中原证券：晨会聚焦-20250127

Key Points - The report highlights the performance of various indices in the domestic market, with the Shanghai Composite Index closing at 3,252.63, reflecting a 0.70% increase, while the Shenzhen Component Index closed at 10,292.73, with a 1.15% increase [3][4] - The report discusses the macroeconomic environment, noting that the GDP for 2024 is projected to be 13,490.84 billion, with a growth rate of 5.0%. The contribution of the secondary industry to GDP growth is expected to increase [9][10] - The report emphasizes the performance of the semiconductor industry, which has led the A-share market with a notable increase, indicating strong investment opportunities in this sector [12][17] - The report mentions the significant growth in the new energy vehicle sector, with over 6.8 million vehicles replaced under the old-for-new policy, contributing to a sales increase of over 1.3 trillion yuan [5][9] - The report outlines the performance of the power and utilities sector, noting a 5.74% decline in the electricity and utilities index, which underperformed compared to the broader market [19][26] - The report indicates that the medical device industry is expected to grow significantly, with the market projected to reach 1,875 billion yuan by 2025, reflecting a compound annual growth rate of 11.5% [40][41] - The report highlights the performance of the agricultural sector, particularly the pig farming industry, which saw a price increase of 10.24% year-on-year, indicating a potential recovery in profitability for related companies [32][33] - The report discusses the impact of U.S. sanctions on China's AI computing capabilities, emphasizing the need for domestic advancements in technology to mitigate these effects [30][31]