国信证券：晨会纪要-20241218

Core Insights - The report highlights a sustained increase in trading volume across the market, with the trading volume reaching the 91.8 percentile for the year, indicating active trading sentiment [4] - The report notes a decrease in the concentration of trading volume at both the industry and individual stock levels, suggesting a more diversified market participation [4] - The report indicates a net outflow of funds from the stock market amounting to 34.18 billion, a significant reduction compared to the previous outflow [4] Industry and Company Analysis Transportation Industry - The express delivery volume growth rate is approximately 19% from October to November, with a positive outlook for shipping rates due to increased demand [5] - In the shipping sector, oil transportation remains under pressure, but there is potential for demand improvement in the future [5] - Investment recommendations include leading companies in oil transportation and shipping, such as COSCO Shipping Energy and China Merchants Energy [5] Aviation Industry - Domestic passenger flight volumes have decreased slightly, but overall passenger traffic remains robust compared to 2019 levels [9] - The report anticipates continued growth in passenger traffic for 2025, driven by a recovering demand environment [9] - Investment recommendations include major airlines such as Air China and China Eastern Airlines, as profitability is expected to improve [9] Logistics Industry - The report emphasizes the growth potential of quality logistics companies, particularly DeBang Logistics and JiaYou International, which are expected to benefit from operational improvements and market demand [9] - The logistics sector is viewed positively due to its resilience and potential for profit growth amid economic challenges [9] Food and Beverage Industry - The food and beverage sector has shown a positive trend, with a 1.97% increase, outperforming the Shanghai Composite Index [15] - The report highlights the recovery in demand for alcoholic beverages, particularly as companies prepare for the upcoming Spring Festival [15] - Investment recommendations focus on leading companies in the sector, including Kweichow Moutai and Wuliangye [15] Non-Metallic Building Materials Industry - The report indicates a slight increase in fund holdings in the building materials sector, although it remains underweight compared to standard allocation [24] - The report suggests that policy signals are improving, providing opportunities for recovery in the sector [24] - Investment recommendations include companies with strong growth potential and favorable valuations, such as China National Building Material and Xinyi Glass [24]