Guotai Junan: Pay attention to the investment opportunities in liquor, beverages, popular food and other fields. Guotai Junan Research Report pointed out that 1) Liquor: Determine ahead of growth, pay attention to the wholesale price trend and the orientation of head liquor enterprises. The report end of liquor industry began to enter the downward period in the second quarter of 2024, and the bottom shock is expected in the first half of 2025. Sales are slowing down, inventory is passively rising, and the approval price is expected to be relatively weak. The Spring Festival in 2025 will experience a stress test period. In terms of price, real estate liquor > high-end > secondary high-end. After this round of adjustment, real estate liquor is expected to recover first, followed by high-end liquor, and the secondary high-end liquor is expected to recover for a long period. 2) Beer and beverage: the performance of beer is divided and the beverage structure is prosperous. In the third quarter of 2024, the number of trips in the summer peak season was stronger than the price, and the number of trips maintained a recovery and growth trend. The beverages with low-cost/high-frequency consumption characteristics benefited significantly and the demand resilience was prominent; The regional brand of beer performance differentiation is better than the national brand, and it is expected to be repaired under the low expectation in 2025. It is expected that the passive upgrading trend and regional brand advantages will continue. 3) Popular food: marginal improvement and structural differentiation. Mass food improved marginally in the third quarter, with obvious structural differentiation. The cost reduction is gradually reflected, low cost and low price become the trend, the advantages of high cost-effective products are highlighted, and the key layout is two ends; The valuation premium of growth stocks has been significantly digested, focusing on growth track snacks, and paying attention to adjusted condiments, catering supply chain and low valuation oversold and high dividend targets.The retail sector continued its upward trend of Zhongbai Group for 10 days and 7 boards, and the retail sector continued its upward trend. Zhongbai Group for 10 days and 7 boards, Maoye Commercial and Actually Zhijia had daily limit, and Guangbai shares, Dashang shares, Central Shopping Mall and Hongqi Chain opened higher collectively.Guojin Securities: The warm wind of medical policy comes first, then the progress of innovation going out to sea, and then the opportunity of performance reversal. Guojin Securities Research Report said that the core investment opportunities in the pharmaceutical sector in 25 years will revolve around three logics: 1) innovation going out to sea; 2) demand recovery; 3) Policy expectation reversal. At present, the policy warm wind comes first (the medical track policy continues to warm up, and the overall industry expectation is expected to be optimistic); Then, R&D and innovation will go to sea (innovative drug track will continue to make progress, and it will still be the hottest track in the pharmaceutical sector in 2025, especially it is recommended to pay attention to the clinical data reading and commercialization progress of the first-line target, as well as the fluctuation opportunity of the expected difference of the second-line innovative drugs), and then the performance growth rate is expected to bottom out in the first half of 2025 (but it will take time for this improvement in performance growth rate to come. Considering the current industry communication and historical base, it is expected that 4Q24 and 1Q25 should still be cautiously optimistic.)
Li Tie was sentenced to 20 years. On December 13, 2024, the Intermediate People's Court of Xianning City, Hubei Province publicly pronounced the case of Li Tie, the former head coach of China National Men's Football Team. Li Tie was sentenced to 20 years' imprisonment for accepting bribes, bribery, unit bribery, bribery of non-state staff and bribery of non-state staff. (CCTV News)The total output of automobiles in Shenzhen is expected to exceed 2.8 million vehicles this year. Last year, Shenzhen ranked among the "First City of New Energy Vehicles in China" with an output of 1.733 million vehicles. This year, the total output is expected to exceed 2.8 million vehicles, and it is expected to win the title of "First City of Automobile in China" again. (released by Shenzhen)It is reported that Baidu and Geely are taking the transfer process to pay the social security arrears for employees of Extreme Vietnam in November. According to media reports, on the evening of December 12, the CEO of Extreme Vietnam Xia Yiping and Geely and Baidu held a closed meeting. After several rounds of communication, Baidu and Geely are taking the transfer process to pay the arrears of social security for employees in November. Shareholders Geely and Baidu set up an emergency team to participate remotely. In response to this news, Baidu and Geely did not comment. (Sina Technology)
The application direction of AI fell in early trading, with Jincai Internet falling more than 8%, followed by Tianyu Digital, Huayang Lianzhong, Fushi Holdings, Aofei Entertainment and Fengyuzhu.Maotai Group had an exchange discussion with Huawei. Kweichow Moutai official news on December 13th. On December 12th, Zhang Pingan, managing director of Huawei Technologies Co., Ltd. and CEO of Huawei Cloud, visited Maotai and held an exchange discussion with Zhang Deqin, Party Secretary and Chairman of Maotai Group.Inter-bank cash bonds are strong as a whole, and national debt and CDB active bonds are down by 3-5bp. The 5-year treasury bonds and CDB active bonds went down by about 5bp, and "24 Treasury bonds with interest 20" reported 1.42%, which was a record low compared with yield to maturity, a Chinese bond in the same period, and "24 CDB 08" reported 1.515% in the same period, a record low since January 26th, 2006. The 10-year "24 interest-bearing treasury bonds 11" initially declined, and now it remains below 1.8%.
Strategy guide
12-14
Strategy guide
12-14
Strategy guide 12-14
Strategy guide 12-14