万联证券：万联晨会-20250120

Market Overview - The A-share market saw all three major indices rise last Friday, with the Shanghai Composite Index up by 0.18%, the Shenzhen Component Index up by 0.6%, and the ChiNext Index up by 0.78%. The total trading volume in the Shanghai and Shenzhen markets reached 1,135.392 billion yuan [1][5]. - In terms of industry performance, the electronics, basic chemicals, and defense industries led the gains, while retail, textiles, and media sectors lagged behind. Concept sectors such as MCU chips, automotive chips, and 2024 earnings pre-increase were among the top performers, while concepts related to Xiaohongshu, Kuaishou, and short drama games faced declines [1][5]. Economic Data - The National Bureau of Statistics reported that China's GDP for 2024 was 134.91 trillion yuan, reflecting a year-on-year growth of 5%. The fourth quarter saw a growth of 5.4% compared to the previous year. Additionally, the industrial added value for large-scale enterprises grew by 5.8%, the service sector's added value increased by 5%, retail sales of consumer goods rose by 3.5%, and fixed asset investment grew by 3.2%. The urban unemployment rate decreased by 0.1 percentage points, and the real per capita disposable income of residents increased by 5.1% [6].