东海证券：晨会纪要-20250226

Group 1 - The report highlights the ongoing growth in new orders for Kede CNC (688305), with a year-on-year increase of approximately 24% in new orders, primarily driven by the machine tool business [10][11] - Kede CNC's revenue for 2024 reached 605 million yuan, representing a year-on-year growth of 33.88%, while the net profit attributable to shareholders was 130 million yuan, up 27.91% [10][11] - The company has received significant government subsidies totaling 69.09 million yuan, which positively impacted its financial performance, accounting for 36.43% of the net profit for 2024 [11] Group 2 - The report emphasizes the long-term investment opportunities in the technology sector, particularly in artificial intelligence and robotics, which are leading the market recovery [6][7] - The domestic equity market shows a preference for growth sectors over cyclical and consumer sectors, with a daily average trading volume of 1.8834 trillion yuan, up from 1.7168 trillion yuan [7] - The report notes that the overall yield on domestic government bonds has risen, indicating an increase in market risk appetite, while the U.S. service sector PMI fell below expectations, suggesting potential economic challenges [6][8]