Market Overview - The A-share market experienced a significant decline in trading volume, dropping to less than 1.3 trillion yuan, primarily due to a pullback in the technology sector and tightening liquidity at the end of the quarter [2][5][9] - Investor risk appetite has decreased, influenced by uncertainties surrounding domestic economic validation and U.S. tariffs on China, leading to increased cautious sentiment among investors [3][9][12] - The market showed a narrow fluctuation with the three major indices closing slightly lower, indicating a lack of strength in the overall rebound [10][12] Sector Performance - The photovoltaic equipment sector saw a rise, supported by substantial growth in new installed capacity and improving profitability for downstream companies as silicon material prices stabilize [7][8] - The industrial mother machine concept stocks also experienced gains, driven by the establishment of a high-end intelligent equipment industrial base in Shanghai, which aligns with national policies promoting manufacturing upgrades [8][9] Future Outlook - The report maintains a cautious outlook, suggesting that the downward trend in indices may not have ended, with potential for further declines in the short term [3][11] - Investors are advised to avoid speculative stocks lacking performance support and focus on sectors with strong earnings expectations during the upcoming earnings season [11] - Long-term support for the market remains due to resilient economic growth, ongoing policy support, and expectations of profit recovery, indicating a slow bull market despite short-term adjustments [3][11]

英大证券研究所证券研究报告 2025 年 3 月 26 日 成交大幅萎缩，观望情绪增加 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 观点： 总量视角 【A 股大势研判】 周二晨报提醒，周一 A 股市场盘中显著分化，阶段性的调整或未结束。造成 这种分化的原因可能如下：一方面，财报效应与风格切换预期；另一方面，流动 性收缩与资金偏好转向。自 3 月科技股分化以来，市场存量资金博弈明显，资金 倾向于规避业绩不确定性高的小盘股，转向分红稳定、估值低的大盘蓝筹之际， 资金更趋于谨慎。接下来又将如何演绎呢？我们认为，首先，短期小盘股或仍有 压力。其次，中期看，市场风格可能趋于均衡。操作上，一是短期内应避开前期 被过度炒作且业绩尚未明朗的题材股；二是可逢低布局大金融、顺周期、高股息 率或低估值消费板块。 市场走势如我们预期，周二沪深三大指数窄幅震荡，尾盘收绿，短期延续调 整态势。盘面上看，煤炭、电力、银行、消费等防御性板块走强，前期热门的 TMT 赛道回调，泛 AI 主题、人行机器人等概念股跌幅居前。 周二两市成交萎缩至不 ...

英大证券研究所证券研究报告 2025 年 3 月 26 日 成交大幅萎缩，观望情绪增加 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 请务必阅读最后一页的免责条款 1 金 点 策 略 晨 报 观点： 总量视角 【A 股大势研判】 周二晨报提醒，周一 A 股市场盘中显著分化，阶段性的调整或未结束。造成 这种分化的原因可能如下：一方面，财报效应与风格切换预期；另一方面，流动 性收缩与资金偏好转向。自 3 月科技股分化以来，市场存量资金博弈明显，资金 倾向于规避业绩不确定性高的小盘股，转向分红稳定、估值低的大盘蓝筹之际， 资金更趋于谨慎。接下来又将如何演绎呢？我们认为，首先，短期小盘股或仍有 压力。其次，中期看，市场风格可能趋于均衡。操作上，一是短期内应避开前期 被过度炒作且业绩尚未明朗的题材股；二是可逢低布局大金融、顺周期、高股息 率或低估值消费板块。 市场走势如我们预期，周二沪深三大指数窄幅震荡，尾盘收绿，短期延续调 整态势。盘面上看，煤炭、电力、银行、消费等防御性板块走强，前期热门的 TMT 赛道回调，泛 AI ...

英大证券研究所证券研究报告 2025 年 3 月 25 日 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn A 股市场分化下，后市如何演绎？ 接下来又将如何演绎呢？我们认为，首先，短期小盘股或仍有压力。退市制 度深化、年报业绩披露在即，叠加一季度经济数据落地前的观望情绪，小盘股尤 其是 ST 板块可能继续承压，而一旦阶段调整后，部分基本面扎实、行业前景向 好（如科技）的中小盘股可能迎来超跌反弹；其次，中期看，市场风格可能趋于 均衡。在财报季和政策过渡期，业绩确定性高、分红稳定的蓝筹股或持续受益。 后市若稳增长政策发力见效，小盘股中的高景气赛道仍会有估值修复，市场有望 逐步迎来均衡。 请务必阅读最后一页的免责条款 1 金 点 策 略 晨 报 造成这种分化的原因可能如下：一方面，财报效应与风格切换预期。市场 进入 3 月下旬以及 4 月的业绩验证临界点，市场预期资金可能提前转向业绩确定 性更高的大盘蓝筹股，导致中小市值风格胜率和超额收益回落；另一方面，流动 性收缩与资金偏好转向。近期市场成交基本于 1.5 万亿元附近 ...

