中国银河：每日晨报-20241217

Macro Economic Overview - November economic data shows steady recovery, but a certain divergence between supply and demand has re-emerged. Industrial added value in November remains high, benefiting from the "two new" policies and export logic, with GDP growth estimated at 5.6% for November, supporting the annual growth target of 5% [2][7][13] - On the demand side, consumption and investment data show a slight decline, primarily due to short-term factors, including the preemptive effect of shopping festivals [2][7][9] Pharmaceutical Industry - The central economic work conference emphasizes safety, innovation, and openness as key directions for the pharmaceutical industry. It aims to boost consumption and investment efficiency, expand domestic demand, and enhance the healthcare system [15][18] - The investment theme for 2025 includes: 1) Innovation as the core driver of pharmaceutical growth, with a focus on first-in-class drugs and high-end medical devices; 2) Overseas exports expected to accelerate under the backdrop of US dollar interest rate cuts; 3) Policy pressures driving cost reduction and efficiency improvements across the industry [16][19] Military Industry - The central economic work conference highlights the integration of AI and military applications, indicating a profound transformation in the military sector. AI technologies are increasingly utilized in military operations, enhancing decision-making and operational efficiency [21][22] - The military sector is entering a strategic positioning phase, with significant growth expected in global military spending over the next four years, making defense industries a necessary investment [27] Machinery Industry - The machinery sector is expected to benefit from domestic demand recovery and new productivity directions. The central economic work conference emphasizes a proactive fiscal policy and the expansion of domestic demand as key investment themes for the coming year [29][34] - Specific areas of focus include engineering machinery, machine tools, and humanoid robots, with a strong outlook for recovery driven by policy support and technological advancements [31][33]