财信证券：晨会纪要-20241225

Group 1 - The report highlights the implementation of a more proactive fiscal policy in 2025, focusing on increasing the fiscal deficit ratio and government bond issuance to support growth and structural adjustments [6][29]. - The report indicates that the national fiscal work conference emphasized optimizing expenditure structure and enhancing local financial capabilities to ensure basic public services [6][40]. - The report notes that the private sector continues to play a stabilizing role in employment, with overall labor demand remaining stable and wage payments being satisfactory [52]. Group 2 - The report discusses the recent announcement of a centralized procurement for in vitro diagnostic reagents across 28 provinces, indicating a focus on cost reduction and efficiency in healthcare spending [11][34]. - The report mentions that the storage chip industry has seen price fluctuations, with recent data showing a recovery in prices after a significant drop, reflecting supply-demand dynamics [58]. - The report details that the company Aihua Long has received IVDR CE certification for several products, which will positively impact its market presence in the EU [14][37]. Group 3 - The report outlines that Hanchang Group plans to establish a subsidiary in the United States to enhance its logistics business in North America, indicating a strategic move for global expansion [38][59]. - The report states that the company Warner Pharmaceutical has received approval for two raw materials, which could enhance its product offerings in the pharmaceutical market [39][60]. - The report highlights the significant increase in downloads for Meta's smart glasses applications, indicating a growing interest in augmented reality technologies [35][56].