中原证券：晨会聚焦-20250206

Key Points Summary Core Insights - The report highlights a positive outlook for various sectors, including electric equipment, photovoltaic industry, and medical devices, driven by macroeconomic policies and increasing demand [4][5][18][42]. Domestic Market Performance - The Shanghai Composite Index closed at 3,229.49, down 0.65%, while the Shenzhen Component Index closed at 10,164.22, up 0.08% [3]. - The overall market sentiment remains cautious, with fluctuations observed in various sectors, including semiconductor and electronic components showing positive performance [14]. Economic Indicators - The January Caixin China Manufacturing PMI was reported at 50.1, down 0.4 percentage points from the previous month, while the Services PMI was at 51.0, down 1.2 percentage points [4][8]. - In 2024, China's GDP reached 13,490.84 billion yuan, growing by 5.0%, with industrial production and consumption showing stable growth [8]. Industry Analysis - The electric equipment sector outperformed the market, with a 1.53% increase in January, while the overall market saw a decline [15]. - The photovoltaic industry saw a record high in new installations, with 277.17 GW added in 2024, a 27.80% year-on-year increase [19]. - The medical device market is projected to grow at a compound annual growth rate of 5.71%, reaching a market size of 743.2 billion USD by 2027 [42]. Investment Recommendations - The report maintains a "stronger than market" rating for the electric equipment and new materials sectors, suggesting potential for recovery and growth [16][41]. - Investors are advised to focus on sectors with strong fundamentals, such as electric equipment, photovoltaic materials, and medical devices, which are expected to benefit from favorable policies and market conditions [20][26][42].