Domestic Market Overview - The market experienced a V-shaped reversal with mixed performance on January 8, 2025. The Shanghai Composite Index closed at 3230.17 points, up 0.02%, while the Shenzhen Component Index closed at 9944.64 points, down 0.54%. The ChiNext Index fell by 0.98% [1][4][9] - Among the 30 sectors tracked, 10 sectors saw gains, with home appliances, banking, and machinery leading the increases. Conversely, non-ferrous metals, steel, and basic chemicals experienced significant declines [1][4][9] - The total trading volume for the A-share market reached 12,576 billion yuan, showing an increase compared to the previous day [1][4][9] Overseas Market Overview - On the same day, the three major U.S. stock indices closed mixed. The Dow Jones rose by 0.25%, and the S&P 500 increased by 0.16%, while the Nasdaq fell by 0.06%. Notably, UnitedHealth rose nearly 2%, and Coca-Cola gained over 1%, leading the Dow [2][4] - The index tracking major U.S. tech stocks fell by 0.05%, with Facebook dropping over 1%. Most Chinese concept stocks declined, with Xpeng Motors falling more than 5% [2][4] News Highlights - The National Development and Reform Commission and the Ministry of Finance announced a new policy to enhance large-scale equipment updates and promote the replacement of consumer goods [3][12] - Shanghai has allowed the establishment of wholly foreign-owned hospitals, excluding traditional Chinese medicine and public hospital acquisitions [3][14] - The Ministry of Finance has established a national platform for the adjustment and sharing of state-owned assets in administrative and public institutions to improve asset allocation efficiency [3][15][16] - The Ministry of Commerce expressed strong opposition to the U.S. listing of certain Chinese companies as "military enterprises" [3][17] - The Federal Reserve's meeting minutes indicated that some participants have incorporated potential changes in trade and immigration policies into their forecasts [3][18]

Domestic Market Overview - The domestic market experienced a rebound after hitting a low, with the Shanghai Composite Index closing at 3229.64 points, up 0.71% [4][8] - The Shenzhen Component Index closed at 9998.76 points, increasing by 1.14%, while the Sci-Tech 50 Index rose by 2.86% [4][8] - A total of 26 out of 30 sectors in the CITIC first-level industry index saw gains, with electronics, computers, and communications showing significant increases, while pharmaceuticals, coal, and utilities faced declines [4][8] Overseas Market Overview - The three major U.S. stock indices all closed lower, with the Dow Jones down 0.42%, the S&P 500 down 1.11%, and the Nasdaq down 1.89% [2][4] - Notable declines included Nvidia, which fell over 6%, and Amazon, which dropped more than 2% [2][4] - Chinese concept stocks showed mixed results, with Xpeng Motors rising over 9% and TAL Education falling more than 7% [2][4] Market Drivers - A video call took place between China's Vice Premier He Lifeng and U.S. Treasury Secretary Janet Yellen, agreeing to maintain communication and manage differences to stabilize U.S.-China economic relations [9] - On the same day, 4393 stocks in the A-share market rose, while 902 fell, indicating a positive market sentiment with many stocks experiencing significant gains [9] News Highlights - The State Development and Reform Commission emphasized preventing policies that hinder fair competition [13] - The Central Committee and the State Council released opinions on deepening the reform and development of elderly care services, aiming for a well-established service network by 2029 [15] - The State Council issued guidelines to promote the high-quality development of government investment funds, focusing on effective management and risk prevention [17][18]

国内市场综述 缩量整理 小幅收跌 周一（1 月 6 日）大盘缩量整理，小幅收跌。截至收盘， 上证综指收于 3206.92 点，下跌 0.14%；深成指收于 9885.65 点，下跌 0.12%；科创 50 下跌 0.33%；创业板 指下跌 0.09%，万得全 A 成交额共 10712 亿元，较前一 日有所下降。 行业方面，30 个中信一级行业有 10 个收涨，其中医药、 钢铁及银行涨幅居前，而商贸零售、食品饮料及消费者 服务则跌幅较大。概念方面，稀土、光伏逆变器及干细 胞等指数表现活跃。 海外市场综述 美国三大股指收盘涨跌不一，脸书涨超 4% 周一（1 月 6 日），美国三大股指收盘涨跌不一，道指 跌 0.06%，标普 500 指数涨 0.55%，纳指涨 1.24%。宝 洁公司、霍尼韦尔国际跌超 2%，领跌道指。万得美国 科技七巨头指数涨 1.9%，脸书涨超 4%，英伟达涨逾 3%。 中概股多数下跌，名创优品跌超 12%%。 新闻精要 1. 央行明确释放稳汇率信号 2. 财政部：延长设备更新贷款财政贴息政策实施期限 3. 三部门：到 2029 年国家数据基础设施建设和运营体 制机制基本建立 4. 两部门印发《 ...

