At today's brokerage morning meeting, citic sec stated that it is expected that the central economic work conference will continue its proactive attitude towards next year's macro policies, and the subsequent new round of policy deployment will significantly boost market confidence; htsc believes that medical insurance cost control opens up new space for commercial insurance; china securities co.,ltd. proposed that by 2025, four types of investment opportunities in the colored allocation should be focused on.
According to the Financial Association on November 26, the market rebounded after hitting a low yesterday, with the three major indices slightly down. Over 3,700 stocks in the all market saw price increases, with more than 150 stocks hitting their daily limit up and over 200 stocks rising more than 9%. The total transaction amount in the Shanghai and Shenzhen markets was 1.49 trillion, a decrease of 299.5 billion compared to the previous trading day. In terms of sectors, solid state battery, clothing and home textiles, tourism, and gas sectors led in gains, while precious metals, Huawei phones, controllable nuclear fusion, and CPO sectors saw significant losses. As of yesterday's close, the Shanghai Composite Index fell by 0.1%, the Shenzhen Component Index fell by 0.17%, and the chinext price index fell by 0.02%.
At today's brokerage morning meeting, citic sec stated that it is expected that the central economic work conference will continue its proactive attitude towards next year's macro policies, and the subsequent new round of policy deployment will significantly boost market confidence; htsc believes that medical insurance cost control opens up new space for commercial insurance; china securities co.,ltd. proposed that by 2025, four types of investment opportunities in the colored allocation should be focused on.
Citic Sec: The subsequent new round of policy deployment will significantly boost market confidence.
Citic Sec stated that the 2024 Central Economic Work Conference is expected to be held in mid-December. The conference will analyze the current economic situation and set the economic work goals for 2025. It is anticipated that the conference will maintain a positive attitude towards next year's macro policies, and the subsequent new round of policy deployment will clearly boost market confidence: 1) Debt relief: accelerate the allocation and issuance of special bonds for substitution; 2) Real estate: implement transformation of urban villages, acquisition restrictions on land and reserves, and relaxation of demand-side policies; 3) Commodity consumption to continue renovation and expansion, service consumption to broaden supply; 4) Technology and industrial policies focusing on industrial upgrades, controllability, and participation of private enterprises; 5) Boosting capital markets in resonance with deepening state-owned enterprise reform to improve investor returns.
htsc: Medical insurance 'cost control' opens up new space for commercial insurance.
HTSC pointed out that the medical insurance payment is steadily advancing towards saving medical costs and standardizing treatment expenses. The inpatient cost DRG/DIP payment system, featuring 'packaged payment,' will achieve full coverage for eligible medical institutions by the end of 2025. The reform of medical insurance payments aims to improve the efficiency of medical insurance funds, guide medical institutions to control costs, and is of great significance for the stable development of the basic medical security system. However, for consumers with payment capabilities, it also stimulates a higher demand for commercial medical insurance, with the medical insurance management department actively supporting the 'displacement development' of commercial medical insurance and medical insurance. The medical insurance department is accelerating the sharing of medical insurance and commercial insurance data to create conditions for the development of commercial medical insurance. It is estimated that mid-to-high-end medical insurance will benefit more and is expected to achieve significant development in the coming years, with premiums expected to reach 35 billion to 105 billion.
China Securities Co.,Ltd.: In 2025, the non-ferrous configuration recommends focusing on 4 types of investment opportunities.
Citic Sec pointed out that in 2024, the major logic behind non-ferrous commodity realization is based on three aspects: (1) The excessive issuance of US dollars and credit reconstruction, the start of the interest rate reduction cycle in the US, will bring about a new cycle for commodities; (2) The fourth industrial revolution will lead to a significant increase in the demand for related metals, especially strategic small metals, with new production forces including new energy, new materials, and AI triggering a new cycle of demand for some commodities. The end of the interest rate hike cycles in the US and Europe, combined with the resonance of China's fiscal and monetary policies, will boost non-ferrous demand; (3) As policies related to carbon neutrality constrain supply, the effects of supply-side reforms become evident, resource protectionism prevails, and insufficient capital expenditure leads to rigid supply constraints, supply growth remains low. Looking ahead to 2025, recommendations for non-ferrous asset allocation should focus on four types of investment opportunities: (1) New materials related to AI will welcome a long-term demand cycle; (2) Small metals, representing "new production force elements," will enter a demand cycle; (3) Precious metals will maintain an upward trend; (4) Basic metals, especially aluminum, will usher in a year of robust profits.
