万联证券：万联晨会-20241220

Core Views - The A-share market showed mixed performance with the Shanghai Composite Index down by 0.36%, while the Shenzhen Component Index and the ChiNext Index rose by 0.61% and 0.52% respectively. The total market turnover reached 1.4647 trillion yuan, an increase of 89.4 billion yuan from the previous day, with over 2400 stocks rising. Key sectors that performed well included liquid cooling servers, copper cable high-speed connections, communication equipment, and computing power leasing, while retail, liquor, and grain sectors saw significant declines [2][6]. Important News - The Ministry of Commerce is intensifying efforts to implement a consumption upgrade policy, which includes a trade-in program for consumer goods. The spokesperson indicated that the economic fundamentals remain strong, and the consumption market is expected to continue stable growth next year. Key initiatives include promoting consumption activities, expanding service consumption, and fostering new types of consumption such as ice and snow economy, silver economy, and digital consumption [2][6]. - In November, China's new energy vehicle (NEV) production and sales continued to grow rapidly, reaching historical highs. Production and sales for November were 1.566 million and 1.512 million units respectively, marking year-on-year increases of 45.8% and 47.4%. From January to November, NEV production and sales totaled 11.345 million and 11.262 million units, with year-on-year growth of 34.6% and 35.6%. Domestic sales for the same period reached 10.121 million units, up 40.3% year-on-year, while exports were 1.141 million units, a 4.5% increase [2][6]. Industry Insights - Shenzhen has released measures to establish itself as a pioneer city in artificial intelligence (AI), aiming to create a national AI innovation development pilot zone. The measures include subsidies for computing power and large model applications, which are expected to significantly reduce costs for enterprises in AI model training and application [7][10]. - The measures also propose annual investments to support AI applications in urban governance and public services, as well as incentives for the development of AI hardware products. This is anticipated to accelerate the digital transformation of traditional industries and create substantial market growth opportunities in various application scenarios [10][11]. - The establishment of an AI industry fund is also highlighted, focusing on early-stage investments in hard technology, which is expected to support innovative enterprises with long-term development potential and promote a healthy cycle between technology, industry, and finance [10][11].