华龙证券：华龙内参2025年第1期，总第1800期（电子版）-20250109

Market Analysis - The A-share market experienced a "first decline then rise" trend in 2024, with major indices showing significant annual increases. The Shanghai Composite Index rose by 12.67%, closing above 3300 points, while the Sci-Tech 50 Index led with a 16.07% increase, and the Shanghai 50 Index followed with a 15.42% rise. The North Exchange 50 Index, however, saw a decline of 4.14% [4][6] - The total trading volume in the Shanghai and Shenzhen markets reached 254.42 trillion yuan, marking a year-on-year growth of 20.2%, with an average daily trading volume exceeding 1 trillion yuan [6][7] Data Insights - As of December 30, the financing balance on the Shanghai Stock Exchange was reported at 956.45 billion yuan, an increase of 1.23 billion yuan from the previous trading day. The Shenzhen Stock Exchange's financing balance was 909.34 billion yuan, up by 2.01 billion yuan, bringing the total financing balance across both markets to 1.8658 trillion yuan, an increase of 3.24 billion yuan [7] Investment Advisory Perspectives - The A-share market closed the year on a low note, with major indices experiencing significant adjustments. The market is currently in a phase of stockholder competition, with a notable loss effect. The three major indices closed with bearish signals, indicating a cautious short-term outlook, and investors are advised to maintain low positions while waiting for market stabilization [8] Conceptual Hotspots - The Shanghai Municipal Government has initiated a plan to develop a large-scale autonomous computing cluster to support AI innovation applications. This includes advancements in autonomous computing chips and software development, as well as enhancing the city's intelligent computing public service platform [9] Key News Highlights - The Ministry of Culture and Tourism plans to launch a "Spring Festival Tourism Promotion" campaign in 2025, aiming to boost rural tourism consumption through collaborative efforts across various sectors [11] - The Shanghai Large Model Fund, initiated by Shanghai Guotou Company, has been launched with an initial scale of 1 billion yuan, focusing on foundational and vertical large models in AI [11] Future Major Events Reminder - Upcoming events include the Hong Kong International Toy Fair on January 6, 2025, and the Global Computing Conference in Shenzhen on January 10, 2025, which are expected to impact relevant sectors [14]