中原证券：晨会聚焦-20250124

Key Points - The report highlights the positive outlook for the semiconductor industry, which is expected to lead the A-share market with a significant upward trend in 2025 [4][6][10] - The communication and home appliance sectors are also showing strong performance, contributing to the overall market stability [7][8] - The report emphasizes the importance of macroeconomic policies in stabilizing market confidence and supporting sectors like technology and consumer goods [6][8][10] Industry Analysis - The report indicates that the global medical device market is projected to grow from USD 595.2 billion in 2023 to USD 743.2 billion by 2027, with a compound annual growth rate (CAGR) of 5.71% [20][21] - In China, the medical device industry is expected to reach RMB 1.875 trillion by 2025, reflecting a significant increase from 2015 [21][22] - The report notes that the pet food export data is showing continuous improvement, while the pig price remains under pressure despite seasonal demand [11][13] Investment Recommendations - The report suggests focusing on sectors such as robotics, engineering machinery, and shipbuilding, which are expected to benefit from technological advancements and market demand [14][15] - It also recommends monitoring the AI ecosystem's development, particularly in relation to domestic AI computing power and its applications in various industries [35][37] - The report advises investors to pay attention to the film market performance during the upcoming Spring Festival, as it could significantly impact the media and entertainment sector [23][25]