开源证券：开源晨会-20241219

Key Insights - The report highlights a significant decline in the performance of the Shanghai Composite Index and the ChiNext Index over the past year, with a drop of 32% and 16% respectively [3] - The report identifies the top-performing sectors, including Electronics (+2.27%), Computers (+1.70%), and Communications (+1.29%), while sectors like Agriculture, Forestry, Animal Husbandry, and Fishery (-0.61%) and Textiles and Apparel (-0.53%) lagged behind [4][5] Industry Analysis Medical Aesthetics and Cosmetics - The medical aesthetics sector is seeing growth with companies like Giant Biological receiving priority approval for their collagen injection products, indicating a robust pipeline in the high-demand collagen market [9] - In the cosmetics sector, high-end domestic brands like Mao Geping are gaining traction, with the high-end beauty market growing faster than the mass market, supported by unique branding and strong offline presence [10] - Investment recommendations include focusing on leading domestic brands in both medical aesthetics and cosmetics, with companies like Aimeike and Runben Holdings highlighted for their growth potential [11] Traditional Chinese Medicine - The report discusses the ongoing third batch of centralized procurement for traditional Chinese medicine, emphasizing the introduction of stricter pricing mechanisms to ensure fair competition and control high prices [16][18] - The anticipated results from this procurement process are expected to positively impact the market sentiment and individual stock performance within the sector, with recommended stocks including Kunming Pharmaceutical and Zhaohui Pharmaceutical [18] Banking Sector - The banking sector is experiencing a recovery in deposit growth, with a notable improvement in the loan-to-deposit ratio among small and medium-sized banks, indicating a gradual stabilization in credit demand [20][21] - The report suggests that the ongoing economic recovery will benefit banks with strong retail operations, recommending stocks like Agricultural Bank of China and China Merchants Bank for their potential upside [25] Local Services - The local services sector is witnessing a shift towards service consumption, with platforms like Meituan and Alibaba benefiting from increased efficiency and consumer engagement [26] - The report notes the expansion of the restaurant market, with a significant increase in new registrations for restaurant businesses, indicating a resilient demand despite competitive pressures [27] Real Estate - The report details the acquisition of a 10% stake in Jianfa Real Estate by Jianfa Co., which is expected to enhance profitability and shareholder returns through a commitment to substantial cash dividends [33][34] - The real estate sector is projected to recover gradually, with Jianfa Real Estate showing strong performance even in a challenging market environment [33]