今日视点 研究所 沪深股指震荡调整 量能萎缩人气低迷 周二沪深股指缩量震荡调整，股指前市低开后基本围绕前一天收盘指数上 芯片半导体和有色金属板块冲高受阻震荡回落个股出现分化，市场做多力量明 略显活跃涨幅居前，房地产服务、游戏传媒和跨境电商板块整体出现调整，个 减少，市场活跃度依然处于较低水平。 上攻动能相对有限，周二股指基本呈现出缩量震荡调整走势，市场题材热点较 阶段政策面暖风频吹，央行、证监会等部门持续发声并出台相关措施，落实国 常会部署要求，着力稳市场、稳信心。措施针对性地指向了市场恶意做空违法 念，有效地减少了市场的做空力量，投资者前期崩溃的情绪得以有效缓解。我 振经济和维护稳定市场的背景下，市场的政策底已基本确立，但由于春节长假 长期化，半岛和南海地缘政治局势持续对峙趋于恶化，巴以冲突升级外溢引发 的中东和红海紧张局势依然危机四伏，市场的不确定性因素增加并对资本市场 国把经贸科技问题政治化意识化不断制造单边制裁，中美双方矛盾摩擦螺旋升 级日益扩大；欧美一系列限制政策严重扰乱了全球产业链和供应链的稳定，全 美联储主席鲍威尔表示，最近的数据没有给市场带来更大的信心，相反可 能需要比预期更长的时间来获得信心 ...

发布日期：2024 年 05 月 29 日 星期三 市场策略 执业编号：S0820510120003 E-mail: houyingmin@ajzq.com 显不足。板块热点继续分化，其中电力电网、半导体芯片和有色金属板块表现 念，有效地减少了市场的做空力量，投资者前期崩溃的情绪得以有效缓解。我 级日益扩大；欧美一系列限制政策严重扰乱了全球产业链和供应链的稳定，全 美联储可能会在更长一段时间内将利率维持在当前的水平，鉴于眼下就业市场 2024 年 05 月 29 日 星期三 请仔细阅读在本报告尾部的重要法律声明 第 2 页 共 3 页 公司主要产品为木质家具（包括实木类家具、人造板类家具和综合类家具，涵盖了 产品，"曲美"家具品牌在消费者中形成了较高的知名度和美誉度，在行业内拥有较高的 广生堂 300436 21.47 1.12 1.46 1.90 19.17 14.71 11.30 肝抗病毒一线用药的厂家。公司12-14年营业收入为1.26亿、1.78亿和2.54亿，复合增 公司主要从事产业链终端的药品零售服务，截至2014 年9 月底，公司门店总数为 地位。公司计划未来三到五年积极扩张，巩固市场领先地位。 ...

发布日期：2024 年 05 月 28 日 星期二 研究所 产品经理：侯英民 执业编号：S0820510120003 周一沪深股指单边震荡反弹，几大股指前市高开后即在周期性板块的带领 下呈现逐级震荡上行走势，全天电力煤炭资源板块表现活跃略显强势，午后芯 略有增强。板块热点出现明显分化，其中半导体芯片设备、电力煤炭资源和航 调整。最终沪深两市收盘均小幅上涨，全天两市成交量 0.77 万亿微有增加， 国家统计局发布数据显示，1-4 月全国规模以上工业企业实现利润总额 比下降 3.5%转为增长 4.0%，增速回升 7.5 个百分点。数据表明随着宏观组合 以上工业企业效益持续恢复，但也要看到目前国内有效需求仍然不足，外部环 有限，市场更多的还是体现为连续调整之后的技术性反弹走势。近阶段政策面 减少了市场的做空力量，投资者前期崩溃的情绪得以有效缓解。我们明确指出 护稳定市场的背景下，市场的政策底已基本确立，但由于春节长假前股指下挫 半岛和南海地缘政治局势持续对峙趋于恶化，巴以冲突升级外溢引发的中东和 科技问题政治化意识化不断制造单边制裁，中美双方矛盾摩擦螺旋升级日益扩 今日视点 爱建证券有限责任公司 市场策略 三大股指 ...

