财信证券：晨会纪要-20250102

Market Overview - The overall A-share market saw a decline, with the Wind All A Index dropping by 2.23% to 5021.86 points, while the Shanghai Composite Index fell by 1.63% to 3351.76 points [4] - The technology-focused STAR 50 Index decreased by 3.11% to 988.93 points, indicating a weaker performance in the hard technology sector compared to small and medium enterprises [4] - The gas sector showed resilience, driven by expectations of cold weather in the U.S. and rising LNG prices in China [4][5] Valuation Metrics - As of the latest data, the Shanghai Composite Index's TTM P/E ratio stands at 14.55, in the lower 30.46% historical percentile, while the P/B ratio is at 1.35, in the lower 10.8% historical percentile [4] - The STAR 50 Index has a TTM P/E ratio of 87.89, in the 98.43% historical percentile, indicating high valuation pressure [4] - The overall A-share market's TTM P/E ratio is 18.53, in the 38.03% historical percentile, suggesting moderate valuation levels [4] Company Updates - Haitian Holdings (603759.SH) plans to acquire Heraeus' photovoltaic silver paste business assets for approximately RMB 5.02 billion, which is expected to significantly contribute to the company's revenue [12][63] - Jimin Health (603222.SH) announced a relocation compensation agreement for its subsidiary, which involves a loss assessment of RMB 7.99 million due to the termination of a lease [4][64] - Donglian Mining, a subsidiary of Keli Yuan (600478.SH), has received a new mining license, increasing its production capacity from 50,000 tons/year to 400,000 tons/year, which is expected to enhance profitability [4][47] Economic Dynamics - The establishment of the Hunan Low-altitude Economy Group marks a significant step in developing the low-altitude economy, with a projected market size of RMB 1.5 trillion by 2025 [23] - The manufacturing PMI for December stands at 50.1, indicating continued expansion, while the non-manufacturing PMI rose to 52.2, reflecting a recovery in the service sector [8][38]