万联证券：万联晨会-20241217

Core Viewpoints - The A-share market experienced a decline on Monday, with the Shanghai Composite Index falling by 0.16%, the Shenzhen Component Index down by 1.30%, and the ChiNext Index decreasing by 1.51%. The total market turnover was 171.68 billion yuan, a decrease of 37.3 billion yuan from the previous day, with nearly 3,500 stocks declining. Sectors such as education, retail, ice and snow industries, and film and television saw gains, while gaming and semiconductor sectors faced significant losses [1][6]. Important News - The National Bureau of Statistics indicated that more proactive macro policies will be implemented to expand domestic demand, with a focus on accelerating the integration of technological and industrial innovation to promote sustained economic recovery [2][6]. - The Central Financial Office announced a significant increase in the issuance of ultra-long special bonds to support "two new" initiatives next year, aiming to enhance policy support and optimize implementation mechanisms to improve fund utilization efficiency [2][6]. Industry Insights Non-Banking Sector - The commitment to stabilize the stock market is evident, with incremental policies and funding expected to accelerate. The China Securities Regulatory Commission emphasized maintaining market stability as a priority, with specific measures to enhance market expectations and improve corporate governance [7]. Power Equipment Sector - Solid-state batteries are entering a rapid development phase, with significant market potential. They offer higher safety and energy density compared to traditional lithium-ion batteries, driven by national policy support and accelerated corporate investments [11][12]. Agriculture, Forestry, Animal Husbandry, and Fishery Sector - The pet industry is segmented into various categories, with pet food and medical care accounting for the largest share. The pet food market is dominated by staple food, with domestic brands gaining traction. The pet medical sector is also growing rapidly, driven by increased health awareness among pet owners [14][16]. Pharmaceutical Retail Sector - The company is a leading chain pharmacy in South China, expanding through self-built, acquired, and franchised stores. The trend of prescription drug outflow presents new opportunities for large chains, which are expected to benefit from regulatory changes and increased market share [20][21]. - The company is focusing on enhancing operational efficiency and profitability in provincial markets, with a significant number of stores across 21 provinces. The integration of online and offline channels is expected to drive growth in the new retail model [24][28].