渤海证券研究所晨会纪要（2025.12.16）-20251216

Core Insights - The report emphasizes that domestic demand will dominate and set the economic tone for the coming year, with a short-term focus on improvements in the export chain [2] Industry News - The Central Economic Work Conference was held in Beijing, highlighting the importance of domestic demand [2] - A notification on strengthening the collaboration between commerce and finance to boost consumption was officially released [2] Important Company Announcements - Jian Sheng Group announced an investment of 818 million yuan in capacity construction in Egypt [2] - Ribo Fashion plans to acquire 71% of Indile's shares for 1.42 billion yuan through a combination of issuing shares and cash payment [2] Market Review - From December 8 to December 12, the light industry manufacturing sector underperformed the CSI 300 index by 0.96 percentage points, with a decline of 1.04% compared to the CSI 300's decline of 0.08% [2] - During the same period, the textile and apparel sector lagged behind the CSI 300 index by 2.49 percentage points, with a decline of 2.57% [2] Weekly Strategy - The Central Economic Work Conference emphasized the need to build a strong domestic market as a primary task for economic work next year. Policies for replacing old products in sectors like automobiles, home appliances, and home furnishings are expected to continue [2] - The real estate market will be stabilized with city-specific measures to control inventory and encourage the purchase of existing homes for affordable housing [2] - Approximately 100 cities, including Hangzhou and Wuhan, have increased housing purchase subsidies this year, indicating a less pessimistic outlook for the real estate sector [2] Recommendations - The report maintains a "neutral" rating for the light industry manufacturing and textile apparel sectors, while suggesting to continue monitoring companies with strong overseas capacity and brand pricing power [3] - Companies such as Oppein Home (603833), Sophia (002572), Pathfinder (300005), Semir Apparel (002563), Guibao Pet (301498), and Zhongchong Co. (002891) are rated as "overweight" [3]