东兴证券：东兴晨报-20241216

Group 1: Food and Beverage Industry - The core viewpoint of the report emphasizes that the central economic work conference has prioritized boosting consumption as a key task for the upcoming year, with policies expected to be implemented to enhance consumer spending and improve investment efficiency [2][3] - Three main policy directions for expanding domestic demand were outlined: implementing special actions to boost consumption, enhancing the "two new" policies to innovate diverse consumption scenarios, and strengthening organizational coordination to support key projects [2] - The report anticipates a recovery in food and beverage consumption, particularly in sub-sectors closely related to economic prosperity, such as liquor and condiments, suggesting a mid-to-long-term positive trend for companies with increasing market share like Kweichow Moutai and Anjuke Food [3] Group 2: Banking Industry - The report indicates that in 2024, listed banks experienced a significant recovery in valuation, with both absolute and relative returns improving, particularly among state-owned banks and quality small and medium-sized banks [4] - Looking ahead to 2025, macro policies are expected to adopt extraordinary counter-cyclical adjustments, with moderate monetary easing likely to lead to a further decline in broad interest rates, although banks may still face pressure on net interest margins [5] - The report suggests that the improvement in asset quality is anticipated due to the alleviation of risks in real estate and local platforms, which could enhance banks' asset quality expectations [5][9] Group 3: Ice and Snow Industry - The report highlights that the high-quality development of the ice and snow industry is supported by government policies, with the total scale of the ice and snow economy expected to reach 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030 [18][19] - There has been a notable increase in the number of ice and snow sports venues, with a 16.11% growth in total venues compared to 2022, indicating a growing consumer demand for high-end and indoor ski resorts [18][19] - The report estimates that the equipment investment in the ice and snow industry could exceed 200 billion yuan annually, driven by the increasing number of indoor and small ski resorts, which are expected to continue growing due to rising incomes and supportive policies [20][24] Group 4: Non-Banking Financial Sector - The report discusses the nationwide rollout of the personal pension system, which is expected to enhance the multi-pillar pension system and improve the capital market's wealth management capabilities [26][27] - The implementation of tax incentives for personal pensions is anticipated to increase public awareness and acceptance, potentially boosting the sales of various insurance products [28][29] - The report suggests that the positive developments in the personal pension system could lead to significant performance improvements for brokerage firms and asset management companies [29][32]