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].

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 ...