On December 31, the Financial Association reported that the market experienced narrow fluctuations yesterday, with the three major indices rising slightly. The differentiation between large and small indices continued, while the Northern Stock Exchange 50 Index fell over 4%, reaching a new low for this phase. The total transaction volume in the Shanghai and Shenzhen markets was 1.28 trillion, a decrease of 157.7 billion compared to the previous trading day. In terms of sectors, Insurance, Banks, Coal, and Computing Power led the gains, while Agriculture, Tourism, Hainan, and Copper Cable High-Speed Connection faced the largest declines. By the end of yesterday's trading, the Shanghai Composite Index rose by 0.21%, the Shenzhen Component Index rose by 0.1%, and the Chinext Price Index rose by 0.06%.

At today's Brokerage morning meeting, CITIC SEC proposed that 2025 will be the year when the Real Estate Industry truly stabilizes and moves forward; Tianfeng stated that industry demand is expected to recover, and the Autos Sector may gradually become optimistic; China Securities Co.,Ltd. pointed out that the current valuation of the Baijiu(Chinese Liquor) Sector remains low overall, highlighting its long-term investment value.

CITIC SEC: It is expected that 2025 will be the year when the Real Estate Industry truly achieves stability and long-term success.

CITIC SEC pointed out that it is expected that 2025 will be the year when the Real Estate industry truly achieves stability and long-term success. This is reflected not only in the stable scale of housing sales, with core city housing prices gently recovering after significant declines, but also in land transactions beginning to warm up after falling over 50% from their peak, with improving operational cash flow for enterprises. Of course, there is greater differentiation between different cities, different entities, and different properties; under a low interest rate environment, core cities, quality entities, and well-operated properties may be favored by the market.

Tianfeng stated that industry demand is expected to improve, and the automotive sector's market may gradually turn optimistic.

Tianfeng stated that Huawei's Qian Kun Smart Driving has been upgraded again, and major automotive companies are accelerating their intelligent driving advancements. With efforts on both the policy and supply sides, industry demand is expected to improve, and the market may gradually become optimistic. The Central Finance Committee is leading the promotion of the vehicle trade-in policy, which helps rectify the pessimistic expectations in demand. The trade-in policy continues to gain momentum, with data from the Ministry of Commerce showing that as of midnight on December 13, the automotive trade-in policy has driven Passenger Vehicle sales to exceed 5.2 million units, including 2.51 million units for scrapping and renewing, and 2.72 million units for replacement and renewing. Since the implementation of the "Two New" policy, it has brought significant positive momentum to this year's automotive market.

Focus on the industry chain of Chery; from the aspect of the sector, Lightweight, Wire-Controlled Chassis, Headlights, and Cabin are promising. Recommended: 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. Complete Vehicles: Anhui Jianghuai Automobile Group Corp.,Ltd.; 3. Intelligent Products: Huizhou Desay SV Automotive (combined coverage with the computer team), etc.

China Securities Co.,Ltd.: Currently, the overall valuation of the Baijiu (Chinese Liquor) sector is still at a low level, highlighting its long-term investment value.

China Securities Co.,Ltd. pointed out that expanding domestic effective demand with a focus on boosting consumption may lead the food and beverage industry to welcome a turning point in prosperity, with both performance and valuation expected to continue improving. The Baijiu sector is likely to return to the consumption upgrade path as the domestic economy recovers and consumer spending activates, with the rebound in business scenarios and public consumption. Leading liquor companies are expected to see their profitability recover more rapidly. Currently, the overall valuation of the Baijiu sector is still at a low level, highlighting its long-term investment value. With increased policy stimulus, the cyclical dining chain is expected to benefit first from the anticipated improvement.

Continuing to be bullish: 1. The leisure snacks and beverage industries maintain a high level of prosperity, with WeChat Mini Stores providing important incremental opportunities for companies within the industry; 2. In conjunction with the ongoing recovery of dining channels, it is suggested to pay attention to symbols in the condiment, beer, and dining chain sectors that have new product development, management reshuffling, or reform expectations, while the current market price of molasses has further declined month-on-month, providing significant help for yeast companies to enhance profit elasticity; 3. The turning point of the raw milk cycle is approaching, with gifts expected to recover before the dairy product structure continues to upgrade, combined with high dividends, making the cost-performance ratio prominent.