东吴证券：晨会纪要-20250116

Macro Strategy - The report emphasizes the need to understand the "degree" of "moderate easing" in monetary policy, indicating that while interest rates have rapidly declined, this does not imply an unlimited easing approach. The monetary policy for 2025 will include various tools to support liquidity, not just rate cuts [1][9][10] Market Overview - The A-share market has shown mixed performance, with the Shanghai Composite Index down 0.58% to 3211.39 points, while the ChiNext Index increased by 0.11% to 2010.66 points. The market turnover stabilized around 1.1 trillion yuan, indicating a slight recovery in market sentiment [2][11] - The report highlights sector performance, noting increases in defense and military (+1.63%), home appliances (+1.11%), and computing (+0.85%), while sectors like oil and coal saw declines [2][11] Fixed Income Analysis - The report discusses the progress of debt restructuring, indicating that the issuance of 2.1 trillion yuan in special refinancing bonds could lead to approximately 182 billion yuan in early repayments of urban investment bonds. The expected early repayment space is at least 1.5 trillion yuan by the end of 2024 [3][4][13][14] Company-Specific Insights Yizhiming (300415) - The company is projected to achieve a revenue of 5.05 billion yuan in 2024, a year-on-year increase of 23.3%. The net profit forecast ranges from 585 million to 646 million yuan, reflecting a growth of 22.53% to 35.45% [5][16] Xtep International (01368.HK) - The main brand's retail revenue is expected to grow significantly, with a projected increase of around 50% for the Saucony brand. The company is maintaining a healthy inventory turnover of about four months [6][19] Changjiang Electric Power (600900) - The company reported a total power generation of approximately 295.9 billion kWh in 2024, a 7.11% increase year-on-year. The report also notes a decrease in financial expenses, contributing positively to profit margins [7][20] Anta Sports (02020.HK) - The report indicates that Anta's main brand and FILA have shown strong growth, with the main brand's revenue expected to increase by nearly double digits. The company has also been actively repurchasing shares, totaling 2.287 million shares for 1.638 billion yuan [8][22]