国信证券：晨会纪要-20250118

Macro and Strategy - In a low interest rate environment, REITs with stable dividends show significant allocation value. The REITs index has stabilized and outperformed stocks and bonds since the beginning of 2025, suggesting a shift from scarcity speculation to value return [7][8] - As of January 10, 2025, the China REITs index closed at 819.46, with a weekly increase of 1.8%, outperforming the CSI 300 index which decreased by 1.1% [7] - The total market capitalization of REITs reached a historical high of 162.8 billion, with a weekly turnover rate slightly decreasing by 0.06 percentage points [7] Industry and Company - The investment strategy for the agriculture, forestry, animal husbandry, and fishery sector in January 2025 is optimistic about the long-term upturn in rubber prices and focuses on quality pet-related investment opportunities [11] - Recommended stocks include Hainan Rubber, a leading natural rubber producer, and RuiPu Bio, a key player in the pet health sector [11][12] - The report highlights the growth potential in the pet industry, driven by domestic consumption and export opportunities [12] - The agricultural product price tracking indicates a stable supply for pigs and poultry, with December pig prices at 15.78 yuan/kg, down 4% month-on-month [13] - The report suggests a focus on high ROE value stocks in pig farming, with companies like Muyuan Foods and Huazhong Agricultural University being highlighted [14] Financial Performance - HaiGuang Information (688041.SH) expects a significant increase in revenue and profit for 2024, with projected revenue between 8.72 billion to 9.53 billion yuan, representing a year-on-year growth of 45.0% to 58.5% [19] - The company plans to increase R&D investment to 3.23 billion to 3.66 billion yuan in 2024, which is a year-on-year increase of 15.0% to 30.3% [18] - Zhuoyue New Energy (688196.SH) anticipates a 90.81% increase in net profit for 2024, driven by adjustments in sales strategies and favorable market conditions for sustainable aviation fuel (SAF) [21][22]