中原证券：晨会聚焦-20250303

Core Insights - The report emphasizes the resilience and potential of China's economy, highlighting the need to balance achievements with challenges, and the importance of transforming positive factors into tangible development results [8][5][4] Domestic Market Performance - The A-share market has shown volatility, with the Shanghai Composite Index closing at 3,320.90, down 1.98%, and the Shenzhen Component Index at 10,611.24, down 2.89% [3] - The average P/E ratios for the Shanghai Composite and ChiNext are at 14.33 and 39.58 respectively, indicating a suitable environment for medium to long-term investments [9][10][12] Economic Indicators - China's official manufacturing PMI for February is reported at 50.2, up from 49.1, while the non-manufacturing PMI is at 50.4, indicating a slight improvement in economic activity [5][8] - The report notes a significant increase in the pet food production sector, with a 9.3% growth in 2024, despite a general decline in the industry [27] Industry Analysis - The new materials sector has outperformed the broader market, with a 12.12% increase in the new materials index compared to a 3.96% rise in the CSI 300 [14][16] - The semiconductor market continues to grow, with global sales reaching $56.97 billion in December 2024, a 17.1% year-on-year increase [15] - The electric equipment sector has also shown strong performance, with an 8.18% increase in the index, driven by advancements in robotics and steady growth in power grid construction [19][21] Investment Recommendations - The report maintains a "stronger than market" rating for the new materials and electric equipment sectors, suggesting that these industries will benefit from ongoing technological advancements and market demand [16][21] - Investors are advised to focus on structural opportunities in sectors such as consumption, mining, and small metals, while also considering defensive growth in technology and renewable energy [11][12][19]