首席周观点：2024年第51周

Group 1: Food and Beverage Industry - The central economic work conference emphasizes boosting consumption as a key focus, with specific actions aimed at increasing the income and reducing the burden on the middle and low-income groups to enhance their consumption capacity and willingness [1][4][73] - The report anticipates a recovery in food and beverage consumption, particularly in sub-sectors closely related to economic prosperity, such as liquor and condiments, driven by national stimulus policies [4][76] - Companies with continuously improving market share are recommended for investment, including Guizhou Moutai, Anjijia Food, and Three Squirrels [4] Group 2: Construction and Engineering Industry - Major state-owned construction companies are experiencing significant growth in new overseas contracts, with China State Construction Engineering Corporation leading the way [5][64] - The "Belt and Road" initiative is enhancing the competitiveness of Chinese construction firms in international markets, with a notable increase in new contracts from Belt and Road countries [5][64][65] - The report suggests that the positive impact of proactive fiscal and monetary policies will improve demand in the construction sector, recommending companies like China Communications Construction Company and China State Construction [81] Group 3: Banking Industry - The report indicates that government bonds are a major contributor to social financing, with a notable increase in government bond issuance supporting the financial system [9][84] - There is a marginal improvement in long-term loans for residents, while corporate credit remains weak, indicating a need for further recovery in the corporate sector [11][84] - The banking sector is expected to benefit from a recovery in economic fundamentals and improved credit conditions, with a focus on long-term investment opportunities [85][86] Group 4: Ice and Snow Industry - The ice and snow industry is projected to grow significantly, with government policies supporting the development of ice and snow sports facilities and related economic activities [25][94] - The number of ice and snow venues has increased, indicating a growing interest in winter sports, with a notable rise in both skiing and skating facilities [91] - The report highlights the potential for high-end ski resorts to capture a larger market share, driven by increasing consumer demand and government support for the ice and snow economy [17][25]