Market Overview - The report indicates that the recent market adjustments do not alter the medium-term upward trend, suggesting that investors should accumulate core assets during dips while avoiding junk stocks [5][9]. - On Tuesday, the major indices in the A-share market experienced a collective decline, with the Shanghai Composite Index closing at 3109.57 points, down 14.47 points or 0.46% [6][12]. - The report highlights a lack of clear market leadership since May, with core assets showing slightly stronger performance amidst rapid sector rotation due to a shortage of incremental capital [11][12]. Sector Analysis - The power and public utility sectors have shown significant gains, driven by new market rules set to take effect on July 1, 2024, which will enhance market transactions for electricity and related services [6][8]. - The semiconductor sector has continued to rise, supported by the establishment of the National Integrated Circuit Industry Investment Fund, which has a registered capital of 344 billion RMB, aimed at upgrading the semiconductor industry [6][13]. - The non-ferrous metals sector has also performed well, buoyed by rising prices in black and colored metals, driven by global manufacturing recovery and domestic economic policies aimed at stabilizing growth [8]. Future Market Outlook - The report suggests that there is no need for excessive concern regarding significant market downturns, as the short-term adjustments are not expected to impact the medium-term upward trajectory [9][14]. - Investors are advised to focus on accumulating core assets during market dips, with high-quality blue-chip and growth stocks likely to present the main opportunities moving forward [9][14].

Market Overview - The market is experiencing narrow fluctuations with insufficient trading volume as the main reason [6][8] - Since May, there has been no clear main line in the market, with core assets performing slightly better [6] - The overall sentiment is average, and the profit-making effect is weak, leading to increased selling pressure in the next phase [7] Sector Performance - The photovoltaic battery sector led the market gains, with significant increases in new energy stocks such as photovoltaic equipment, batteries, and energy metals [7] - The report highlights that the Chinese government may invest approximately 6 billion yuan in solid-state battery research, marking an unprecedented initiative in the industry [7] - The non-ferrous metals sector has shown strong performance due to rising prices in black and non-ferrous metals, driven by global manufacturing recovery and domestic economic policies [7] Future Market Outlook - The report suggests that the market's short-term adjustments will not affect the mid-term upward trend, with expectations of economic improvement as real estate policies are released [8] - Investors are advised to focus on core assets during dips and avoid speculative stocks [8] - The report anticipates a potential rebound in the new energy sector, although individual stock differentiation is expected [7][8]

Market Overview - The Shanghai and Shenzhen indices showed mixed performance with a downward trend and low trading volume [2] - The Shanghai Composite Index closed at 3091.68 points, down 19.34 points or 0.62%, with a total turnover of 3184.75 billion [4] - The Shenzhen Component Index closed at 9384.72 points, down 30.26 points or 0.32%, with a total turnover of 4048.13 billion [4] - The ChiNext Index closed at 1813.15 points, up 2.08 points or 0.11%, with a total turnover of 1797.70 billion [4] - The STAR 50 Index closed up 8.37 points or 1.14%, with a total turnover of 448.08 billion [4] Sector Performance - Semiconductor, space-based internet, 6G, and Beidou navigation sectors led the gains [4] - Basic metals, chicken, civil explosives, and virtual power plant sectors led the losses [4] - The semiconductor sector continued to rise, driven by the establishment of the National Integrated Circuit Industry Investment Fund III with a registered capital of 3440 billion RMB [4] - The aerospace sector surged following the successful launch of four satellites for the "Tianqi Constellation" [4] - The automotive sector rose due to policies promoting the elimination of old vehicles and the development of new energy vehicles [5] Industry Insights - The National Integrated Circuit Industry Investment Fund supports the semiconductor industry's upgrade and transformation, particularly in advanced process technologies and high-end equipment manufacturing [4] - The "Tianqi Constellation" aims to achieve global coverage and meet data collection needs across various industries, including forestry, agriculture, emergency response, and smart cities [4] - The automotive industry is expected to benefit from the development of new energy vehicles, with a focus on intelligent driving and domestic substitution [5] Market Sentiment - Market sentiment was low with more declining stocks than advancing ones, and a poor赚钱效应 [4] - The market lacked热点, with only a few sectors like semiconductors and satellites showing strength [5] - The adjustment of the three major indices was consistent, with pressure on the Shanghai Composite Index and adjustments in the Shenzhen Component and ChiNext indices [5] Future Outlook - Short-term adjustments are due to policy落地 and lack of new提振动力, but the中期震荡上行的格局 remains unchanged [13] - The stabilization of the real estate market is crucial for macroeconomic stability, with expectations of narrowing declines in real estate sales [13] - Investors are advised to focus on core assets and绩优蓝筹及成长股, while avoiding ST stocks and垃圾股 [13]

金点策略晨报—每周报告 2024 年 6 月 3 日 星期一 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】 | | | 弱势格局下耐心等待市场企稳，市场走强或需政策进一步发力 | | | 一、上周五市场回顾 不振，板块继续轮动。市场热点匮乏，除半导体及卫星等少数热点走强外，有色、地产 | 周五晨早短信提醒，周四沪深三大指数涨跌不一，市场重心下行，成交依旧萎靡 | | 等板块跌势扩大并进一步蔓延 ...

