万联证券：万联晨会-20250305

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.22% to 3324.21 points, and the Shenzhen Component Index increasing by 0.28%, while the ChiNext Index fell by 0.29% [1][8] - The total trading volume in the A-share market was approximately 1.44 trillion RMB, with over 3800 stocks rising [1][8] - The defense and military industry led the sector gains, while the comprehensive industry faced the largest declines; concept sectors such as MCU chips and military equipment restructuring saw significant increases [1][8] - The Hong Kong Hang Seng Index decreased by 0.28%, while the U.S. stock indices all closed lower, with the Dow Jones down by 1.55%, S&P 500 down by 1.22%, and Nasdaq down by 0.35% [1][8] Important News - The 14th National Committee of the Chinese People's Political Consultative Conference opened, with over 2000 members discussing key national tasks and promoting consensus for modernization and national rejuvenation [2][9] - The Ministry of Commerce announced the inclusion of 15 U.S. entities in the export control list, prohibiting the export of dual-use items to these entities [3][10] Industry Insights Food and Beverage Sector - The heavy holding ratio in the food and beverage sector decreased, with a total market value of 309.25 billion RMB, down by 41.397 billion RMB; the heavy holding ratio is currently at 4.56%, below the 5-year average of 7.27% [11][12] - The white liquor segment saw a significant drop in heavy holding ratio to 3.95%, while the majority of other consumer goods segments experienced increases [12][13] - Investment recommendations include focusing on white liquor, beer, seasoning products, dairy, and snacks, with expectations of a recovery in consumption policies in 2025 [14] Social Services Sector - The heavy holding ratio in the social services sector was 0.10%, down by 0.02 percentage points, indicating a potential for rebound [15][16] - The tourism and cultural sectors are expected to benefit from increased demand during the 2025 Spring Festival, with a focus on expanding domestic consumption [15][16] - Investment suggestions include stable-performing scenic spots, hotel chains benefiting from demand recovery, and educational companies in diverse training sectors [15][16] AI Terminal Development - Shenzhen's action plan aims for the AI terminal industry to reach a scale of over 800 billion RMB by 2026, with a target of producing over 1.5 billion AI terminal products [20][21] - The plan emphasizes the development of typical application scenarios in various sectors, including smart manufacturing and finance, to enhance AI application efficiency and compliance [20][21] - Investment opportunities are anticipated in AI consumer terminal brands and applications in government, healthcare, and finance sectors [22]