中原证券：晨会聚焦-20241225

Group 1 - The 2023 work conference emphasizes "high-quality development" with "technological innovation" as a top priority for economic tasks in 2024, while consumption and investment are highlighted as the primary focus [2] - The central economic work conference related to the computer industry includes a shift towards domestic production, with increased attention on "basic research and key core technologies" and a focus on "major technological projects" [2] - The report indicates a significant growth in the AI mobile phone penetration rate and the rapid expansion of big data services by operators [7][9] Group 2 - The media sector saw an 8.64% increase in November, outperforming major indices, with sub-sectors like animation and internet advertising showing significant growth [4] - The report highlights a substantial increase in the sales of new energy vehicles, with a penetration rate reaching 45.6% in November, and a cumulative sales increase of 35.6% year-on-year [35] - The defense and military industry is expected to experience a turnaround in 2025, with a focus on core suppliers and new trends in warfare, such as drones and missiles [10] Group 3 - The report discusses the impact of tax policies on state-owned cultural enterprises, predicting improved profit margins due to extended tax exemptions until 2027 [5] - The automotive industry is expected to benefit from policies promoting vehicle replacement, with significant sales growth anticipated in both passenger and commercial vehicles [55] - The energy sector is undergoing significant reforms, with a focus on building a new energy system and market reforms expected to enhance resource allocation [56]