Market Overview - The market showed divergence with the three major indices experiencing mixed performance, influenced by high dividend stocks dragging down the overall market [1][5] - The Shanghai Composite Index closed at 2891.85 points, up 0.03%, while the Shenzhen Component fell by 0.96% to 8514.65 points, and the ChiNext Index dropped 1.44% to 1635.67 points [2][5] - Overall, individual stocks saw more declines than gains, indicating a general lack of market sentiment and profitability [2] Automotive Industry - The automotive sector continued to rise, driven by new government policies that increased subsidies for scrapping old vehicles and purchasing new energy vehicles [2][3] - The new subsidy standards include a 20,000 yuan subsidy for purchasing new energy vehicles and a 15,000 yuan subsidy for 2.0-liter or smaller fuel vehicles [2] - The automotive supply chain, including components and intelligent driving technologies, remains a sector to watch due to the ongoing trends of vehicle electrification and domestic substitution [2][3] Military and Aerospace Sector - The military sector remains a long-term focus, with expectations of increased policy support for defense modernization and technological innovation [3] - China's defense budget is projected to grow steadily, with increases of 6.6% to 7.2% from 2020 to 2024, indicating a strong outlook for military enterprises [3] - The ongoing geopolitical tensions, such as the Russia-Ukraine conflict, are likely to drive more capital towards the defense industry, making it a key area for investment [3] Infrastructure and Transportation - The railway and highway sectors have shown resilience, with significant investments reported, including a record 337.3 billion yuan in fixed asset investments in the first half of 2024, up 10.6% year-on-year [3] - The government's commitment to modernizing infrastructure and reforming the transportation system is expected to enhance the overall efficiency and effectiveness of the railway network [3] Investment Strategy - Investors are advised to adopt a cautious approach, waiting for stabilization signals before making significant investments, while aggressive investors may consider positioning for potential short-term rebounds [4][6] - Focus on sectors benefiting from policy support, such as technology innovation and equipment upgrades, is recommended, along with a strategy of alternating between dividend and technology themes in trading [4][6]

Market Overview - The A-share market is experiencing low trading volume, with total trading volume below 500 billion yuan, indicating a cautious market sentiment and potential for "low volume leading to low prices" [1][4] - The Shanghai Composite Index closed at 2858.20 points, down 3.99 points, a decrease of 0.14%, while the Shenzhen Component Index fell by 20.23 points, down 0.42% [2] Sector Performance - The pharmaceutical sector, particularly COVID-19 drug-related stocks, saw significant gains, driven by rising infection rates and potential for a market rebound [2][3] - Environmental protection stocks became active following the release of government policies aimed at promoting green transformation, with targets set for the industry to reach a scale of approximately 15 trillion yuan by 2025 [2][3] - The real estate sector faced a pullback after a previous surge, with ongoing sales data showing no significant improvement despite favorable policy adjustments [3] Investment Strategy - Investors are advised to focus on short-term trading opportunities and consider high-dividend quality stocks that may attract capital [3] - The report suggests that the market may see a rebound as domestic policies continue to support economic recovery, with a focus on identifying quality stocks during market fluctuations [3][4]

