英大证券研究所·证券研究报告 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】 策 略 周 报 2025 年 2 月 24 日 上周五沪深三大指数呈现出放量大涨的强劲态势。中国资产备受青睐,港股 与 A 股市场均表现出色。恒生指数及恒生科技指数突破去年"924"行情高点之下, 给 A 股市场带来较大提振。在科技股再度爆发以及证券板块的提振下,两市成交 突破 2 万亿,并迎来全线上行。 沪深三大指数震荡上行或是主基调,警惕部分科技股出现高位加速现象 不过,我们还是提个醒。首先,春节后,科技行情是主流。在经历持续大涨 后,近期科技股的热点扩散分化,部分科技股出现高位加速现象(快速拉升后, 短期内往往容易出现阶段见顶),提醒投资者留意这个情况;其次,A 股部分科 技成长类标的缺乏基本面支撑,连续大涨后需警惕板块内部的分化回落;再次, 从技术面角度看,沪深三大指数在持续反弹后,上方可能面临密集成交区间的重 要阻力,能否突破这一关键点位将成为市场的重要看点;最后,海内外干扰因素 依 ...

Core Views - The report indicates that the A-share market is experiencing a "slow bull" trend in the medium to long term, with structural bull markets prevailing despite short-term fluctuations [2][11] - There is a notable shift in the concentration of technology stocks, with low-cap stocks experiencing a rebound while high-cap stocks face internal differentiation [2][11] - The report emphasizes the importance of monitoring key resistance levels in the market, particularly after recent rebounds [2][11] A-share Market Overview - On Thursday, the three major indices in the A-share market showed narrow fluctuations, with the AI sector being particularly active, especially AI glasses leading the gains [5][11] - The overall market sentiment was moderate, with a total trading volume of 17,566 billion yuan, and the Shanghai Composite Index closing at 3,350.78 points, down 0.02% [6][11] - The report highlights that while some technology growth stocks lack fundamental support, the overall domestic economic recovery is expected to continue [2][11] Sector Analysis - AI glasses and wearable technology stocks have seen significant gains, driven by advancements in AI technology and the launch of new products at major electronics exhibitions [7][11] - The pharmaceutical and medical sectors are also on the rise, with the report suggesting that the sector has strong investment value due to previous significant declines and an aging population driving demand [8][11] - The humanoid robot sector is identified as a long-term investment opportunity, with expectations for rapid growth supported by government policies and increasing global demand for industrial robots [9][10] Investment Strategy - The report advises investors to avoid high-flying technology stocks that have recently surged and instead focus on low-cap AI applications and high-dividend stocks, particularly state-owned enterprises [3][11] - It suggests that the pharmaceutical and renewable energy sectors, which have seen substantial corrections in recent years, may present good entry points for investment [3][11] - The report anticipates a more proactive fiscal policy and moderate monetary easing in 2025, which could support economic recovery and shift demand from exports to domestic consumption [12][11]

2025 年 2 月 20 日 英大证券研究所证券研究报告 策 略 晨 报 预计指数震荡"慢牛"上行，科技股热点扩散分化，出现高低切换现象 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】 周二大盘调整后，周三沪深三大指数集体大涨，盘面上看，DeepSeek 概念 虽有分化，但人形机器人概念股爆发（2025 年 1 月 7 日年度策略报告那会推荐机 器人行业的时候，正好是个相对低点。人行机器人概念板块自 1 月 7 日以来涨幅 近 50%，机器人执行器概念板块自 1 月 7 日以来涨幅超 40%，机器人行业自 1 月 7 日以来整体涨幅近 25%。不过，站在目前的角度，短期涨幅过快，提醒投资者注 意节奏），半导体板块也走势强劲，科技股的热度集中度有所扩散，尤其是在 AI 等科技板块整体大幅拉升之后，板块内部开始出现高低切换现象。 整体看，目前国内基本面整体修复下，中长期 A 股震荡 "慢牛"上行仍是主基 调，结构性牛市占优。即便短期出现震荡或回踩，也无需过分担心，短期震荡休 整 ...