Market Overview - The report indicates that the A-share market is facing pressure as it has fallen below the 3400-point mark, with significant selling pressure from last year's trapped investors in the 3400-3500 point range [4][19] - The recent trading volume has shrunk, suggesting a lack of upward momentum in the short term, and the market may experience further adjustments [4][19] - Despite short-term fluctuations, the report maintains a positive outlook for the medium term, supported by economic resilience, ongoing policy support, and profit recovery expectations [4][19] Sector Analysis Marine Economy - Marine economy stocks, particularly shipbuilding and marine engineering, have shown resilience and growth, driven by government policies promoting the development of the marine economy [10][12] - The report highlights the strategic importance of deep-sea technology as a key area for development, which is expected to bolster the shipbuilding industry [10][12] Traditional Chinese Medicine (TCM) - The TCM sector has been active, with government initiatives aimed at enhancing quality and promoting the industry, indicating potential structural upgrades and increased market concentration [13] - The report suggests that 2025 may see significant improvements in the pharmaceutical sector, particularly for TCM products, due to the aging population and recovery in consumer demand [13] Renewable Energy - The renewable energy sector, particularly wind power equipment, is showing signs of strength, with expectations for a technical rebound as the market adjusts from previous declines [14] - The report emphasizes the ongoing demand for renewable energy solutions in line with national carbon neutrality goals, making this sector attractive for investment [14] Financial and High Dividend Stocks - The report recommends focusing on financial stocks and high dividend yield stocks as they are expected to perform well in the current low-interest-rate environment [16] - It advises investors to selectively enter these stocks during market dips, as they typically come from stable and profitable companies [16] Precious Metals - Precious metals, particularly gold, have seen increased interest as a safe-haven asset amid rising global trade tensions and declining inflation rates [17] - The report warns of potential corrections in gold prices after recent increases, advising investors to be cautious [17] Brain-Computer Interface Technology - The brain-computer interface sector has gained attention due to recent technological advancements and government support for neurotechnology, indicating a promising investment opportunity [18] - The report suggests a long-term positive outlook for this sector while advising short-term trading strategies [18]

英大证券研究所证券研究报告 金 点 策 略 晨 报 2025 年 3 月 20 日 市场或进入存量博弈阶段，短期震荡回踩不改慢牛格局 总量视角 【A 股大势研判】 操作上，一是短期内应避开前期被过度炒作且业绩尚未明朗的题材股，重点 关注年报季中业绩超预期的方向；二是可逢低布局大金融、顺周期、高股息率或 低估值消费板块；三是保持仓位的灵活性，充分利用市场震荡进行高抛低吸操作。 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 请务必阅读最后一页的免责条款 1 观点： 金点策略晨报 研报内容 总量研究 周三晨报提醒，成交萎缩下或有震荡，另外，3400—3500 点区间存在去年套 牢盘压力，需反复震荡消化抛压，市场需要时间完成筹码交换与整固。操作上， 短期内应避开前期被过度炒作且业绩尚未明朗的题材股，重点关注年报季中业绩 超预期的方向。 市场走势如我们预期，周三沪深三大指数窄幅震荡，小幅收跌，两市成交额 不足 1.5 万亿元。盘面上看，电力、银行等高股息率个股走强偏强。上周以来截 至当前，市场高低切换明显，风格趋于均衡。 ...

英大证券研究所证券研究报告 2025 年 3 月 20 日 市场或进入存量博弈阶段，短期震荡回踩不改慢牛格局 总量视角 【A 股大势研判】 周三晨报提醒，成交萎缩下或有震荡，另外，3400—3500 点区间存在去年套 牢盘压力，需反复震荡消化抛压，市场需要时间完成筹码交换与整固。操作上， 短期内应避开前期被过度炒作且业绩尚未明朗的题材股，重点关注年报季中业绩 超预期的方向。 市场走势如我们预期，周三沪深三大指数窄幅震荡，小幅收跌，两市成交额 不足 1.5 万亿元。盘面上看，电力、银行等高股息率个股走强偏强。上周以来截 至当前，市场高低切换明显，风格趋于均衡。光通信、算力、半导体等成长板块 涨势放缓，而电力、公用事业、银行等低位板块上扬，有色、消费以及新能源等 板块得到资金阶段青睐。 近期成交出现萎缩，周三两市成交额不足 1.5 万亿元，短期进入存量博弈阶 段。相比此前动辄 1.8 万亿以上的相对成交额，这里指数短期继续上行力度或有 欠缺，而市场也或进入短期的存量博弈时刻。 当前，市场逐步进入 3 月下旬以及 4 月的业绩验证临界点，另一方面，外部 扰动与内部政策节奏的博弈。如果者海外不利因素继续扩大，A 股情 ...