国内市场综述 震荡下挫 调整延续 周四（1 月 2 日）大盘震荡下挫，调整延续。截至收盘， 上证综指收于 3262.56 点，下跌 2.66%；深成指收于 10088.06 点，下跌 3.14%；科创 50 下跌 3.4%；创业板 指下跌 3.79%，万得全 A 成交额共 14095 亿元，较前一 日有所上升。 行业方面，30 个中信一级行业有 29 个收跌，其中非银 行金融、国防军工及计算机跌幅居前，仅有商贸零售收 涨。概念方面，拼多多合作商、首发经济及培育钻石等 指数表现活跃。 海外市场综述 美国三大股指小幅收跌，特斯拉跌超 6% 周四（1月2日），美国三大股指小幅收跌，道指跌0.36%， 标普 500 指数跌 0.22%，纳指跌 0.16%。万得美国科技 七巨头指数跌 0.32%，特斯拉跌超 6%，苹果跌逾 2%。 万得美国 500(除七巨头)指数跌 0.17%。中概股普遍下 跌，携程集团、哔哩哔哩跌超 5%。 新闻精要 1. 从头抓紧推动各项工作落地见效 努力实现今年经 济发展良好开局 2. 中国结算减半收取所有涉及 SFISF 的证券质押登记 费 3. 戴相龙：社保基金境内股票投资年化收益率高达 1 ...

市场研究部 2024 年 12 月 30 日 证券研究报告 并购周报 权。 1、产投、并购不及预期；2、政策风险；3、行业经营 情况不及预期。 并购周报 | --- | |-----------------------------------------------------------| | | | 一、国资央企并购 | | 1、中央国企: 哈焊华通认购中达金属 60%股权 | | 2、地方国企: 恒丰纸业定增收购锦丰纸业 100%股权. | | 二、娃长动态 | | 1、中粮集团有限公司: 中粮科技（000930） | | 2、中国机械工业集团有限公司:一拖股份(601038) | | 3、中国中化控股有限责任公司：克劳斯（600579） | | 三、技术创新并购 | | 1、技术创新: 宝光股份收购及增资凯赛尔科技获其 51.16%股权… | | 2、技术创新：荣科科技收购上海敬在信息部分股权 | | 3、技术创新：华海清科及子公司收购芯荷公司 82%股权… | | 四、风险提示 | 2 图表目录 未经授权引用或转发须承担法律责任及一切后果，并请务必阅读文后的免责声明 并购周报 | --- | --- ...

Group 1: Data Industry Development - The report highlights that the data industry is expected to achieve an average annual compound growth rate of over 15% by 2029, with a significant optimization in its structure and the emergence of new intelligent applications and services [3] - The data industry encompasses various sectors including data collection, storage, transaction, utilization, security governance, and infrastructure development [3] - The guidance emphasizes the need to optimize the industrial development environment and encourages early and small investments, leveraging existing government investment funds to support specialized investment institutions in the data sector [3][4] Group 2: Data Infrastructure and Services - The report identifies data infrastructure as a cornerstone of the digital economy, supporting the entire process from data collection to application [4] - It calls for the development of a nationwide integrated computing power system and the promotion of diverse computing resources, including general computing, intelligent computing, and supercomputing [4] - The guidance aims to cultivate data resource companies, strengthen data technology firms, and support data service enterprises, focusing on specialized services in data circulation and transaction [4] Group 3: Application and Innovation in Data - The report supports enterprises in creating typical scenarios that integrate data elements with various industries such as manufacturing, agriculture, commerce, finance, and green low-carbon initiatives [4] - It encourages innovation in artificial intelligence applications and the development of high-quality datasets, promoting new business models like "data as a service" and "knowledge as a service" [4] Group 4: New Energy Vehicle Procurement - The report states that the government procurement of new energy vehicles should account for no less than 30% of the total annual procurement for public service vehicles [6][7] - It emphasizes the need for government agencies to manage procurement demands effectively and to prioritize the use of new energy vehicles, especially for fixed-route and single-use vehicles [6][7] Group 5: Bond Market Regulation - The report discusses recent penalties imposed by the central bank on institutions for violations in the bond market, highlighting the need for stricter compliance and governance [8][9] - It notes that the bond market in China has been stable, with a total market balance of 173 trillion yuan as of November 2024, making it the second-largest financing channel for the real economy [10] Group 6: 5G and Industrial Internet - The report outlines the Ministry of Industry and Information Technology's plan to build 10,000 5G factories by 2027, integrating 5G technology into key sectors of the real economy [10][11]

