东海证券：晨会纪要-20250125

Group 1: Beauty and Personal Care Industry - The beauty and personal care sector saw a 3.5% year-on-year growth in social retail sales for 2024, with the sector outperforming the market by 2.2 percentage points [6][7] - The Shanghai Composite Index rose by 2.14%, while the Shenwan Beauty and Personal Care Index increased by 4.34%, ranking eleventh among all Shenwan first-level industries [6] - Notable stock performances included Yiyi Co. (+22.04%), Mingchen Health (+14.86%), and Jieya Co. (+11.43%) [6] Group 2: Medical Aesthetics and Collagen Products - Jinbo Bio's ProtYouth products received FDA certification, enhancing the company's reputation for quality and R&D capabilities [7] - The overall cosmetics market in December 2024 showed weak performance, with retail sales of cosmetics increasing by only 0.8% year-on-year [7] - The report suggests that domestic brands with strong product capabilities and consumer recognition are likely to perform better in the evolving market landscape [8] Group 3: Electronics Industry - Global smartphone shipments in Q4 2024 grew by 2.4% year-on-year, with total shipments reaching 331.7 million units, marking a recovery after two challenging years [12] - Domestic smartphone shipments also increased by 3.9% in Q4 2024, driven by new product launches and government subsidies [13] - The report highlights four investment themes in the electronics sector: AIOT, AI-driven innovations, supply chain localization, and the consumer electronics cycle [14] Group 4: Market Overview and Economic Indicators - The A-share market showed mixed performance, with the Shanghai Composite Index closing at 3230 points, up 0.51% [22] - The insurance sector led the market with a significant increase of 5.14%, while consumer electronics and semiconductor sectors faced declines [24] - The report indicates a gradual recovery in the capital market, supported by government initiatives to boost long-term investments [18][21]