Brokerage morning meeting highlights | The market is expected to rebound from oversold levels in the next trading session.

Yesterday, the market hit bottom and rebounded, with the three major indexes showing mixed movements, and the ChiNext Index fell more than 3% at one point. The total trading volume of the Shanghai and Shenzhen stock markets was 1.24 trillion yuan for the whole day, an increase of 166.3 billion yuan from the previous trading day. On the trading board, market hotspots rebounded in turn, but with limited sustainability. In the end, individual stocks mostly fell and few rose, with over 3200 stocks in the entire market falling. As for sectors, the top gainers were in humanoid Siasun Robot & Automation, retail, household appliances, and elderly care concepts, while the top losers were in non-ferrous metals, steel, rare earth permanent magnets, and CRO sectors. By the end of yesterday's trading, the Shanghai Composite Index rose by 0.02%, the Shenzhen Component Index fell by 0.54%, and the ChiNext Index fell by 0.98%. At today's morning meeting of securities firms, EB SECURITIES pointed out that the market is expected to see a rebound from oversold levels; China Securities Co., Ltd. stated that there may be a slight convergence in funding in January, but no basis for significant tightening; Huatai continued to recommend the investment theme of upgrading old appliances and home furnishing sectors by 2025. EB SECURITIES: The market is expected to see a rebound from oversold levels EB SECURITIES pointed out that with the bottom-hunting funds entering the market, the market rebounded with increased volume, boosting market confidence once again and reinforcing the expectation that the market has already bottomed out in the short term. The market is expected to see a rebound from oversold levels. China Securities Co., Ltd.: There may be a slight convergence in funding in January, but no basis for significant tightening China Securities Co., Ltd. stated that there may be a slight convergence in funding in January, but no significant basis for tightening. They are keeping an eye on local government bond issuance, bank credit loosening, central bank's attitude, and pressure on debt side of major banks. In addition, the first quarter enters a period of monetary easing, focusing on the possibility of a further reduction in reserve requirements and interest rates by the central bank, which is expected to drive a further decline in central fund rates. However, there is a need in the short term to pay attention to the marginal convergence of funding under pressure on exchange rates and the demand for anti-speculative measures, as well as the increased possibility of volatility. Huatai: Continuing to recommend the investment theme of upgrading old appliances and home furnishing sectors by 2025 Huatai pointed out that on January 8, 2025, the National Development and Reform Commission and the Ministry of Finance issued the "Notice on Strengthening and Expanding the Implementation of Large-scale Equipment Updates and Old-for-New Policy for Consumables by 2025", while hosting a regular policy briefing of the State Council to introduce the relevant information on the implementation of the "two new" policy. On one hand, the scale of support for ultra-long-term special treasury bonds is expanding and tilting towards regions with better implementation; on the other hand, the expansion of the new policy, the notice mentioned that the categories of household appliances subsidies will increase from 8 to 12, the maximum number of air conditioner products eligible for subsidies will increase from 1 to 3, and subsidies will also be provided for mobile phones and other digital products, as well as increasing subsidies for old house renovations, kitchen and bathroom renovations, and home age-friendly renovations. The detailed rules for the implementation of the national old-for-new policy have been optimized and improved, with the expansion and improvement of product categories. It continues to recommend the investment theme of upgrading old appliances and home furnishing sectors by 2025, and is optimistic about the fundamental improvement and valuation recovery trends of leading companies. This article is reprinted from "Cai Lianshe", translated by GMTEight and edited by Xu Wenqiang.