Essence of the securities firm morning meeting | It is expected that 2025 will be the first year for the real estate industry to truly achieve sustainable development.

The market saw narrow fluctuations yesterday, with the three major indexes slightly rising and the size indexes continuing to differentiate. The BSE 50 index fell by more than 4%, hitting a new low. The total trading volume in the Shanghai and Shenzhen markets was 1.28 trillion yuan for the day, down by 157.7 billion yuan from the previous trading day. In terms of sectors, the insurance, banking, coal, and computing power sectors performed well, while the agriculture, tourism, Hainan, and copper cable high-speed connection sectors performed poorly. At the close of trading yesterday, the Shanghai Composite Index rose by 0.21%, the Shenzhen Component Index rose by 0.1%, and the ChiNext Index rose by 0.06%. At the brokerage morning meeting today, CITIC SEC stated that they expect 2025 to be the year when the real estate industry truly achieves steady and far-reaching development. Tianfeng indicated that industry demand is expected to rebound, and the automotive sector may gradually become more optimistic. China Securities Co., Ltd. pointed out that the overall valuation of the liquor sector is still at a low level, highlighting its long-term investment value. CITIC SEC: 2025 is expected to be the year when the real estate industry truly achieves steady and far-reaching development CITIC SEC pointed out that they expect 2025 to be the year when the real estate industry truly achieves steady and far-reaching development. This will not only be reflected in stable housing sales and a moderate rebound in core city housing prices after overselling, but also in the warming up of land transactions after falling more than 50% from their peak, and the improvement of corporate operational cash flow. Of course, there is a greater differentiation among different cities, entities, and properties, with core cities, high-quality entities, and well-operated properties possibly favored by the market in a low-interest-rate environment. Tianfeng: Industry demand is expected to rebound, and the automotive sector may gradually become more optimistic Tianfeng stated that Huawei's Qinkun intelligent driving technology is being upgraded, and major car companies are accelerating the promotion of intelligent driving. With policy and supply-side efforts, industry demand is expected to rebound, and the sector may become gradually more optimistic. The Central Financial and Economic Commission is taking the lead in promoting the policy of replacing old cars with new ones, correcting the pessimistic expectations about demand under policy stimulation. The replacement policy continues to be effective. Data from the Ministry of Commerce shows that as of midnight on December 13, the policy has driven the sales of more than 5.2 million passenger cars, with over 2.51 million scrapped and renewed, and over 2.72 million replaced. Since the implementation of the new policy, it has brought significant positive momentum to this year's auto market. Key areas to watch in the Qirui industrial chain; from a track perspective, lightening, wire-controlled chassis, car lights, cabins are promising. Recommendations: 1. Components: Rayhoo Motor Dies, Ningbo Tuopu Group, Bethel Automotive Safety Systems, IKD Co., Ltd., Huada Automotive Technology Corp., Ltd, Jiangsu Xinquan Automotive Trim, Ningbo Jifeng Auto Parts, Kunshan Huguang Auto Harness, Changzhou Xingyu Automotive Lighting Systems, Feilong Auto Components, Zhejiang Songyuan Automotive Safety Systems, etc.; 2. Vehicles: Anhui Jianghuai Automobile Group Corp., Ltd., etc.; 3. Intelligence: Huizhou Desay SV Automotive (connected with computer groups), etc. China Securities Co., Ltd.: The overall valuation of the liquor sector is still at a low level, highlighting its long-term investment value China Securities Co., Ltd. pointed out that the focus on stimulating consumption to expand domestic effective demand will help the food and beverage industry reach a turning point in prosperity, with performance and valuation expected to continue to improve. With the revitalization of the domestic economy and the activation of consumer spending, the liquor sector is expected to return to the consumption upgrade path. Leading liquor companies are expected to accelerate their profitability as the business scene and public consumption sentiment improve. The overall valuation of the liquor sector is still at a low level, highlighting its long-term investment value. With increased policy stimulus, pro-cyclical catering chains are expected to benefit first from the anticipated improvement. Continued optimism for: 1. The leisure snack and beverage industries are maintaining a high level of prosperity, and the new WeChat small store channel is providing important incremental opportunities for companies in the industry; 2. Combining the continuous recovery of the catering channel, it is recommended to focus on flavoring, beer, and catering chain targets with new product development, changes in management, or reform expectations. At the same time, the current comparative price decline in the sugar market is further beneficial for yeast companies to enhance profit elasticity; 3. The turning point of the raw milk cycle is approaching, gift-giving scenarios are expected to be restored, dairy products continue to be structurally upgraded, combined with high dividends, cost-effective advantages are highlighted. This article is reproduced from "Cailianshe". GMTEight editor: Chen Xiaoyi.