Guotai Junan: It is suggested that the beauty care sector with product and channel changes and flexibility should be optimized from the bottom up. Guotai Junan said that after the pressure of consumption in 2022 and the destocking of consumers in 2023, the beauty consumption will return to the normal purchase cycle in 2024, and the industry prosperity will improve month-on-month, and the double-digit growth of online beauty will be achieved. However, after the channel dividend subsided, the platform traffic and price competition became fierce, and the brand differentiation further intensified. Relying on the product innovation and channel operation ability brought by organizational efficiency, the performance of domestic products in the head is still bright, and the rise of new domestic products has spread from beauty cosmetics to personal care. Looking forward to 2025, the market risk appetite will be significantly restored. Because of its many changes and the rising trend of domestic products as a whole, the American nursing sector has obvious growth attributes and significantly benefited from its style. Brand differentiation in the fundamental dimension has intensified, and it is suggested that the flexible target with product and channel changes should be optimized from bottom to top.CITIC Securities: It is expected that the scale of personal pension will grow steadily. According to the CITIC Securities Research Report, on December 12, 2024, the Ministry of Human Resources and Social Security and other departments jointly issued the Notice on the Full Implementation of Personal Pension System, and the personal pension system will be promoted to the whole country on December 15, with emphasis on product supply and collection conditions optimized. In terms of individual pension funds, 85 index funds were added. At present, the total number of personal pension products is 941, and the performance of most products is relatively stable. The personal pension system shoulders the important mission of perfecting the multi-level and multi-pillar pension insurance system and doing a good job in pension finance. It is expected that with the continuous optimization of system design, continuous enrichment of product supply and continuous improvement of service level, the scale of personal pension is expected to grow steadily, which will also help to better play the wealth management function of the capital market and build a sound policy system of "long money and long investment".CITIC Securities: It is expected that the global semiconductor and hardware fundamentals will resume their upward trend from the second quarter of next year. According to the CITIC Securities Research Report, the global semiconductor and hardware fundamentals are expected to remain weak from the fourth quarter of 2024 to the first quarter of 2025, and will resume their upward trend from the second quarter of 2025. Similar to 2024, GenAI is expected to continue to be the core driving force, but industrial opportunities are expected to continue to spread around NVIDIA. At the same time, we should also pay attention to the recovery progress of IT expenditure of European and American enterprises after the US election, the pull of end-side AI and windows10 EOL on consumer electronics and bulk storage chips, and the recovery process of automobile and industrial sectors at the bottom of the cycle. Tariff and trade policies, US macro and inflation data, and GenAI technology progress are expected to continue to be the core influencing variables of the industry. At the sub-sector level, our preference order is: advanced process, AI network (Ethernet equipment and high-speed interface), AI computing chip (ASIC, commercial GPU), AI server, enterprise IT equipment (network equipment, high-end storage, general server), consumer electronics (PC, mobile phone), analog chip, semiconductor equipment, bulk storage chip, mature process and so on.
CITIC Securities: Short-term white horse style may be dominated by stages due to compensatory growth and repair. CITIC Securities Research Report pointed out that looking forward to 2025, we expect that the market style will gradually switch from individual investors to institutional investors, and ETF will become an important configuration tool. We believe that the construction of ETF portfolio should mainly depend on the judgment of style rotation and timing. We believe that in the short term, Politburo meeting of the Chinese Communist Party and the Central Economic Work Conference will once again confirm the policy inflection point, which is expected to boost institutional investors' risk appetite, and the white horse style may prevail in stages due to compensatory growth and repair. However, in the large-cycle environment, it is still unable to meet the conditions for the continued dominance of white horse stocks, and it is necessary to continue to observe the price signals and policies.Russian Intelligence Agency: NATO is worried about Russia's statement about the western participation in the attack on Russia. The Russian Foreign Intelligence Agency issued a statement on the 12th local time, saying that according to the information obtained by the bureau, NATO headquarters is extremely worried about Russia's statement that the United States, Britain and France are directly involved in using western long-range weapons to attack deep areas of Russia. NATO legal experts worry that Russia may accuse western countries of armed aggression against Russia.CITIC Jiantou: The Matthew effect of the property insurance industry is expected to be further highlighted. CITIC Jiantou said that the State Financial Supervision and Administration Bureau recently issued the Action Plan on Strengthening Supervision, Preventing Risks, Promoting Reform and Promoting the High-quality Development of the Property Insurance Industry. In terms of comprehensive supervision and strict supervision, the Action Plan proposes to improve the quality and effectiveness of property insurance supervision from strengthening market access and exit supervision, promoting hierarchical and classified supervision, strictly rectifying illegal activities, and improving prudential supervision system and rules. In terms of effectively preventing and resolving risks, the Action Plan proposes to enhance the ability of risk prevention and resolution of the property insurance industry by enhancing the ability of capital replenishment and improving the monitoring and early warning system, and proposes to encourage mergers and acquisitions of property insurance companies. Deepen reform and promote opening up, and propose to guide property insurance institutions to position their development, accelerate business transformation and upgrading, enhance risk management capabilities, and promote high-level opening up. On the whole, the Action Plan will help to prevent and resolve risks in the property insurance industry, lay a foundation and provide guidance for the high-quality development of the industry, and the Matthew effect of the industry is expected to be further highlighted.
The first all-green power station base planning based on large-scale compressed air energy storage was released. On December 11th, China Nengjian Digital Group released the all-green power station base planning based on compressed air energy storage in Xining, Qinghai. This is the first all-green power station solution supported by large-scale compressed air energy storage system in high altitude areas around the world, which was independently developed by China Energy Construction Group Co., Ltd. The first batch of projects of the base will take the lead in building a 300 MW compressed air energy storage power station project in guinan county, Hainan, with an overall energy storage capacity of 1.2 million kilowatts, which will effectively enhance the new energy consumption capacity of Hainan and even Qinghai.Intel executives said that whether to split the company is still an open question. Dave Zinsner, chief financial officer of Intel, said that whether to formally split the factory and product development department is an open question and will be decided by the next leader. After Pat Gelsinger was forced to leave his post earlier this month, Zinsner is now the interim co-CEO. He made the comments when attending the Barclays Technology Conference in San Francisco on Thursday. Michelle Johnston Holthaus, another co-CEO, was also present.Du Zhaocai, former deputy director of the State Sports General Administration, will be sentenced in the first instance today. Today, Du Zhaocai, former deputy director of the State Sports General Administration, will be sentenced in the Wuhan Intermediate People's Court.
Strategy guide 12-13
Strategy guide 12-13
Strategy guide 12-13
Strategy guide 12-13