Core Insights - The market has experienced a significant adjustment, with the Shanghai Composite Index closing at 3,088.87 points, reflecting a weekly decline of 2.07% and a trading volume of 1,838.98 billion yuan [17] - The overall market structure remains unchanged despite the recent fluctuations, indicating a confirmation process following previous breakthroughs [34] - The domestic economic situation and external environment have not shown significant changes, leading to a continued oscillating market pattern [34] Market Performance - The Shenzhen Component Index closed at 9,424.58 points, down 2.93% for the week, with a trading volume of 2,398.62 billion yuan [17] - The CSI 300 Index decreased by 2.08% to 3,601.48 points, with a trading volume of 1,116.94 billion yuan [17] - The ChiNext Index fell by 2.80% to 2,298.17 points, with a trading volume of 1,030.31 billion yuan [17] Valuation Levels - The overall A-share market has a TTM PE ratio of 16.96, with the ChiNext at 44.97, the SSE 50 at 10.48, the CSI 300 at 12.03, and the CSI 1000 at 37.63 [31][43] - Despite the low valuation levels, the overall performance growth rate remains subdued, with a reported decline of 7.58% in net profit year-on-year for Q1 2024 [43] Sector Analysis - Strong sectors include photovoltaic and aquaculture themes, while weak sectors include real estate and construction materials [26] - The cyclical sectors, particularly real estate, have begun to adjust after a period of strong performance, contributing to the recent market corrections [26] - The market is characterized by a rotation of funds, with a focus on technology as a long-term growth driver, while short-term opportunities are primarily event-driven [26][34]

今日视点 请仔细阅读在本报告尾部的重要法律声明 2024 年 05 月 24 日 星期五 从技术面分析，新年伊始股指加速震荡下行，几大指数持续下挫并不断创 下年内新低，市场信心遭受严厉重创；春节前股指在利好政策影响下呈现出快 速探底后的报复性上涨，股指连续回升并收复年内失地，成交量也呈现出逐日 递增的良好势头，其中双创指数的大幅上涨对市场人气起到了明显的提振和稳 定作用。五一节前股指向上突破整理平台，成交量也同步放大到万亿水平，市 场做多力量开始增强，其中权重板块起到了功不可没的作用，市场做多信心有 所回升；上周股指先抑后扬在回补了节后的周线缺口后，多方借助房地产板块 开始展开新一轮的上攻，整体表现仍属强势但唯一不足的依然是成交量始终处 于万亿之下。本周股指冲高受阻从周二开始即呈现出逐级震荡回落走势，成交 量快速锐减，反映出经过连续上周上攻后多方能量有所消耗，多空双方开始进 入攻守能量的转换阶段，周四空方能量集中释放股指震荡下行跌破短期均线再 次考验多空分界岭支撑作用。鉴于近几日股指的持续震荡回落，尤其周四股指 虽下跌较多但个股跌停的数量仅 10 家，表明空方的做空力量不断释放已步入 尾声阶段，因此多空双方或 ...

Group 1 - The report indicates that the market is currently experiencing a period of consolidation, with the Shanghai Composite Index closing at 3,154.03 points, reflecting a weekly change of -0.02% and a trading volume of 1,896.11 billion yuan. The Shenzhen Component Index closed at 9,709.42 points, down 0.22% with a trading volume of 2,334.39 billion yuan. The report highlights that the market is in a phase of accumulating upward momentum despite short-term fluctuations driven by real estate policies [10][18][40]. - The overall performance of the A-share market shows a low valuation level, with a TTM PE ratio of 17.35 for the entire market, 46.28 for the ChiNext, 10.61 for the SSE 50, 12.22 for the CSI 300, and 39.11 for the CSI 1000. The report notes that while earnings growth remains low, the current valuation levels provide a high margin of safety [16][43]. - The report emphasizes the importance of sector rotation in the current market environment, with real estate and technology sectors showing strong performance, while mining and pharmaceutical sectors lag behind. It suggests that investors should focus on opportunities in lower-valued sectors while being cautious of risks in higher-valued sectors [40][43]. Group 2 - The report identifies that the market is characterized by a rotation of capital among sectors, with significant activity in the real estate industry chain and technology themes. It notes that the market is primarily driven by policy news, particularly in the real estate sector, which has shown considerable activity [40][43]. - The report suggests that the market's upward movement is expected to be gradual, with economic conditions improving steadily but growth rates unlikely to exceed expectations. It advises patience and a focus on trading opportunities, particularly in cyclical, consumer, and growth sectors [43][44]. - The report highlights the need for investors to manage their expectations regarding returns and risks, as the market's trading characteristics remain unchanged, and the primary risks stem from sector rotation volatility [40][43].

