平安证券：晨会纪要-20241217

Group 1: Real Estate Industry Insights - The core viewpoint indicates that the sales growth of commercial housing turned positive in November, with a continuous improvement in incoming funds [9][10][11] - In November, the national commercial housing sales area reached 81.88 million square meters, with sales amounting to 82.7 billion yuan, representing a year-on-year increase of 3.2% and 1% respectively [9] - The report maintains a positive outlook for the sector, highlighting companies with lighter historical burdens and optimized inventory structures, such as Greentown China and China Overseas Development [11] Group 2: Semiconductor Industry Insights - The semiconductor industry is expected to experience stable growth in 2025, with AI continuing to be a significant driving force [14][16] - The report suggests investment opportunities in AI-related sectors, recommending companies like Haiguang Information and Huahai Chengke in the processor chip space [16] - The industry is projected to grow at approximately 19% in 2024, with a market size expected to exceed 600 billion USD, primarily driven by storage and processor segments [14][15] Group 3: Textile and Apparel Industry Insights - The textile and apparel sector saw a 4.23% increase last week, outperforming the broader market [17] - The report emphasizes opportunities in garment manufacturing and export-related enterprises, suggesting a focus on companies like Shenzhou International and Huali Group [17] - It highlights the potential for apparel brand companies to enter a new market cycle following valuation adjustments [17] Group 4: Oil and Chemical Industry Insights - Concerns over new sanctions on Russian oil have led to a rise in oil prices, with WTI crude futures increasing by 5.84% [22] - The report notes that OPEC+ has extended its voluntary production cut agreement, which is expected to alleviate supply pressures [22] - It suggests focusing on integrated oil companies like China National Petroleum and China Petroleum & Chemical for their resilient profitability [24] Group 5: Media Industry Insights - The media sector increased by 4.11%, ranking third among industry performance [27] - The report identifies opportunities in gaming and IP sectors, recommending companies like 37 Interactive Entertainment and Perfect World [27] - It also highlights the recovery of the film and cinema industry, suggesting investments in leading companies such as Wanda Film and Light Media [27]