Market Overview - The A-share market is currently in a bottom consolidation phase, with cautious sentiment among investors and a focus on short-term trading opportunities [1][7] - The market experienced a mixed performance last week, with major indices showing slight declines, indicating a lack of strong market momentum [2][5] - The overall trading volume remains low, reflecting a wait-and-see attitude among investors [8] Sector Analysis Real Estate Sector - The real estate sector has shown signs of recovery, supported by recent policy adjustments regarding down payment ratios and mortgage rates [3][4] - Investors are advised to look for short-term trading opportunities while considering the long-term supply-demand dynamics influenced by demographic changes [3] Education Sector - The education sector experienced volatility, with a recent surge followed by a pullback, driven by new government policies aimed at promoting service consumption [4][5] - The regulatory environment is becoming clearer, which may benefit compliant leading companies in the sector [4] Pharmaceutical Sector - The pharmaceutical sector is showing signs of rebound after a prolonged downturn, with certain segments like vitamins and traditional Chinese medicine experiencing significant gains [4][5] - The sector's valuation is at historical lows, making it an attractive investment opportunity in the medium to long term [4] Communication Equipment Sector - The communication equipment sector has seen increased activity, particularly with the rollout of 5G and upcoming 5.5G technologies, which are expected to drive innovation and investment opportunities [6][7] - The government's supportive policies for the telecommunications industry are likely to enhance growth prospects [6] Consumer Goods Sector - The food and beverage sector has shown a slight rebound, with some companies entering high dividend yield lists, indicating a potential bottoming out of pessimism [6][7] - The sector is expected to benefit from improving income levels among middle and low-income groups, creating investment opportunities in affordable consumer goods [6] Future Outlook - The A-share market is anticipated to stabilize as domestic policies and economic fundamentals improve, with a potential shift in global capital flows favoring Chinese assets [5][7] - Investors are encouraged to adopt a strategic approach, focusing on sectors with strong growth potential and high-quality companies that can weather market fluctuations [7][8]

金点策略晨报—每日报告 2024 年 8 月 29 日 星期四 研究员：惠祥凤 执业证书号：S0990513100001 联系电话：0755-83007028 Email：huixf@ydzq.sgcc.com.cn | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------| | 【A股大势研判】 | | | 市场缩量弱势震荡，转机或在酝酿中 | | | 一、周三市场综述 周三晨早短信提醒，周二沪深三大指数收跌，下跌个股超 4000 | 只，除了四大行、 | | 三桶油外，周二中证 1000ETF | 放量明显，或许大资金稳定市场的思路有所转变。尽管指 | | 数仍处于调整阶段，不过，利好因素也在逐步积累：一是技术上出现底背离现象；二是 | | | | | | 成 ...

1 英大证券宏观评论（2024 年第 7 期，总第 141 期） 宏观研究 下半年我国宏观政策力度有望进一步加大，充分发挥经济体制改 革的牵引作用 ——7.30 政治局会议解读 报告日期：2024年8月26日 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

金点策略晨报—每日报告 2024 年 8 月 27 日 星期二 研究员：惠祥凤 执业证书号：S0990513100001 联系电话：0755-83007028 Email：huixf@ydzq.sgcc.com.cn | --- | --- | |------------------------------------------------------------|------------------------------------------------------------------------------------| | 【A股大势研判】 | | | A 一、周一市场综述 | 股市场弱势震荡，否极泰来或将不远 | | | 周一晨早短信提醒，在过去一周的时间里，尽管银行板块上涨力撑大盘，但沪指 | | | 整体仍难以抵挡深成指和创业板指的持续走低，不断刷新本轮调整的新低。不过，随着 | | | 市场的持续下跌，技术上也出现底背离现象。如指数平滑异同移动平均线（ MACD ），自 7 | | 月份市场调整以来便释放出底背离的信号。另外，沪深三大指数日 | K 线运行至布林线 | | （ Boll ...

1 英大证券宏观评论（2024 年第 6 期，总第 140 期） 宏观研究 新质生产力是一项系统工程，进一步全面深化改革时间紧任务重 报告日期：2024年7月29日 ——二十届三中全会精神学习体会 宏观研究员：郑后成 执业编号：S0990521090001 电话：0755-83008511 E-mail：houchengzheng@163.com 7月15日至18日，中国共产党第二十届中央委员会第三次全体会议于在北 京顺利召开并发布公报；7月21日发布会议审议通过的《中共中央关于进一步全 面深化改革、推进中国式现代化的决定》。我们解读如下： 报告概要： 风险因素 一、进一步推动和谋划全面深化改革，时间紧并且任务重； 相关报告 二、新质生产力是一项系统工程，科学技术是第一生产力； 1.英大宏观评论（20240702）下半年宏观经 济和大类资产配置展望：筑底与蓄势 2.英大宏观评论（20240530）超长期特别国 债大幅推升通货膨胀的概率较低，或存在更 优的购买超长期特别国债的时点 3.英大宏观评论（20240506）国家战略科技 力量是新质生产力的重要推动者，2 季度央 行大概率继续降准或降息 4.英大宏观评论 ...

