中原证券晨会聚焦-20260105

Key Insights - The report highlights the steady growth of the animation film industry, with animated films accounting for nearly 50% of the total box office in 2025, driven by successful titles like "Nezha 2" and "Zootopia 2" [36] - The aerospace software industry is leading the A-share market, indicating a positive trend in this sector [5][8] - The low-altitude economy in Shanghai is projected to reach a scale of approximately 80 billion yuan by 2028, establishing a complete industrial chain for new aviation vehicles [5][8] - The gaming industry continues to show steady growth, with a focus on AI applications enhancing operational efficiency [16][17] - The semiconductor sector is experiencing significant growth, with global sales increasing by 27.2% year-on-year, indicating strong demand [24] Domestic Market Performance - The Shanghai Composite Index closed at 3,968.84, with a slight increase of 0.09%, while the Shenzhen Component Index decreased by 0.58% [4] - The A-share market is characterized by a mixed performance across various sectors, with aerospace, software development, and non-ferrous metals showing positive trends [5][8] Industry Analysis - The animation film sector has seen a substantial increase in box office revenue, with animated films making up a significant portion of the top-grossing films [36] - The gaming industry is expected to maintain its growth trajectory, supported by advancements in AI technology [16][17] - The semiconductor industry is witnessing robust growth, with China’s semiconductor sales reaching $19.53 billion, reflecting a year-on-year increase of 18.5% [24] Investment Recommendations - Investors are advised to focus on sectors with strong fundamentals and stable earnings, such as aerospace, gaming, and semiconductor industries, which are expected to benefit from ongoing technological advancements and favorable policy environments [22][23][24] - The report suggests monitoring the performance of leading companies in the animation and gaming sectors, as they are likely to capitalize on the growing market demand [16][36]