东海证券：晨会纪要-20241204

Group 1: Banking Industry Insights - The banking industry is experiencing intensified competition, leading to a wave of mergers and acquisitions among regional banks, which is expected to enhance market competitiveness and financial stability [7][8]. - The operational pressure on commercial banks has increased significantly, with asset-liability and intermediary businesses facing downward pressure on volume, price, and quality [8][9]. - Despite challenges, the profitability and dividend stability of leading banks are anticipated to remain steady, supported by government policies aimed at stabilizing real estate and promoting consumption [9][10]. Group 2: Electronic Chemicals Industry Insights - The electronic chemicals sector is crucial for the development of downstream industries, with a focus on technological innovation and domestic production to enhance international competitiveness [12][13]. - Demand for high-end electronic chemicals is expected to grow due to advancements in semiconductor technology and the expansion of the photovoltaic industry, while domestic supply remains insufficient for high-end products [13][14]. - Key players in the electronic chemicals market are likely to benefit from the ongoing trend of domestic substitution and mergers and acquisitions, which will facilitate platform expansion and structural adjustments [14].