Market Overview - The A-share market showed a mixed performance with the Shanghai Composite Index rebounding approximately 6%, the Shenzhen Component Index up about 8%, and the ChiNext Index increasing by 10% since January 13, 2025, while the Hang Seng Technology Index rose nearly 30% [2][10] - The market sentiment is generally weak with more stocks declining than rising, indicating a lack of strong profit-making opportunities [6][10] Sector Analysis - The cultural media sector experienced significant gains, with a 42.75% increase in the first half of 2023, validating previous predictions about its potential [7] - The film industry is expected to continue its recovery in 2025, driven by strong demand for quality content, as evidenced by the success of films like "Nezha: Birth of the Demon Child" [8] - The AI sector is witnessing a surge, with stocks related to AI applications and technologies showing strong performance, indicating a new wave of investment opportunities in the AI landscape [9] Investment Strategy - The report suggests maintaining a "slow bull" market strategy, focusing on buying on dips, particularly in the TMT (Technology, Media, and Telecommunications) sector, which has been highlighted as a top investment area [5][10] - Investors are advised to be cautious of high-flying stocks that may experience internal sector differentiation and potential pullbacks after significant gains [3][7]

Market Overview - The A-share market is expected to maintain a "slow bull" trend, with fluctuations anticipated due to reduced trading volume and external factors such as tariffs from the U.S. [2][11] - Recent market performance has shown a rebound, with significant contributions from various sectors, particularly technology and entertainment [5][11] Sector Analysis - The TMT (Technology, Media, and Telecommunications) sector is highlighted as having strong investment potential, particularly in the context of digitalization [3][12] - The AI theme, specifically related to DeepSeek, is positioned as a leading investment opportunity, with expectations of active performance in related stocks [3][9] Key Sector Performances - The film industry is experiencing a resurgence, driven by successful releases like "Nezha Reborn," indicating strong demand and recovery potential for 2025 [7] - The semiconductor sector is projected to grow, supported by national policies and a forecasted global market size of $697.1 billion in 2025, reflecting an 11% year-on-year increase [8] - DeepSeek's concept stocks have gained traction due to their low-cost, high-performance characteristics, attracting investor interest across various applications [9] - The renewable energy sector is showing signs of recovery, with ongoing demand for lithium batteries, solar power, and electric vehicles, supported by favorable policies [10] Investment Strategy - The report suggests a strategy of buying on dips, particularly in sectors with strong fundamentals and growth potential [2][11] - Investors are encouraged to focus on companies that can adapt quickly to industry changes, especially in the semiconductor space [8]

Core Views - The report suggests that the A-share market is expected to slow down in 2025, with the three major indices showing a "slow bull" upward trend, recommending a strategy of buying on dips [2][10][11]. Market Overview - On February 12, 2025, the market showed a mixed performance with the Shanghai Composite Index experiencing a slight decline, indicating a slowdown in the recent upward momentum [3][10]. - Trading volume has decreased significantly, dropping from nearly 2 trillion yuan to below 1.8 trillion yuan, reflecting a reduction in market enthusiasm [3][10]. - The AI sector, particularly stocks related to DeepSeek, has shown volatility, with some stocks experiencing significant short-term gains followed by profit-taking [3][8][10]. Sector Performance - The precious metals sector saw a notable increase, with gold prices surpassing 2900 USD per ounce, driven by concerns over global trade tensions due to new tariffs imposed by the U.S. [6][10]. - The cultural media sector has shown strong performance, with a 42.75% increase in the first half of 2023, although it faced challenges due to regulatory changes affecting gaming stocks [7][10]. - The report highlights the potential for growth in the cultural media sector, particularly with advancements in AI technology and its applications in gaming and content production [7][10]. Future Market Outlook - The report maintains a "slow bull" outlook for the market, emphasizing that the overall economic recovery in China provides support for market performance, despite potential short-term fluctuations [11][12]. - Investors are advised to remain cautious and consider sector-specific ETFs if individual stock selection proves challenging [2][10].

