中银证券：中银晨会聚焦-20250206

Core Views - The focus of the report is on the recovery of domestic demand in China, particularly consumer spending, which is crucial for economic growth [5][6][7] - The report highlights the impact of recent tariff changes on market dynamics, with specific attention to the potential short-term fluctuations in demand and prices [9][10] - The manufacturing PMI for January 2025 indicates a contraction, primarily influenced by the Chinese New Year holiday, while certain sectors like hospitality and transportation show improvement [7][8] Company Focus - The report lists a selection of stocks recommended for February, including Jitu Express (1519.HK), China Petroleum (601857.SH), and CATL (300750.SZ), indicating potential investment opportunities [1] - The performance of these companies is expected to be influenced by macroeconomic factors, including domestic consumption recovery and tariff impacts [5][9] Industry Performance - The report provides insights into the performance of various industries, with the computer sector showing a significant increase of 6.27%, while the comprehensive index declined by 2.31% [4] - Specific industries such as defense and electronics also showed positive growth, while sectors like coal and food and beverage experienced declines [4] - The manufacturing sector's performance is under scrutiny, with the January PMI at 49.1%, indicating a contraction, and new orders showing a decline [7][8]