Core Insights - The report highlights the accelerating demand for hydrogen energy in China driven by energy conservation and carbon reduction needs, with significant policy support from both domestic and international fronts [5][6][7] - The securities industry is expected to see a net profit growth of 9.8% year-on-year in 2024, supported by low base effects and policy boosts, particularly in proprietary investment and wealth management [9][11] Hydrogen Energy Sector - The demand for hydrogen energy in China is accelerating due to energy conservation and carbon reduction needs, with the EU's FEU and CBAM policies set to officially take effect, creating clear demand for hydrogen-based fuels in shipping and chemical sectors [5][6] - The European legislation aims to reduce greenhouse gas emissions significantly by 2030 and achieve carbon neutrality by 2050, with specific measures like CBAM and FEU encouraging renewable fuel applications [5] - The Chinese government has issued action plans to promote hydrogen energy applications across various industries, indicating a shift towards hydrogen as a key industrial raw material [6][7] - The cost of green hydrogen production is expected to decrease due to falling renewable energy costs, establishing a foundation for the growth of hydrogen applications in China [7] Securities Industry - A total of 21 listed securities firms have pre-disclosed their 2024 performance, with 20 firms expecting profit increases, indicating a positive outlook for the sector [9][11] - The average daily trading volume for stock funds is projected to increase by 24.57% year-on-year, reflecting a recovery in market activity [10] - The asset management business is expected to expand, with the total asset management scale of securities firms reaching 6.32 trillion yuan, a 6.67% increase from the beginning of the year [10] - The report suggests focusing on securities firms with strong financial technology layouts and wealth management capabilities, which are likely to show more performance elasticity [9][13]
中银证券：中银晨会聚焦-20250325
中银证券·2025-03-25 08:25