英大证券研究所证券研究报告 策 略 晨 报 分析师：郑罡 执业证书编号：S0990511010001 电话：0755-83000291 邮箱：zhenggang@ydzq.sgcc.com.cn 金点策略晨报 2025 年 2 月 11 日 观点： 总量视角 【A 股大势研判】 【A 股大势研判】 周一，沪深两市继续稳步上行行情，成交金额有所回落。全部 A 股共有 4146 家上涨，1109 家下跌，139 家持平。 在申万一级行业中，计算机、传媒、商贸零售、社会服务和通信板块涨幅靠前，电力设备、煤炭、公用事业、家用电 器和交通运输板块表现落后。周一，上证指数报收于 3322.17 点，涨 18.5 点，涨幅 0.56%，成交金额为 6770.38 亿元； 深证成指报收于 10631.25 点，涨 55.25 点，涨幅 0.52%，成交金额为 10537.86 亿元。 周一盘中，DeepSeek 概念股继续活跃上涨行情。根据 iFind 的数据统计，计算机和电子板块全天市场成交分别为 3158 亿元和 2704 亿元，占周一沪深两市成交金额的 17.95%和 15.37%，为周一盘中成交规模最大的两个行业板块 ...

2025 年 2 月 10 日 假期因素带动消费物价回暖 请务必阅读最后一页的免责条款 1 相关报告 1 月 CPI 同比上涨 0.5%，其中，城市同比上涨 0.6%，农村同比上涨 0.3%；食 品价格同比上涨 0.4%，非食品价格同比上涨 0.5%；消费品价格同比上涨 0.1%， 服务价格同比上涨 1.1%。1 月 CPI 环比上涨 0.7，其中，城市环比上涨 0.8%， 农村环比上涨 0.5%；食品价格环比上涨 1.3%，非食品价格环比上涨 0.6%； 消费品价格环比上涨 0.6%，服务价格环比上涨 0.9%。1 月"双节"因素无疑 是拉动国内消费增长的重要原因之一。食品价格方面，猪肉价格同比上涨 13.8%，鲜菜价格同比上涨 2.4%，分别影响 CPI 上涨约 0.17%和 0.05%；服务 方面，飞机票和旅游价格分别上涨 8.9%和 7%，电影及演出票、家政服务分别 上涨 11%和 6.9%，服务价格上涨影响 CPI 同比上涨约 0.42%。耐用消费品价 格竞争压力犹在，燃油小汽车和新能源小汽车价格分别下降 4.6%和 5.8%。特 朗普关税政策引发美国通胀预期不稳，美联储延缓降息，美债压力持续，国 ...

英大证券研究所证券研究报告 策 略 晨 报 分析师：郑罡 执业证书编号：S0990511010001 电话：0755-83000291 邮箱：zhenggang@ydzq.sgcc.com.cn 每周投资早参 2025 年 2 月 10 日 观点： 请务必阅读最后一页的免责条款 1 研报内容 总量研究 【A 股大势研判】 上周五，沪深两市呈现震荡上行走势，成交金额继续增长。全部 A 股共有 4169 家上涨，1087 家下跌，139 家持平。 在申万一级行业中，涨幅居前的分别是计算机、综合、电力设备、钢铁和房地产板块，涨幅较少居前分别是银行、公 用事业、农林牧渔、社会服务和国防军工板块。全天上证指数报收于 3303.67 点，涨 33.01 点，涨幅 1.01%，成交金额 为 7576.14 亿元；深证成指报收于 10576 点，涨 182.37 点，涨 1.75%，成交金额为 12026.31 亿元。 总量视角 【A 股大势研判】 由于新能源发电具有间歇性和波动性，除了采用储能等备用电源机制调峰调 频之外，仍需要坚强的电网来保障其稳定接入和消纳。主干网与新能源配套发展， 主网投资或维持较高增长，配电网投资或 ...

英大证券研究所证券研究报告 策 略 晨 报 分析师：郑罡 执业证书编号：S0990511010001 电话：0755-83000291 邮箱：zhenggang@ydzq.sgcc.com.cn 金点策略晨报 2025 年 2 月 7 日 观点： 总量视角 【A 股大势研判】 2025 年，不排除国内车企将部分智驾功能安装在更多中低端新能源汽车，便 利消费者日常使用，以争取更好的销量增长势头。投资者可关注近期国内龙头车 企在智驾系统开发布局进程，及其智驾系统功能表现，和对其主要销售车辆的拉 动作用。当然，国内市场仍是全球汽车行业竞争最激烈的区域市场之一，价格战 竞争影响犹在，尤其是中低端汽车消费者对价格敏感度较高，具有成本优势车企 的市场开拓能力较强。投资者仍需关注国内新能源汽车行业主要厂商的营销策略 以及对其盈利的影响。 高耗能高算力人工智能发展模式面临转变，从着重硬件的投入逐步转向软硬 件优化协同发展局面。Deepseek-R1 大模型能够让中小企业能够以较低成本部署 先进的 AI 技术，模型开源使得更多研究者和开发者能够参与到模型的改进和优 化中，加速技术迭代与创新。此外，中国大模型崛起有望带动软件、芯 ...

