万联证券：万联晨会-20250114

Core Viewpoints - The A-share market showed mixed performance on Monday, with the Shanghai Composite Index closing down 0.25%, while the Shenzhen Component Index and the ChiNext Index rose by 0.002% and 0.36% respectively. The total trading volume in the Shanghai and Shenzhen markets reached 0.97 trillion yuan. The leading sectors included non-ferrous metals, beauty care, and real estate, while household appliances, banks, and textiles lagged behind [2][7]. Important News - The China Securities Regulatory Commission held a work meeting on January 13, 2025, to summarize 2024's work and plan for 2025. Key focuses include stabilizing the market, accelerating reforms, enhancing regulatory effectiveness, and fostering high-quality listed companies [3][8]. - The State Council issued measures to promote cultural and tourism consumption, outlining 18 specific actions to enhance consumer benefits, meet diverse age group needs, and optimize the consumption environment [3][8]. Industry Analysis - The SW Computer Industry Index underperformed compared to the CSI 300 and ChiNext Index in 2024, ranking 14th among 31 sectors. The focus for 2025 will be on three main investment themes: trusted computing, digitalization, and intelligence [9]. - Investment Theme One: Trusted Computing. Centralized procurement is expected to grow significantly, with a notable increase in the number of suppliers for central processing units (CPUs), operating systems, and databases. The third batch of security assessments has identified 78 products across these categories [9][11]. - Investment Theme Two: Data Elements. Policies are being introduced to regulate the industry and clarify development directions. The focus is on enhancing data infrastructure and maximizing the value of public data resources [12]. - Investment Theme Three: Artificial Intelligence. Competition in large models is intensifying, with significant releases from OpenAI and Google. Domestic firms are also accelerating their development, with a notable reduction in costs for AI model training and application [13]. Investment Recommendations - For trusted computing, attention should be paid to the growth of centralized procurement and the bidding situation in various regions. Key manufacturers of CPUs, operating systems, and databases should be prioritized [14]. - In digitalization, the focus should be on the construction of data infrastructure and the release of public and enterprise data resources [14]. - For intelligence, monitoring the reduction in costs for AI model training and the application of AI products is crucial [14].