| --- | --- | |------------------------------------------------------------------------------------|----------------------------| | 【A股大势研判】 | | | 指数小幅震荡，个股表现不佳，规避五类股票 | | | 一、周一市场综述 | | | 周一晨报提醒，从数据上看， 5 月制造业 PMI 为 49.5% | ，制造业景气水平有所回落， | | 并且重新跌回荣枯线下方，表明当前内需不足下，在一定程度上影响近期市场的情绪； | | | 从盘面上看，近期市场主线不明确，成交持续萎缩，行业板块轮动速度加快，板块轮动 | | | 的背后，主要还是增量资金缺失，而赚钱效应减弱下阶段抛压增强；从政策面上看，在 | | | 政策纷纷落地以及提振情绪减弱之际，又缺乏新的上行动能，沪深三大指数先后迎来调 | | | 整也在预期之中。短期可能延续弱势格局，建议投资者耐心等待市场企稳。继续规避 | ST | | 股、垃圾股及问题股。 | | | 市场走势如我们的预期，周一早盘，沪深三大指数开盘涨跌 ...

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 住房。5 月 17 日，央行"四箭齐发"稳楼市。取消全国层面首套住房和二套住房商业性 个人住房贷款利率政策下限，下调个人住房公积金贷款利率 0.25 个百分点，5 年以下（含 5 年）和 5 年以上首套个人住房公积金贷款利率分别调整为 2.35%和 2.85%，首套住房商 业性个人住房贷款最低首付款比例调整为不低于 15%，二套住房商业性个人住房贷款最 低首付款比例调整为不低于 25%。设立 3000 亿再贷款，支持地方国企收购库存商品房。 自央行 5 月 17 日新政发布后，多地相继跟进落实首付比例、房贷利率等方面的调整。 武汉有银行执行首套首付 15%，首套房贷利率由 3.55%降至 3.25%；长沙首套及二套房首 付比例 15%、25%，首套、二套房贷利率降为 3.65%、3.95%。预计未来各地首付比例及 房贷利率将会陆续下调。短期看，政策持续释放以及供需有望改善之下，将给行业以及 板块带来短期的提振，推动板块短期的回升，结构 ...

| --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 中药、消费电子等板块涨幅居前，公用事业、煤炭、航运港口、光伏设备等板块跌幅居 | | 前；题材股方面，民爆、云游戏、多模态 AI 、人脑工程、数字经济、人工智能等题材股 涨幅居前，合成生物等题材股跌幅居前。 | | 整体上，个股涨多跌少，市场情绪一般，赚钱效应一般，两市成交额 8246 | | 截止收盘，上证指数报 3145.77 点，下跌 2.25 点，跌幅 0.07% ，总成交额 3700.70 | | 深证成指报 9668.73 点，下跌 4.59 点，跌幅 0.05% ，总成交额 4544.92 亿；创业板指报 | | 1855.60 点，下跌 4.77 点，跌幅 0.26% ，总成交额 1923.41 亿；科创 50 指报 760.30 下跌 3.39 点， ...

金点策略晨报—每日报告 2024 年 5 月 17 日 星期五 第 1 页 第 2 页 第 3 页 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------| | | | | | | | 公司。对于 A | 股市场整体走势，我们维持近期的观点不变，震荡回升仍是主基调。绩优 | | 蓝筹、成长股及题材股均有机会，踏准板块轮动节奏。仅供参考。 ...

| --- | --- | |--------------------------------------------------------------------------------|--------------------------------------------------| | 【A股大势研判】 | | | 市场震荡上行大方向不变，核心资产及资源股仍可关注 一、周一市场综述 | | | 周一晨早短信提醒，央行释放楼市重磅政策，短期看，政策持续释放以及供需有 | | | 望改善之下，将给行业以及板块带来短期的提振，推动板块短期的回升，投资者可参与 | | | 博弈短线机会，至于能持续多久，则需要关注资金进一步的倾向以及基本面回升的力度。 | | | 中长期看，考虑到中长期人口周期需求导致整个行业供求关系逻辑的生变，是制约房地 | | | 产行业发展的主要因素。对于 A | 股市场整体走势，我们维持近期的观点不变，震荡回升 | | 仍是主基调。 | | | 市场走势如我们的预期，周一早盘，沪深三大指数集体高开，开盘后在贵金属板 | | | 块的带领下再度上行，并刷新此轮上行以来新高，也再创年内 ...

第 1 页 对于市场的短期调整，无需过分担心，在政策持续加码下，短期大幅下行的风险 较低，市场对于经济全线修复充满期待，后续则需关注月度经济数据以及地产销售数据 的恢复情况。我们认为，短期调整不影响中期震荡回升格局。投资者可逢低配置，踏准 板块个股轮动节奏。 | --- | --- | |----------------------------------------------------|-------| | 英大证券研究所 | | | 地址：深圳市深南中路 2068 号华能大厦 30 楼 | | | 邮编： 518031 | | 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 2 页 第 3 页 | --- | |-------------------------------------------------------------------------------------------------------------------------------------| | 【A股大势研 ...