华源证券：华源晨会精粹-20250206

Group 1: Fixed Income - In January, the manufacturing PMI fell to 49.1%, a decrease of 1.0 percentage points, indicating a seasonal decline influenced by the early Spring Festival [6][7][8] - The non-manufacturing PMI remained in expansion at 50.2%, although it decreased by 2.0 percentage points, with service and construction sectors showing signs of slowdown [6][8] - The economic outlook for 2025 suggests stabilization, with real estate expected to recover and fiscal policies likely to support gradual economic improvement [8] Group 2: Public Utilities and Environmental Protection - In 2024, wind power installations reached a record high of 79.34 GW, an increase of 3.44 GW from 2023, while solar power installations totaled 277.17 GW, a year-on-year growth of 28% [10][11] - The renewable energy sector is projected to continue growing, with expectations for wind power installations in 2025 to reach between 105 to 115 GW [11] - The public utility sector's performance is mixed, with thermal power showing resilience, while green energy faces challenges due to market pressures [12][13] Group 3: Pharmaceuticals - The pharmaceutical sector showed stability, with the medical index rising by 0.07% and a notable increase in the number of stocks performing well, such as Jianyou Co. and Nanjing Weisheng [16][17] - The demand for new heart failure therapies is significant, with the market for heart failure drugs expected to grow, exemplified by the global sales of the drug Noxintor projected to reach $7.82 billion in 2024 [18] - The pharmaceutical industry is anticipated to see a rebound in 2025, driven by innovation and an aging population, with specific focus on medical devices and innovative drugs [19][21]