中原证券：晨会聚焦-20241209

Market Performance - The Shanghai Composite Index closed at 3,404.08, up 1.05%, while the Shenzhen Component Index closed at 10,791.34, up 1.47% [3] - The Dow Jones Industrial Average fell 0.67%, the S&P 500 dropped 0.45%, and the Nasdaq Composite declined 0.15% [3] - The Hang Seng Index rose 1.56%, and the Nikkei 225 increased by 0.62% [3] Macroeconomic News - China has fully allocated the 1 trillion yuan ultra-long-term special treasury bonds, with 700 billion yuan for "two major projects" and 300 billion yuan for "two new initiatives" [4][7] - China's gold reserves increased to 72.96 million ounces in November, up from 72.80 million ounces in October [4][7] - US non-farm payrolls added 227,000 jobs in November, exceeding expectations, and the unemployment rate rose to 4.2% [4][7] Industry and Company Strategies Automotive Industry - The domestic passenger car market saw a 11.4% YoY growth in October, with exports reaching 4.1 million units, up 24% YoY [11] - The new energy vehicle market share reached 39.6% in the first 10 months of 2024, with domestic brands accounting for 64.6% of the market [11] - Hybrid vehicles are expected to become the mainstream market globally by 2025, with autonomous driving technology advancing rapidly [12] Pharmaceutical Industry - The pharmaceutical manufacturing industry's revenue grew by 0.1% YoY in the first 10 months of 2024, while profits declined by 1.3% [14] - The industry is expected to shift towards innovation, with a focus on digital healthcare, medical robotics, and AI-driven medical devices [14] - Key investment opportunities include synthetic biology, innovative drugs, and companies with overseas certifications for respiratory diagnostic products [14] AI and Semiconductor Industry - AI-driven innovation is accelerating, with cloud and edge computing driving demand for AI hardware and semiconductors [17] - The global semiconductor market is expected to grow by 16% in 2024 and 12.5% in 2025, with AI chips and advanced packaging technologies leading the way [32] - Domestic semiconductor companies are expected to benefit from the push for localization and technological breakthroughs in key areas [36] Materials and Chemicals Industry - The new materials sector underperformed the broader market in 2024, with semiconductor materials and rare earths showing strong performance [19] - The lubricant additives market is expected to grow, with domestic companies gaining market share due to cost and logistics advantages [19] - The chemical industry is expected to benefit from policy support and demand recovery, particularly in resource-based products and polyester filament [27] Energy and Electrical Equipment Industry - The photovoltaic industry is undergoing supply-side optimization, with new regulations raising entry barriers and reducing low-quality capacity expansion [23] - The electrical equipment sector is expected to benefit from increased investment in power grid construction and strong export demand [30] - The lithium battery industry is expected to recover in 2025, with a focus on upstream raw materials and companies with technological advantages [26] Key Data Updates - Recent restricted share unlocks include companies like Puli Technology, Hangzhou Department Store, and Guiyan Platinum [37] - The top 10 active stocks in the Shanghai-Shenzhen-Hong Kong Stock Connect include CITIC Securities, 360 Security Technology, and Kweichow Moutai [40]