山西证券：研究早观点-20250109

Group 1: National Unified Market Construction - The report discusses the release of the "Guidelines for the Construction of a National Unified Market (Trial)" by the National Development and Reform Commission, emphasizing the deepening of the national unified market construction [7][8] - The guidelines outline specific requirements and goals from three dimensions: what to do, what to prohibit, and what to encourage, aiming to enhance market integration and efficiency [7] - Key actions include addressing transportation bottlenecks, unifying regulatory standards, and standardizing government service processes across regions [7] Group 2: Defense and Aerospace Industry - The report highlights a recovery in the defense and aerospace sector, with expectations of performance bottoming out and a subsequent upturn in 2025, driven by delayed orders being released [9][10] - The construction of satellite internet is accelerating, with significant demand anticipated for large satellite constellations, necessitating increased rocket launch capacity [9] - Global geopolitical tensions are expected to drive military trade demand, with China's defense industry poised to expand both domestically and internationally [9] Group 3: Electronic Manufacturing Industry - The electronic manufacturing sector is experiencing steady growth, with a reported 12.2% year-on-year increase in value-added output for the first eleven months of 2024 [13][14] - The report notes a significant rise in smartphone production, with a total of 1.5 billion units produced, reflecting an 8.9% increase year-on-year [13] - Upcoming consumer electronics events, such as CES, are expected to catalyze demand for electronic products, particularly in the context of new subsidy policies for consumer electronics [14]