第一创业晨会纪要-2025-03-26

Macroeconomic Overview - In the first two months of 2025, national general public fiscal revenue decreased by 1.6% year-on-year, a decline of 2.9 percentage points compared to the previous year, with central revenue falling by 5.8% and local revenue increasing by 2.0% [3][4] - Government fund revenue saw a significant drop of 10.7% year-on-year, with local land use rights revenue decreasing by 15.7% [3][4] - Tax revenue for January-February 2025 showed a decline of 3.9% year-on-year, with notable increases in securities stamp duty (58.9%) and personal income tax (26.7%), while corporate income tax fell by 10.4% [4] Company Performance - Huadian Co., Ltd. reported a revenue of 13.342 billion yuan for 2024, a year-on-year increase of 49.26%, and a net profit of 2.587 billion yuan, up 71.05% [7] - The telecommunications sector, particularly cloud services, maintained a high growth rate of around 20%, with China Telecom's cloud revenue reaching 113.9 billion yuan, a 17.1% increase [9] Industry Trends - The LCD industry has seen an increase in average operating rates since November 2024, with prices for mainstream TV panel sizes rising since January 2025, indicating a potential upward trend in the industry [8] - The service consumption sector in China shows significant potential for growth, with a lower GDP contribution compared to other major economies, suggesting a shift in consumer spending patterns towards services [11][12] - The cloud computing sector is expected to maintain over 30% growth in capital investment in 2025, benefiting the overall industry chain [9]