related products and services [3] - The report notes that the rise in ETF investments could lead to increased fee income for securities firms, particularly in the area of fund settlement services [3] - Wealth management transformation remains a critical focus for securities firms, with a shift towards higher-value advisory services and product offerings [53] Industry Consolidation and Regulatory Trends - The report anticipates an acceleration in industry consolidation in 2025, with several major mergers and acquisitions expected to take place [5] - Regulatory trends are expected to remain focused on improving the capital market environment and standardizing the behavior of market participants [2] - The report highlights the importance of regulatory clarity and policy support in driving industry performance and valuation recovery [4] Investment Strategy and Valuation - The report suggests that the securities sector's valuation remains attractive, with a current PB ratio of 1.59x, which is at the 40.50% percentile of its 10-year historical range [4] - The report recommends focusing on leading securities firms with strong innovation capabilities and undervalued stocks, particularly those with exposure to wealth management and ETF-related businesses [5] - The report also emphasizes the importance of policy direction in determining the industry's performance and valuation recovery in 2025 [4]

Investment Rating - The industry investment rating is maintained as "Positive" for the food and beverage sector, indicating a favorable outlook for the next six months [47]. Core Insights - The introduction of the "Gift Giving" feature by WeChat is expected to create a new consumption channel, particularly benefiting food and beverage companies with gifting attributes during peak gifting seasons like the Spring Festival and Valentine's Day [1][4]. - Companies that actively embrace this new channel are likely to gain a competitive edge, especially in the snack food segment, which has historically invested less in WeChat stores [11]. - The collaboration between companies like Laiyifen and Tencent enhances their market presence and operational capabilities, leveraging consumer data for targeted marketing [35]. Summary by Sections WeChat Gift Giving Feature - The "Gift Giving" feature is in a testing phase and aims to meet the growing gifting demand in a competitive online environment [1][4]. - This feature is anticipated to significantly boost transactions during major holidays, providing a new sales avenue for food and beverage companies [1]. Strategic Partnerships - The report highlights that certain companies, such as Laiyifen, are strategic partners with Tencent, allowing for deep collaboration in areas like marketing and digital infrastructure [2]. Supply Chain Innovations - Companies are restructuring their supply chains through self-built factories and innovative partnerships with raw material suppliers to reduce costs [3]. Market Dynamics - The food and beverage industry is seeing a shift towards online sales, with companies like Laiyifen and Good Products experiencing rapid growth in gift box sales, indicating a strong market response to the new gifting trend [33][34]. - The report notes that snack food companies are particularly well-positioned to capitalize on the WeChat gifting feature due to their lower historical investment in online channels [11][34].

回避：相对弱于市场基准指数收益率 5％以上。 东 兴 晨 报 东 兴 证 券 股 份 有 限 公 司 分析师推荐 块（20241226） 行业回顾：量升价降贯穿全年，消费降级对行业影响较明显 截至 2024 年 12 月 24 日，年初以来交运板块涨幅约 12.5%，与之对比沪深 300 涨幅为 15.4%。虽然涨幅略低于沪深 300，但运输板块在申万一级板块中涨幅 依旧相对靠前。子板块中，市场对于高确定性子板块和周期底部反转的子板 块更加关注。 回顾今年全年，我们认为量升价降是今年运输行业比较明显的一个趋势，而 消费端的降级对于这种变化起到了比较关键的作用。量升意味着国内市场的 潜在需求依旧有待挖掘，价降则说明了增量客户对于性价比提出了更高的要 求，下沉市场的重要性继续凸显。 25 年展望：正视行业价格竞争，重视供需边际改善和政策调控 我们认为，量升价降不仅是今年的现状，由此可能带来的价格内卷性竞争也 是 25 年行业可能会面临的挑战。12 月召开的中央经济工作会议中明确提出， 要综合整治"内卷式"竞争，规范地方政府和企业行为，说明政府部门对于 明年价格竞争加剧的可能性有充分的认识，同时也说明国家对于反内卷 ...