1 英大证券宏观评论（2024 年第 6 期，总第 140 期） 宏观研究 新质生产力是一项系统工程，进一步全面深化改革时间紧任务重 报告日期：2024年7月29日 ——二十届三中全会精神学习体会 宏观研究员：郑后成 执业编号：S0990521090001 电话：0755-83008511 E-mail：houchengzheng@163.com 7月15日至18日，中国共产党第二十届中央委员会第三次全体会议于在北 京顺利召开并发布公报；7月21日发布会议审议通过的《中共中央关于进一步全 面深化改革、推进中国式现代化的决定》。我们解读如下： 报告概要： 风险因素 一、进一步推动和谋划全面深化改革，时间紧并且任务重； 相关报告 二、新质生产力是一项系统工程，科学技术是第一生产力； 1.英大宏观评论（20240702）下半年宏观经 济和大类资产配置展望：筑底与蓄势 2.英大宏观评论（20240530）超长期特别国 债大幅推升通货膨胀的概率较低，或存在更 优的购买超长期特别国债的时点 3.英大宏观评论（20240506）国家战略科技 力量是新质生产力的重要推动者，2 季度央 行大概率继续降准或降息 4.英大宏观评论 ...

| --- | --- | |------------------------------------------------------------|--------------------------------------------------------------------------------| | 【A股大势研判】 | | | 市场能否迎来止跌企稳回升？ 一、上周五市场回顾 | | | 周五晨报中提醒，周四沪深三大指数继续下滑，大盘跌破 2900 | 点整数关口，不过， | | 个股涨多跌少。以往 3000 | 点为首的重要整数关口，市场多有反抗，这次连续跌破 3000 | | 点以及 2900 | 点市场没有明显的抵抗，只能说增量资金不济下观望态度较强。而与此同时， | | | 国内经济修复不强以及海外美联储未实质性降息之下，在基金赎回压力之下，市场观望 | | 情绪依旧。短期大概率围绕 2900 | 点上下反复。不过，对于市场短期调整，无需过分悲观， | | 3000 点下方的 A | 股处于底部区间。稳健投资者仍需耐心等待企稳信号的出现。在下半年 | | 重视波段交易的重要性，预计红 ...

研究员：惠祥凤 执业证书号：S0990513100001 联系电话：0755-83007028 Email：huixf@ydzq.sgcc.com.cn 第 1 页 第 2 页 证监会批准中证金融自周四（7 月 11 日）起暂停转融券，存量转融券合约 9 月 30 日之前了结。交易所融券保证金率由 80%提升至 100%，私募基金由 100%提升至 120%， 7 月 22 日起实施。我们认为，转融券暂停体现了监管层呵护市场稳健运行之意，有助于 提振投资者信心，有望给 A 股市场带来正面提振。 另外，周三高股息率板块出现大面积回调。近年以来，高股息板块持续获得资金 青睐。今年上半年涨幅靠前的银行、煤炭、公用事业等行业均为高股息、高分红个股扎 堆的行业。目前高股息板块的强势表现已经持续 2 年左右，未来高股息板块的性价比或 有所下降，后市需关注更可能加大分红的领域，节奏上，以逢低配置为主，不追高。 随着中报预告行情的开启以及三中全会的临近，市场风险偏好有望提升，阶段反 弹有望就此开启，当然，短期力度有待观望。短线高手可围绕改革预期以及中报预期积 极进行机会博弈。 第 3 页 声 明 第 4 页 ※股市有风险，投 ...