万联证券：万联晨会-20241213

Core Viewpoints - The A-share market showed a positive trend with the Shanghai Composite Index rising by 0.85% to 3,461.50 points, and the Shenzhen Component Index increasing by 1.00% [1][8] - The total trading volume in the A-share market reached approximately 18,666.17 billion RMB, with southbound funds experiencing a net sell-off of 29.29 million HKD [1][8] - The retail and food & beverage sectors led the gains, while the steel and coal industries faced declines [1][8] Market Review - The A-share market experienced a significant upward movement, with the ChiNext Index rising by 1.35% [1][8] - In the Hong Kong market, the Hang Seng Index increased by 1.20%, and the Hang Seng Tech Index rose by 1.53% [1][8] - In the overseas markets, all three major U.S. stock indices closed lower, with the Dow Jones down by 0.53%, the S&P 500 down by 0.54%, and the Nasdaq down by 0.66% [1][8] Important News - The Ministry of Human Resources and Social Security and other departments issued a notice to implement a personal pension system nationwide starting December 15, 2024, expanding tax incentives and including various financial products [2][8] - The Central Economic Work Conference emphasized maintaining stable economic growth, promoting consumption, and implementing proactive fiscal and moderate monetary policies [2][8] - Nine key tasks were identified for the upcoming year, including enhancing domestic demand, promoting technological innovation, and ensuring financial stability [2][8] Automotive Industry Insights - In November, China's automotive production and sales reached 3.437 million and 3.316 million units, respectively, with year-on-year growth of 11.1% and 11.7% [18] - New energy vehicles (NEVs) achieved record monthly production and sales, with 1.566 million and 1.512 million units sold, marking year-on-year increases of 45.8% and 47.4% [18] - The market share of Chinese brand passenger vehicles reached 68.3%, reflecting an increase of 8.6 percentage points compared to the previous year [18] Digital Marketing Industry Overview - Digital marketing is defined as a new marketing approach utilizing digital technologies and channels to achieve marketing goals [12][15] - The digital marketing market in China is projected to reach 1.05 trillion RMB in 2024, driven by the rapid growth of the advertising market [15] - The ecosystem of digital marketing consists of seven components, including user journeys, media ecology, and data ecology, which collectively support market stability [15]