万联证券：万联晨会-20241230

Core Insights - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.06% to 3,400.14 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.13% and 0.22% respectively [2][4] - The total trading volume in the A-share market reached 1,433.67 billion RMB, with net purchases from southbound funds amounting to 8.493 billion HKD [2][4] - The agricultural, forestry, animal husbandry, and fishery sectors, along with national defense and construction materials, led the industry gains, while the communication and electronics sectors experienced declines [2][4] Market Review - The report highlights that over 3,400 stocks in the A-share market saw price increases, indicating a generally positive sentiment among investors [2][4] - The Hang Seng Index slightly decreased by 0.04%, while the Hang Seng Technology Index rose by 0.69% [2][4] - In the U.S., all three major indices fell, with the Dow Jones down by 0.77% to 42,992.21 points, the S&P 500 down by 1.11% to 5,970.84 points, and the Nasdaq down by 1.49% to 19,722.03 points [2][4] Industry Insights - The food and beverage sector is expected to see a turnaround in 2025, as valuations have reached historical lows, with the sector ranking second to last among 31 Shenwan primary industries at a valuation percentile of 10.14% [5] - The report anticipates a recovery in consumer confidence and spending in 2025, supported by government policies aimed at boosting domestic demand [5] - The liquor industry is currently undergoing inventory destocking, with performance expected to improve in 2025 due to recovering demand from banquets and celebrations [5] Media Industry Outlook - The media industry has shown a strong performance in 2024, with a 13.96% increase in the Shenwan media sector, ranking 8th among primary industries [21] - The report identifies IP economy, AI applications, and the rise of micro-short dramas as key trends shaping the media landscape in 2025 [21] - The gaming sector is expected to benefit from an increase in game approvals and the popularity of mini-games, contributing to market growth in 2025 [22] Electronics Industry Perspective - The electronics sector has outperformed the market, with a focus on AI applications and chip self-sufficiency as key investment themes for 2025 [24] - The report emphasizes the importance of AI in enhancing various applications, including PCs, smartphones, and wearables, which are expected to drive market growth [24][25] - The need for domestic chip production capabilities is highlighted, especially in light of increasing U.S. export controls on advanced semiconductor technologies [25]