平安证券：晨会纪要-20241223

Group 1 - The A-share market experienced fluctuations with a decrease in trading volume, while the communication and electronics sectors led the gains, benefiting from domestic catalysts such as large models [4][5] - The central government has introduced policies to enhance state-owned enterprises' market value management, including support for mergers and acquisitions, stable cash dividends, and stock buybacks [5] - Economic data for November showed mixed results, with industrial production and real estate sales improving marginally, while retail sales and investment growth slowed [24][28] Group 2 - Long-term stable return funds are defined by their investment goals of achieving absolute returns and their historical ability to generate consistent positive returns [7][12] - The analysis of long-term stable return funds indicates a lower overall equity position compared to the average, with a higher turnover rate in active equity funds [12] - The report highlights the importance of focusing on high-quality credit bonds and the potential for a bullish market in credit bonds due to recent economic policies [17][29] Group 3 - The semiconductor industry is in a recovery phase, driven by the ongoing domestic semiconductor localization process and the rebound in consumer electronics [39][56] - The report suggests that the real estate sector may stabilize in 2025, with a focus on high-quality companies and the potential for value recovery [58][61] - The media and entertainment industry is expected to benefit from supportive government policies, with opportunities for growth in film and advertising sectors [63][64]