平安证券：晨会纪要-20241225

Group 1 - The report indicates that the fifth batch of medical consumables procurement results has been announced, with a moderate price reduction expected to accelerate domestic substitution [20][44]. - The average price reduction in this procurement round is approximately 60%, which is less than previous rounds, indicating a more stable pricing environment for medical devices [44]. - The procurement includes cochlear implants and peripheral vascular stents, which are primarily imported, suggesting significant opportunities for domestic manufacturers to capture market share [44]. Group 2 - The report highlights that the bond custody balance in November 2024 reached 170.7 trillion yuan, with a year-on-year growth rate of 11.53%, indicating a robust demand for bonds [31]. - Investment behavior from asset management accounts shows a significant increase in bond holdings, particularly in interbank certificates of deposit and corporate credit bonds, driven by a favorable interest rate environment [32][56]. - The report suggests that the upcoming government bond issuance will focus on long-term special bonds and local government bonds, aimed at stimulating effective investment and addressing economic shortfalls [35].