万联证券：万联晨会-20241216

Core Views - The report emphasizes the continuation of policy support to stabilize the real estate market, which is crucial for expanding domestic demand and improving market expectations [11][19][24] - The central economic work conference highlighted the need to boost consumption and enhance investment efficiency, marking a shift in focus towards expanding domestic demand as a primary task for 2025 [19][22][24] - The report indicates that the industrial sewing machine industry is entering an upward cycle, with signs of recovery expected in 2024 due to improving domestic and foreign demand [15][18] Market Review - The A-share market experienced a collective decline, with the Shanghai Composite Index closing down 2.01% at 3,391.88 points, and the Shenzhen Component Index down 2.23% [5][6] - The total trading volume in the two markets reached 2.09 trillion yuan, with only the media sector showing gains while real estate, non-bank financials, and metals led the declines [5][6] - In the international market, the Dow Jones fell by 0.20%, while the S&P 500 remained flat, indicating mixed performance across global indices [2] Important News - The China Securities Regulatory Commission emphasized the importance of stabilizing the real estate and stock markets, enhancing market monitoring and regulatory measures to maintain stability [6][11] - The National Energy Administration called for the acceleration of planning and construction of a new energy system, highlighting the need for high-quality development and risk management in the energy sector [6][11] Investment Recommendations - The report suggests focusing on quality state-owned enterprises in the real estate sector that may benefit from supply-side reforms and policies aimed at stabilizing the market [11] - It is recommended to pay attention to companies involved in the recovery of the industrial sewing machine market, as demand is expected to rise significantly in 2024 [15][18] - The report advises monitoring sectors that will benefit from increased consumer spending, particularly in services and essential goods like food and beverages [19][22]