平安证券：晨会纪要-20241231

Group 1 - The report suggests a cautious approach to equity asset allocation due to a lack of fundamental reversal and declining market sentiment, recommending a reduction in equity asset exposure [4][56] - The real estate sector shows signs of recovery with new home sales increasing by 17.1% year-on-year in December, while second-hand home sales also demonstrate significant growth [4] - External demand is expected to improve, with container shipping rates rising and port throughput increasing by approximately 8.8% year-on-year [5] Group 2 - The textile and apparel sector is recommended for investment, particularly focusing on companies with increasing market share and valuation appeal, such as Shenzhou International and Huayi Group [6][7] - The media sector is expected to benefit from supportive government policies, with opportunities in gaming IP and advertising, suggesting a focus on companies with strong dividend yields and stable performance [8][62] - The pharmaceutical sector is advised to focus on companies that can adapt to price controls and benefit from centralized procurement, with specific recommendations for companies like Zhaoyi Pharmaceutical and Jichuan Pharmaceutical [10][64][65] Group 3 - The report highlights the importance of innovation and international expansion in the pharmaceutical industry, recommending companies with competitive global positions and innovative products [65] - The report notes that the advertising and marketing sector is recovering, with a focus on companies with strong client structures and channel resources, such as Focus Media and BlueFocus Communication Group [24][60] - The report emphasizes the potential for recovery in the consumer sector, particularly in eye care, dental, and medical aesthetics, recommending companies like Purui Eye Hospital and Tongce Medical [85]