英大证券研究所证券研究报告 后市行情如何演绎？我们认为，短期市场流动性相对充裕以及政策持续发力 下，震荡上行的慢牛格局依旧是主基调。后市指数走势将进入政策与经济基本面 验证期。若货币及消费刺激等政策落地节奏超预期，指数有望挑战更高点位。同 时，观察科技、消费等板块的业绩兑现情况，也将成为行情能否持续的关键。不 过，阶段也还有扰动。如果政策发力滞后或者海外不利因素继续扩大，A 股情绪 可能会受到一定干扰。 操作上，可逢低布局大金融、顺周期、高股息率或低估值消费板块，业绩超 预期的标的也值得重点关注。不过，一季度末至二季度初为财报密集披露期，部 分高估值或缺乏业绩支撑的个股面临回调压力（当然也包括连续大涨后的部分科 技成长股）。不过，科技股中长期牛市逻辑未变，而板块也正从此前的题材炒作 逐步向业绩兑现过度。在此期间，投资者可减少波动大的科技股仓位，如果在此 期间科技股出现回调，则可择机低吸业绩确定性强的科技标的。 请务必阅读最后一页的免责条款 1 观点： 金 点 策 略 晨 报 2025 年 3 月 18 日 震荡慢牛仍是主基调，关注业绩超预期标的 分析师：惠祥凤 执业证书编号：S0990513100001 电话 ...

英大证券研究所证券研究报告 金 点 策 略 晨 报 2025 年 3 月 19 日 成交萎缩下或有震荡，关注业绩超预期标的 观点： 请务必阅读最后一页的免责条款 1 金点策略晨报 研报内容 总量研究 总量视角 【A 股大势研判】 周二沪深三大指数震荡回升收红，延续此前的上行趋势，不过，两市成交额 继续萎缩，市场分化，板块轮动加快，短期市场动力具有一定的不确定性。另外， 3400—3500 点区间存在去年套牢盘压力，需反复震荡消化抛压，市场需要时间完 成筹码交换与整固。 不过，我们认为，震荡上行的慢牛格局依旧是主基调。后市指数走势将进入 政策与经济基本面验证期。若货币及消费刺激等政策落地节奏超预期，指数有望 挑战更高点位。同时，观察科技、消费等板块的业绩兑现情况，也将成为行情能 否持续的关键。不过，阶段也还有扰动。如果政策发力滞后或者海外不利因素继 续扩大，A 股情绪可能会受到一定干扰。 操作上，一是短期内应避开前期被过度炒作且业绩尚未明朗的题材股，重点 关注年报季中业绩超预期的方向；二是可对地产后周期、可选消费等板块的估值 修复机会保持跟踪，仍然采取择机低吸的策略；三是保持仓位的灵活性，充分利 用市场震荡进行 ...

Investment Rating - The industry is rated as "Strongly Outperforming the Market," indicating a positive outlook with expectations that the industry index will outperform the CSI 300 index over the next six months [16]. Core Viewpoints - The report suggests that the A-share market is currently experiencing a slow upward trend, characterized by a "slow bull" market. The market is expected to enter a verification period for policies and economic fundamentals, with potential for higher index levels if monetary and consumption stimulus policies exceed expectations [2][8]. - The report emphasizes the importance of monitoring the performance of technology and consumer sectors, as their earnings results will be crucial for the sustainability of the market rally [2][8]. - The report advises investors to avoid overhyped stocks with unclear earnings and to focus on companies that are expected to report better-than-expected annual results during the reporting season [2][8]. Summary by Sections Market Overview - On March 19, the three major indices in the A-share market showed a mixed performance, with the market continuing to experience fluctuations and sector rotations. The trading volume has been declining, indicating uncertainty in short-term market dynamics [4][5]. - The report notes that the 3400-3500 point range is under pressure from last year's trapped positions, requiring time for the market to digest selling pressure and complete the exchange of shares [4][8]. Sector Performance - The report highlights that gold and industrial mother machine sectors have shown strong performance, driven by favorable policies and market conditions. The gold sector benefits from declining inflation rates and increased demand for safe-haven assets due to global trade tensions [6][7]. - The industrial mother machine sector is expected to receive policy support, as it aligns with national strategies for enhancing supply chain resilience and technological independence. Recent tax incentives for R&D expenses in this sector further bolster its attractiveness [7][8]. Investment Strategy - The report recommends a flexible investment strategy, suggesting that investors should take advantage of market fluctuations for high sell-low buy operations. It also encourages tracking valuation recovery opportunities in the real estate and discretionary consumption sectors [2][8].