策 略 晨 报 英大证券研究所证券研究报告 分析师：郑罡 执业证书编号：S0990511010001 电话：0755-83000291 邮箱：zhenggang@ydzq.sgcc.com.cn 金点策略晨报 2025 年 2 月 6 日 观点： 总量视角 【A 股大势研判】 外部不确定性引发投资者对国内经济需求增长的关注，A 股部分蓝筹板块出 现阶段回吐走势。在外需增长面临不确定性的背景下，内需提振的要求或更为强 烈，投资者可关注全国两会在科技创新、消费刺激等方面的政策预期，财政政策 在促内需、稳地产的积极作用。此外，中长期资金入市有望改善蓝筹股市场资金 供求，促进相关板块交易活跃及估值提升，投资者也可关注相关品种业绩披露后 的估值修复机会。 人工智能创新技术的发展必然有其不断迭代升级优化提升的过程，逐步由初 创走向成熟，相关领域的竞争激烈。投资者可关注其上下游产业受益该项技术发 展所获得的成长机会，尤其是最优的新技术、新模型对相关行业公司的拉动作用， 也需警惕被迭代优化的旧技术模型的市场风险。 节后首日 A 股出现价值股调整而成长股活跃的结构性行情，外贸不确定性引 发蓝筹股调整，人工智能大模型的创新技术带 ...

Core Views - The A-share market is experiencing short-term adjustments, particularly in the chip and artificial intelligence sectors, due to the performance of DeepSeek's AI model, which is comparable to OpenAI but at a lower cost, leading to potential adjustments in profit expectations for related companies [2][5] - High-dividend stocks such as banks and coal are seeing a rebound, possibly due to a shift in market preferences towards value stocks as growth stocks undergo corrections [5][9] - The macroeconomic environment is expected to gradually improve post-holiday, supported by counter-cyclical policies and the return of long-term capital to the market, enhancing the resilience of the A-share market [3][9] A-share Market Analysis - On the last trading day after the holiday, the A-share market showed a decline, with 1,814 stocks rising and 3,417 falling. The Shanghai Composite Index closed at 3,250.60 points, down 0.06%, with a trading volume of 450.23 billion yuan, while the Shenzhen Component Index closed at 10,156.07 points, down 1.33%, with a trading volume of 667.64 billion yuan [4][5] - The manufacturing PMI for January was reported at 49.1%, indicating a decline from the previous month, attributed to the early timing of the Spring Festival and increased external uncertainties [6][9] Sector Insights - The manufacturing sector is facing short-term impacts due to holiday factors, but recovery is anticipated as production resumes and counter-cyclical policies take effect, potentially leading to a rebound in macroeconomic demand [3][6] - The high-tech sector, particularly artificial intelligence, is under scrutiny for its initial development uncertainties and high valuation pressures, necessitating careful evaluation by investors [5][9] Policy Developments - The China Securities Regulatory Commission has issued a plan to promote the high-quality development of index investment in the capital market, aiming to enhance the scale and proportion of index investment and improve the long-term returns for investors [9]

Core Views - The ongoing "Trump effect" may impact the global economic order, leading to potential economic slowdown, with defensive assets like gold remaining favored [2][4][5] - The national team continues to stabilize the market, as reflected in the fourth-quarter fund reports, which show increased holdings in broad-based ETFs like the CSI A500 [7][8] A-Share Market Analysis - On a recent trading day, the Shanghai and Shenzhen markets experienced slight adjustments, with 1,032 stocks rising and 4,261 falling. The Shanghai Composite Index closed at 3,213.62 points, down 29 points, a decline of 0.89%, with a trading volume of 452.31 billion yuan [4] - The real estate sector faced limitations on short-term rebounds due to a downgrade in credit ratings for a leading property company, while the food and beverage sector saw declines primarily due to pressures in the liquor industry [4] - The communication sector showed activity driven by expectations of increased investment in new-generation communication technology infrastructure, alongside the growth of data centers and artificial intelligence [4] Investment Opportunities - Investors are advised to focus on active opportunities in gold and other precious metals, as well as low-positioning high-dividend stocks, while trading investors should consider emerging industries like chip design, new-generation communication technology, and artificial intelligence, which are expected to benefit from policy-driven performance growth [2][8] - The recent increase in financing balances in the margin trading business indicates growing investor confidence, despite a recent market adjustment [7]