东海证券：晨会纪要-20250117

Automotive Industry - The 2025 vehicle trade-in policy has been officially implemented, with increased subsidies for various vehicle types including passenger cars, trucks, and buses [8] - In 2024, over 2.9 million vehicles were scrapped and replaced, and over 3.7 million vehicles were replaced through trade-ins [8] - In December 2024, passenger vehicle retail sales reached 2.635 million units, up 12% YoY, with domestic brands accounting for 62.3% of retail sales, a 9.3 percentage point increase YoY [9] - New energy vehicle (NEV) retail sales in December 2024 were 1.302 million units, up 38% YoY, with a retail penetration rate of 49.4% [10] - NEV wholesale sales in December 2024 reached 1.512 million units, up 36% YoY, with plug-in hybrid vehicles showing rapid growth at 98% YoY [10] TGOOD (300001) - TGOOD's 2024 performance exceeded expectations, with net profit attributable to shareholders reaching 835-933 million yuan, up 70%-90% YoY [13] - The company's "Intelligent Manufacturing + Integrated Services" segment performed well, with cumulative contract awards exceeding 13 billion yuan in 2024 [13] - TGOOD's EV charging network business maintained strong growth, with over 700,000 public charging terminals operated by the end of 2024, including over 420,000 DC charging terminals [14] - The company's cumulative charging volume exceeded 39 billion kWh, with daily charging volume peaking at over 48 million kWh [14] - TGOOD has deployed over 700 integrated solar-storage-charging stations across more than 140 cities [14] Consumer Electronics and Home Appliances - The Ministry of Commerce has introduced a new subsidy policy for purchasing mobile phones, tablets, and smartwatches, offering up to 500 yuan per device [17] - A separate policy provides subsidies for replacing old home appliances with new, energy-efficient models, covering 12 categories of appliances [17] - The Ministry of Commerce plans to optimize policy implementation processes and strengthen promotional efforts to ensure consumers can fully benefit from these policies [18] Macroeconomic and Market Data - The US CPI rose 0.4% MoM in December 2024, the highest since March 2024, with core CPI at 3.2% YoY [18] - The Bank of Japan may raise interest rates if economic conditions and prices continue to improve [18] - On January 15, 2025, the Shanghai Composite Index fell 0.43% to 3227.12 points, while the ChiNext Index dropped 1.82% to 2037.93 points [20] - The internet e-commerce sector led gains, rising 2.91%, while the comprehensive sector fell 3.11% [23]