东兴证券：东兴晨报-20250117

Market Overview - The market adjustment is nearing its end, with a new value center expected between 3200-3300 points for A-shares in 2025, indicating limited downside potential around 3000 points [1] - The spring market is anticipated to begin, as historically, A-shares have seen a rally in spring, driven by strong policy expectations and improved market sentiment [2] Investment Strategy - The report suggests actively positioning in large technology and consumer sectors, highlighting opportunities in humanoid robots, AI applications, and low-altitude industries for technology, while consumer sectors like home appliances, consumer electronics, and food and beverage are recommended [2] - The report also notes potential in cyclical industries such as photovoltaics, wind energy, chemicals, and non-ferrous metals [2] Automotive Industry Insights - The automotive industry is expected to see continued growth in 2025, supported by the expansion of the vehicle trade-in policy, which offers subsidies for replacing old vehicles with new energy or low-emission vehicles [3][4] - In 2024, the total automotive production and sales reached 31.28 million and 31.44 million units, respectively, with a year-on-year increase of 3.7% and 4.5% [3] - New energy vehicles (NEVs) accounted for 40.9% of total new car sales in 2024, with plug-in hybrid vehicles showing significant growth [7] Export Trends - China's automotive exports reached 5.859 million units in 2024, a year-on-year increase of 19.3%, with traditional fuel vehicles and new energy vehicles both contributing to this growth [8] - The report notes a slowdown in pure electric vehicle exports, while plug-in hybrid vehicle exports surged by 193.7% [8] Smart and Green Building Materials - The government is expanding its green procurement policies for building materials, emphasizing the importance of high-quality and environmentally friendly products [20][21] - The new standards for green building materials will encourage the elimination of outdated production capacities and support the growth of high-quality green enterprises [21][22] - The report highlights that the government's focus on green procurement will enhance the market position of leading companies in the building materials sector [23][24]