资料来源：国家统计局,国新证券整理。 事件 点评 11 月，全国规模以上工业企业利润总额同比下降 7.3%，降幅 比 10 月收窄 2.7 个百分点，比 2023 年 11 月低 36.8 个百分点。 11 月 PPI 同比降幅收窄，对企业收入增长和盈利降幅收窄形 成较大影响。11 月，全国规模以上工业企业营业收入同比增长 0.5%，上月为下降 0.2%，当月营业收入连续两个月回升。从累计 看，1-11 月规上工业企业每百元营业收入中的成本为 85.34 元，比 1-10 月下降 0.05 元，营业收入利润率为 5.40%，比 1-10 月提高 0.11 个百分点。 1-11 月，在 41 个工业大类行业中，有 22 个行业利润同比增 长，18 个同比下降，15 个行业利润同比增速比 10 月加快，或降 宏观研究 分析师：郝大明 登记编码：S1490514010002 邮箱：haodaming@crsec.com.cn 宏观研究 11 月，高端装备制造行业利润增长较快，光电子器件制造、 航天相关设备制造等行业利润同比分别增长 41.1%、14.3%；智能 化、自动化产品生产加快带动相关行业利润增加，可穿戴智能 ...

并购周报 | --- | --- | |---------------------------------------------------------|----------------------------------------| | 国资央企并购周度观察第 50 期 | | | 国资央企并购 | | | 本周（ 12.16-12.22 ）国资央企并购事件共 12 项，其中 | | | 中央国有企业并购 4 项，为本钢板材资产置换收购本钢 | | | 矿业 100% 股权等；地方国有企业并购 8 项，为空港股 | | | 份收购天利动力 100% 股权等。 | | | 链长动态 | | | 本周链长企业动态方面，中国中化控股有限责任公司下 | | | 属上市公司风神股份（ 600469 ）发布" 2024 年度以简 | | | 易程序向特定对象发行股票预案（修订稿）"；中国机械 | | | 工业集团有限公司下属上市公司国机精工（ 002046 ） | 分析师：王闻 登记编码： S1490519010001 | | 发布" 2022 年度向特定对象发行股票预案（修订稿）"； | 邮箱： wangweny ...

11 月财政收入继续好转 ——11 月财政收支数据点评 事件 12 月 16 日，财政部发布，1-11 月，全国一般公共预算收入 199010 亿元，同比下降 0.6%，一般公共预算支出 245053 亿元， 同比增长 2.8%。 市场表现截至 2024.11.30 点评 11 月增值税、企业所得税和个人所得税好转，税收收入和非 税收入同比继续提高，财政收入显著好转。随着一揽子增量政策措 施落地见效，财政收入有望继续好转。 11 月财政收入继续好转。 1-11 月，全国一般公共预算收入同比下降 0.6%，降幅比 1-10 月收窄 0.7 个百分点，比 2023 年同期低 8.5 个百分点。 其中，中 央一般公共预算收入同比下降 2.5%，降幅比 1-10 月收窄 1.4 个百 分点；地方一般公共预算本级收入同比增长 1.1%，比 1-10 月提高 0.2 个百分点。1-11 月，全国税收收入同比下降 3.9%，降幅比 1- 10 月收窄 0.6 个百分点；非税收入同比增长 17.0%，比 1-10 月提 高 1.7 个百分点。 11 月，全国一般公共预算收入同比增长 11.0%，比 10 月提高 5.5 个百 ...

Investment Rating - The report assigns a "Neutral" investment rating for the real estate industry as of December 16, 2024 [2] Core Insights - Real estate investment and new construction have seen a significant decline, with total real estate development investment reaching 936.34 billion yuan from January to November, a year-on-year decrease of 10.4% [3] - The area under construction by real estate developers has decreased by 12.7% year-on-year, totaling 726.01 million square meters, while new construction area has dropped by 23.0% [3] - In November alone, real estate investment fell by 11.6% year-on-year, although this represented a slight narrowing of the decline compared to previous months [3] - The sales of new commercial housing have also declined, with a total sales area of 861.18 million square meters from January to November, down 14.3% year-on-year, and sales revenue of 851.25 billion yuan, down 19.2% [3] - However, there was a month-on-month increase in sales area and revenue in November, with sales area rising by 3.3% and sales revenue increasing by 1.4% [3] - The price index for new commercial residential properties in 70 large and medium-sized cities fell by 6.1% year-on-year in November, but the rate of decline has narrowed compared to previous months [3] Summary by Sections Real Estate Investment Trends - From January to November 2024, real estate development investment was 936.34 billion yuan, down 10.4% year-on-year, with a monthly decline of 11.6% in November [3] - The area under construction decreased by 12.7% year-on-year, while new construction area saw a 23.0% drop [3] Sales Performance - New commercial housing sales area totaled 861.18 million square meters, down 14.3% year-on-year, with sales revenue at 851.25 billion yuan, a 19.2% decrease [3] - November showed signs of recovery with a 3.3% increase in sales area and a 1.4% increase in sales revenue [3] Price Trends - The price index for new commercial residential properties in November showed a year-on-year decline of 6.1%, but the decline rate has narrowed [3] - Second-hand housing prices also saw a year-on-year decrease of 8.5%, with a narrowing decline [3]