万联证券：万联晨会-20250115

Core Insights - The A-share market saw a collective rise in the three major indices on Tuesday, with the Shanghai Composite Index increasing by 2.54%, the Shenzhen Component Index rising by 3.77%, and the ChiNext Index up by 4.71%. The total trading volume in the Shanghai and Shenzhen markets reached 1.35 trillion yuan. The computer, media, and machinery equipment sectors led the gains, while banking, coal, and oil and petrochemical sectors lagged behind [2][7]. Important News - The People's Bank of China released the 2024 financial statistics report, indicating that by the end of December 2024, the broad money supply (M2) stood at 313.53 trillion yuan, reflecting a year-on-year growth of 7.3%. The narrow money supply (M1) was 67.1 trillion yuan, down by 1.4% year-on-year. The currency in circulation (M0) reached 12.82 trillion yuan, up by 13% year-on-year. In total, new RMB loans increased by 18.09 trillion yuan, with household loans rising by 2.72 trillion yuan and corporate loans increasing by 14.33 trillion yuan [3][8]. - In 2024, the number of inbound and outbound travelers reached 610 million, marking a year-on-year increase of 43.9%. The issuance of visas to foreigners totaled 2.597 million, up by 52.3% year-on-year. The number of foreign nationals entering the country without a visa reached 20.115 million, a year-on-year increase of 112.3% [9]. Industry Research - The computer industry index underperformed compared to the Shanghai and Shenzhen 300 indices in 2024, ranking 14th among 31 first-level industries. The report anticipates that efforts to resolve local debt issues will alleviate pressure on accounts receivable in the computer industry and enhance funding budgets in key areas. The investment focus for 2025 will be on three main lines: trusted computing, digitalization, and intelligence [13]. - The trusted computing line will focus on the demand for centralized procurement and the supply of trusted computing products such as CPUs, operating systems, and databases. The digitalization line will emphasize the development and utilization of data infrastructure and resources. The intelligence line will concentrate on advancements in AI large models and the development of smart driving industries [14][16]. - The report highlights the significant growth in centralized procurement for trusted computing products, with a notable increase in the number of suppliers. The domestic AI model competition is intensifying, with major releases from OpenAI and Google, while domestic firms are also rapidly advancing in this space [15][16].