东兴证券：东兴晨报-20241217

Group 1 - The report highlights the growth potential of the ice and snow industry, with a target economic scale of 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030, as set by the State Council [5][6] - The number of ice and snow sports venues in China increased by 16.11% in 2023, with ski resorts growing by 6.47% and ice skating venues by 21.32% [5][6] - High-end ski resorts and indoor ski venues are experiencing strong demand, with ski visits increasing by over 30% [5][6] Group 2 - The personal pension system is being promoted nationwide, allowing all workers participating in basic pension insurance to join the system starting December 15, 2024 [7][10] - The total pension assets managed by public funds have exceeded 6 trillion yuan, indicating a significant market for pension-related investment products [7][10] - The report suggests that the implementation of the personal pension system will enhance the sales of various insurance products and benefit brokerage firms through increased product distribution [10] Group 3 - In November 2024, new home sales in major cities showed signs of recovery, with a year-on-year increase of 3.2% in sales area [25][27] - The report indicates that the central government is likely to implement more proactive policies to stabilize the real estate market, which could create investment opportunities in the sector [25][27] - The cumulative sales area of commercial housing from January to November 2024 decreased by 14.3%, but the trend is improving [25][27] Group 4 - In November 2024, the total social financing increased by 2.34 trillion yuan, with government bonds contributing significantly to this growth [29][32] - The report notes that the M1 money supply decreased by 3.7% year-on-year, but showed signs of improvement compared to previous months [32][34] - The banking sector is expected to benefit from ongoing policy support and an improving economic outlook, making it a focus for investment [34][36]