国信证券：晨会纪要-20241202

Macro and Strategy - The high-tech manufacturing diffusion index has remained unchanged for five consecutive weeks, with the A index at 0 and the B index at 51.4 as of November 23, 2024 [6] - Lithium hexafluorophosphate prices have increased, indicating a rising trend in the new energy industry, while dynamic random access memory prices have decreased, reflecting a downturn in the semiconductor industry [6] Industry and Company - The coal chemical equipment industry is expected to benefit significantly from the launch of a large-scale coal chemical project in Xinjiang, with total investment reaching 170 billion yuan [13][17] - The project includes a coal-to-oil engineering project with an investment of 56.7 billion yuan and aims to produce 4 million tons of coal-to-oil annually [17] - The total investment in coal chemical projects in Xinjiang is projected to exceed 500 billion yuan over the next five years, with equipment investment potentially reaching 250-400 billion yuan [17] - The insurance industry has seen a significant rebound in investment returns due to a capital market recovery, with a focus on optimizing asset allocation towards long-term bonds and high-dividend stocks [18] - The wind power sector has experienced a 57% increase in cumulative public bidding capacity for wind turbines in 2024, with significant growth expected in both onshore and offshore wind projects [27] - The national grid investment has also shown positive growth, with a 12.8% year-on-year increase in investment completion in October 2024 [27]