财信证券：晨会纪要-20250109

Market Overview - The A-share market shows signs of stabilization with the overall market volume increasing, indicating a potential recovery after recent declines [7][10] - The Shanghai Composite Index closed at 3230.17, with a slight increase of 0.02%, while the Shenzhen Component Index fell by 0.54% to 9944.64 [2][3] - The overall market sentiment is improving, with a total trading volume of 12,576.29 billion, an increase of 1,684.81 billion from the previous trading day [9][10] Industry Dynamics - The 2025 policy for replacing old home appliances has expanded the types of subsidies, now including microwaves, water purifiers, dishwashers, and rice cookers, with a maximum subsidy of 20% of the sales price [32] - The global semiconductor sales reached 57.8 billion USD in November 2024, marking a year-on-year growth of 20.7%, driven by structural demand from AI and new energy vehicles [38] - The Chinese lithium reserves have increased significantly, now accounting for 16.5% of the global total, positioning China as the second-largest lithium reserve holder [28] Company Updates - Jiuli Special Materials has repurchased shares worth 230 million RMB, representing 1.02% of its total share capital [40] - Zhenghai Biological has received a medical device registration certificate for its oral repair membrane, enhancing its product portfolio in the oral healthcare sector [42] - Jingxin Pharmaceutical plans to repurchase shares worth 200 to 400 million RMB, indicating confidence in its future performance [44] - China Nuclear Power reported a total electricity generation of 183.12 billion kWh in 2024, with a target of 237 billion kWh for 2025, reflecting a focus on expanding renewable energy generation [46]