Highlights of the securities morning meeting: The ice and snow sports are expected to achieve high-quality development. Optimistic about the growth potential of functional clothing and leading companies in ice and snow tourism.

Yesterday, the market fluctuated and adjusted throughout the day, with the major indexes differentiating again. The micro-plate stock index fell by more than 3%. The total turnover of Shanghai and Shenzhen markets throughout the day was 1.28 trillion yuan, a decrease of 26.3 billion yuan from the previous trading day, reaching a new low since September 27. On the market, the hot spots were more chaotic, with most themes rising and then falling back, individual stocks falling overall, with more than 4,400 stocks falling and over 60 stocks hitting the limit down. In terms of sectors, a few sectors such as banks, brain-computer interfaces, and liquid-cooled servers rose, while sectors such as e-commerce, diamond cultivation, civil explosives, and Sora concepts were the top decliners. At the close, the Shanghai Composite Index fell by 0.01%, the Shenzhen Component Index fell by 0.64%, and the ChiNext Index fell by 0.55%. At today's morning meeting of securities firms, CICC stated that the ice and snow sports are expected to achieve high-quality development and sees the growth potential of functional clothing and leading companies in ice and snow sports. Huatai stated that the implementation of the new delisting rules may accelerate the market's "metabolism". Guotai Junan proposed that multiple regions have started popular trials, and robot dogs are expected to be the first to commercialize. CICC: Ice and snow sports are expected to achieve high-quality development, seeing the growth potential of functional clothing and leading companies in ice and snow sports CICC stated that it is optimistic about the ice and snow economy becoming an important growth point in expanding domestic demand. With policy support, ice and snow sports and ice and snow tourism are expected to achieve high-quality development. It sees the growth potential of functional clothing and leading companies in ice and snow sports. The Asian Winter Games will be held in Harbin in February 2025, in addition to policies promoting ice and snow tourism since November and December, Guotai Junan is optimistic that the enthusiasm for ice and snow tourism consumption will continue to grow. FlightAI data showed that as of December 20, searches for ice and snow tourism destinations such as Harbin, Changchun, Shenyang, and Dalian ranked high and grew rapidly year-on-year. The main scenic area of Changbai Mountain Tourism received an increase in visitors of 24% from January to November of the current year. Huatai: The new delisting rules may accelerate the market's "metabolism" Huatai stated that the market has been fluctuating with shrinking volume recently, and the capital market is showing a tug-of-war situation, with no unified force formed. Specifically, 1) trading-oriented funds are still in a trend of inflow, but the net inflow intensity last week slowed down, and leverage funds' trading activity fell to the lowest level since October; 2) allocation-type funds are still relatively "flat", with the asset allocation of public funds slightly decreasing month-on-month, and foreign allocation funds have been net outflowing for nine consecutive weeks; 3) contra-cyclical funds have been continuously net inflowing into wide-based ETFs since November, but the scale of reduction in major shareholders' holdings has increased, potentially affecting the strength of contra-cyclical funds. In terms of sectors, trading-oriented funds are increasing their holdings in the TMT sector while contra-cyclical funds are reducing their holdings, and the direction of various funds still needs to be reconciled. Pay attention to the disruption that the new delisting rules may have on the styles of small and medium-sized caps, as the current A-share delisting rate has improved but still has a ways to go to match developed markets, and the new rules may accelerate the rate of "metabolism" in the market. Guotai Junan: Multiple regions have started popular trials, robot dogs are expected to be the first to commercialize Guotai Junan stated that Usens Technology released a video of a quadruped robot dog performing impressively in outdoor activities. Currently, the application of robot dogs in China mainly focuses on military, security and other special fields, and the level of commercial deployment is gradually increasing. At the Zhuhai Airshow in November 2024, the China North Industries Group independently developed a "quadruped wolf robot" that can be used for environmental detection, information collection, material transportation and supply, and firepower output. In addition, robot dogs can also play a role in security, patrol, firefighting, and rescue fields. Recently, the Chengdu Public Security Bureau Gaoxin District Patrol Detachment has used robot dogs in patrol and deterrence work. The weight of the robot dog is about 50 kg, with a maximum speed of 4 m/s, and it can perform functions such as running, jumping, autonomous obstacle avoidance, autonomous navigation, and automatic charging. In the long term, robot dogs are expected to be the first to achieve commercial deployment. Guotai Junan recommends focusing on domestic Siasun Robot&Automation complete machine manufacturers and core component suppliers such as motors, reducers, sensors, and screws in Siasun Robot&Automation. This article was reprinted from "Cailian Press". Editor: Liu Xuan.