财信证券：晨会纪要-20241216

Market Overview - The report indicates that the A-share market is experiencing a triangular adjustment pattern, with significant trading volume suggesting an impending market shift [7] - The Shanghai Composite Index closed at 3391.88, down 2.01%, while the Shenzhen Component Index and the ChiNext Index also saw declines of 2.23% and 2.48% respectively [2] Economic Insights - The Central Economic Work Conference emphasized the importance of expanding domestic demand and implementing more proactive fiscal policies, with expectations for the fiscal deficit rate to rise to around 4% in 2025 [7][10] - The report highlights that the social financing scale increased by 2.34 trillion yuan in November, a year-on-year increase of 7.8%, with government and corporate bonds being significant contributors [15][17] Industry Dynamics - Google has formed a strategic partnership with domestic AR glasses manufacturer XREAL, which currently holds a 47.2% market share in the global AR glasses market [23] - The Ministry of Industry and Information Technology is working on a plan to enhance the role of the gaming industry in technological innovation [26] Company Developments - Wanchen Group plans to acquire software systems from an affiliated party for 27.7031 million yuan, aimed at improving operational efficiency [27] - Haitian Flavoring and Food Company intends to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy [28] - Qianjin Pharmaceutical's subsidiary has received a registration certificate for Dapoxetine Hydrochloride Tablets, which are used for treating premature ejaculation [29] Investment Opportunities - The report suggests that companies in the consumer sector and those involved in artificial intelligence are likely to benefit from the government's focus on expanding domestic demand and technological innovation [7][10] - The report anticipates that the demand for rubber wear parts in the mining industry will increase due to declining copper ore grades, positioning companies like Nepean Mining as potential beneficiaries [34]