市场策略 Tel: 021-68727288 震荡走高，股指基本在前一天收盘指数上方震荡波动，贵金属有色资源板块整体回升表 轻工板块整体出现调整。最终沪深两市收盘均小幅上涨，全天两市成交量 0.99 万亿继 金为代表连续两天呈现出强势回升走势并再次刷新了历史新高，同时相关的银铜等资源 强势震荡上行走势，其中沪指和权重指数盘中再次刷新年内新高，市场人气得到有效提 加强市场监管严格把关上市公司质量和财务状况，根据市场情况加大对融资融券等业务 信心，管理层接二连三不断推出相关政策举措，有力地向市场传递出管理层活跃资本市 波报复性的上涨并收复了年初的失地，投资者的信心也开始日渐恢复。俄乌双方战争升 并对资本市场产生了很大的影响。美国把中国作为主要竞争目标肆意打压诽谤，并联合 潮日益兴起，经济形势趋于严峻复杂。 长一段时间内将利率维持在当前的水平，同时他还表示现有政策已经做好了应对我们所 第 1 页 共 3 页 从技术面分析，新年伊始股指加速震荡下行，几大指数持续下挫并不断创下年内新 低，市场信心遭受严厉重创；春节前股指在利好政策影响下呈现出快速探底后的报复性 上涨，股指连续回升并收复年内失地，成交量也呈现出逐日递增的 ...

今日视点 请仔细阅读在本报告尾部的重要法律声明 2024 年 05 月 22 日 星期三 从技术面分析，新年伊始股指加速震荡下行，几大指数持续下挫并不断创下年内新 低，市场信心遭受严厉重创；春节前股指在利好政策影响下呈现出快速探底后的报复性 上涨，股指连续回升并收复年内失地，成交量也呈现出逐日递增的良好势头，其中双创 指数的大幅上涨对市场人气起到了明显的提振和稳定作用。五一节前股指向上突破整理 平台，成交量也同步放大到万亿水平，市场做多力量开始增强，其中权重板块起到了功 不可没的作用，市场做多信心有所回升；上周股指先抑后扬在回补了节后的周线缺口后， 多方借助房地产板块开始展开新一轮的上攻，整体表现仍属强势但唯一不足的依然是成 交量始终处于万亿之下。周一股指延续上周的回升势头强势上行，成交量进一步快速放 大市场做多力量有所增强，周二股指震荡调整成交量快速锐减，表明经过连续上攻后多 方能量有所消耗，多空双方出现了攻守能量的转换。目前三大股指重新收复中短期均线， 但鉴于前几日股指的上行更多有赖于权重指数的表现，相比较代表人气的双创指数整体 表现还是明显有所欠缺，尤其市场成交量始终不足万亿显示出多方难以形成持续的攻击 ...

发布日期：2024 年 05 月 23 日 星期四 产品经理：侯英民 周三沪深股指窄幅震荡整理，股指全天基本围绕前一天收盘指数上下波 池板块的活跃，但市场整体的做多意愿依然不强。板块热点继续分化，其中光 本周股指在冲高受阻回落后，周三多空双方形成了短暂的弱平衡，股指全 着力稳市场、稳信心。措施针对性地指向了市场恶意做空违法违规行为，加强 跃资本市场提振投资者信心，管理层接二连三不断推出相关政策举措，有力地 海紧张局势依然危机四伏，市场的不确定性因素增加并对资本市场产生了很大 美联储主席鲍威尔表示，最近的数据没有给市场带来更大的信心，相反可 2024 年 05 月 23 日 星期四 EPS PE 质量、售后服务等方面居于国内同行业领先水平的家具企业。公司定位为中高端家具 体解决方案 肝抗病毒一线用药的厂家。公司12-14年营业收入为1.26亿、1.78亿和2.54亿，复合增 研究所 执业编号：S0820510120003 动，以沪市为例上证指数全天振幅仅 14 点，多空双方互为博弈形成拉锯战， 航运港口板块整体出现调整。最终沪深两市收盘均微幅上涨，全天两市成交量 稍显活跃，但题材热点的脉冲式表现缺乏持续性让投资 ...

Market Overview - The Shanghai Composite Index experienced a narrow fluctuation with a daily range of only 14 points, indicating a weak balance between bulls and bears[6] - Overall market sentiment remains weak, with active sectors showing a lack of sustained momentum, particularly in the shipping and port sectors[7][8] - The trading volume for the day was approximately 0.83 trillion, reflecting low market participation[24] Economic Indicators - The Federal Reserve is likely to maintain current interest rates for an extended period, with a high probability of delaying rate cuts until later in the year[17] - Moody's has downgraded the outlook for the U.S. credit rating from "stable" to "negative," highlighting ongoing economic challenges[17] - Global economic pressures are increasing, with rising concerns about stagnation and recession in Europe, and heightened volatility in the U.S. debt market[17] Investment Sentiment - Despite recent policy measures aimed at stabilizing the market, investor confidence remains fragile, with significant outflows of foreign capital from the A-share market[17][19] - The market is characterized by structural rotation among sectors, primarily driven by existing capital rather than new inflows[17][19] Sector Performance - The photovoltaic sector saw a notable surge in the afternoon, boosting the performance of related industries such as new energy equipment and real estate services[22] - However, the overall market still reflects a lack of consistent upward momentum, with the ChiNext Index showing weaker performance compared to major indices[25][34]