英大证券研究所证券研究报告 策 略 晨 报 【A 股大势研判】 周一晨早短信提醒，A 股部分科技成长类标的缺乏基本面支撑。在经历持续 大涨后，需警惕板块内部的分化以及指数阶段性的反复波动。在周一晨报中提醒， 文化传媒板块连续大涨后，提防高位股分化回落。周二晨早短信提醒，短期看， A 股沪深三大指数在持续反弹后，上方也面临密集成交区间的重要阻力，能否突 破这一关键点位将成为市场的重要看点。在市场持续反弹以及科技股整体表现强 劲的背景下，随着获利盘的不断积累，市场阶段性落袋为安的需求正在升温，投 资者需警惕部分资金离场以及市场分化加大的风险。 市场走势如我们预期，周二沪深三大指数集体收跌，近期连续大涨的科技股 大面积下跌，银行、贵金属等防御性板块逆势走强。短期看，科技股分化下跌， 市场资金分歧下整体回调压力也在增加，短期或进入震荡整理阶段。 不过，目前国内基本面整体修复下，中长期 A 股震荡 "慢牛"上行仍是主基调， 结构性牛市占优。即便短期出现震荡或回踩，也无需过分担心，短期震荡休整不 改中期向好格局。 2025 年 2 月 19 日 市场短期或有震荡，规避大涨的科技股，关注低位 AI 应用及高股息股 总量视角 ...

英大证券研究所证券研究报告 策 略 晨 报 2025 年 2 月 19 日 市场短期或有震荡，规避大涨的科技股，关注低位 AI 应用及高股息股 总量视角 【A 股大势研判】 周一晨早短信提醒，A 股部分科技成长类标的缺乏基本面支撑。在经历持续 大涨后，需警惕板块内部的分化以及指数阶段性的反复波动。在周一晨报中提醒， 文化传媒板块连续大涨后，提防高位股分化回落。周二晨早短信提醒，短期看， A 股沪深三大指数在持续反弹后，上方也面临密集成交区间的重要阻力，能否突 破这一关键点位将成为市场的重要看点。在市场持续反弹以及科技股整体表现强 劲的背景下，随着获利盘的不断积累，市场阶段性落袋为安的需求正在升温，投 资者需警惕部分资金离场以及市场分化加大的风险。 市场走势如我们预期，周二沪深三大指数集体收跌，近期连续大涨的科技股 大面积下跌，银行、贵金属等防御性板块逆势走强。短期看，科技股分化下跌， 市场资金分歧下整体回调压力也在增加，短期或进入震荡整理阶段。 不过，目前国内基本面整体修复下，中长期 A 股震荡 "慢牛"上行仍是主基调， 结构性牛市占优。即便短期出现震荡或回踩，也无需过分担心，短期震荡休整不 改中期向好格局。 ...

Market Overview - The A-share market is currently experiencing a "slow bull" trend, with the three major indices showing a steady upward movement despite some fluctuations in the Hong Kong market [2][10] - The Hang Seng Index and Hang Seng Technology Index have shown signs of volatility, indicating a potential profit-taking phase as the market recovers [2][10] - The A-share market is facing significant resistance at key trading levels, and whether it can break through these points will be a focal point for investors [4][10] Sector Performance - The education sector has seen significant gains, driven by the integration of AI technologies, which are expected to enhance teaching efficiency and student learning experiences [6] - The smart medical sector, particularly AI in pharmaceuticals and healthcare services, is gaining traction, with AI applications improving operational efficiency and patient care [7] - The humanoid robotics sector is also on the rise, supported by strong growth dynamics and favorable government policies, with expectations for mass production by 2025 [8] Trading Volume and Market Sentiment - The overall market sentiment remains moderate, with a total trading volume of 19,415 billion yuan, indicating a mixed performance across various sectors [5] - The A-share indices closed positively, with the Shanghai Composite Index rising by 0.27% to 3,355.83 points, while the Shenzhen Component Index increased by 0.39% to 10,791.06 points [5]

英大证券研究所证券研究报告 2025 年 2 月 18 日 沪深三大指数震荡上行，后市个股分化或加大 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】 周一沪深三大指数震荡收红，日 K 线依旧维持"慢牛"上行的态势。不过，周 一恒生指数及恒生科技指数出现震荡。或表明，随着港股行情持续回暖，恒生科 技指数涨幅较大，部分资金选择 "落袋为安"。 港股市场此轮的先行示范效应较为明显，恒生指数及恒生科技指数进入去年 "924"行情高位区间，要谨防上方技术性抛压导致的阶段性震荡。也可能对 A 股 的带来影响。短期看，A 股沪深三大指数在持续反弹后，上方也面临密集成交区 间的重要阻力，能否突破这一关键点位将成为市场的重要看点。在市场持续反弹 以及科技股整体表现强劲的背景下，随着获利盘的不断积累，市场阶段性落袋为 安的需求正在升温，投资者需警惕部分资金离场以及市场分化加大的风险。 总量研究 【A 股大势研判】 一、周一市场综述 上周五晨早短信提醒，经历持续大涨后，提防高位股分化。周一晨早短信 ...

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].