东吴证券：晨会纪要-20250110

Macro Strategy - The report highlights a recovery in the A-share market driven by the "Two New" policy, with the Shanghai Composite Index rising by 0.02% to 3230.17 points, while the ChiNext Index fell by 0.98% to 2008.44 points, reflecting a decline of 6.22% since the end of 2024 [1][6]. - The market turnover increased to 12,576.29 billion yuan, up by 1,684.81 billion yuan from the previous trading day, indicating improved liquidity [1][6]. - The report notes that the household appliances sector rose by 2.23%, supported by government policies promoting the replacement of old appliances and enhancing subsidy standards for automotive upgrades [1][6]. Fixed Income - The report discusses the issuance of Yinbang Convertible Bonds, with a total issuance scale of 785 million yuan aimed at funding a project for producing 350,000 tons of low-carbon aluminum thermal transmission materials annually [7][9]. - The bond has a maturity of 6 years, with a yield to maturity (YTM) of 2.81% and a bond floor valuation of 95.43 yuan, indicating good debt protection [7][9]. Industry Insights - The report recommends Nuwei Co., Ltd. (603699) for investment, highlighting its plan to invest 500 million yuan in expanding its industrial valve production capacity, which is expected to enhance its high-end transformation and long-term growth [5][14]. - Nuwei's revenue has shown a steady growth rate of 21.80% from 2019 to 2023, with projected net profits of 1.01 billion yuan, 1.24 billion yuan, and 1.51 billion yuan for 2024, 2025, and 2026 respectively [5][14]. - The company is expanding its overseas presence and core component production, which is expected to support its long-term growth and confidence in the market [14].