Group 1 - The report indicates that there is no need for excessive concern regarding short-term market adjustments, as the risk of significant downturns is low under ongoing policy support. The market is optimistic about a comprehensive economic recovery, and attention should be paid to monthly economic data and real estate sales recovery [2][12] - The report highlights that despite a recent market decline, the overall trend remains a mid-term oscillation and recovery pattern. Investors are encouraged to take advantage of low prices and align with the rotation of sectors and individual stocks [2][12] - The report notes that external factors, such as the U.S. Federal Reserve's concerns about inflation, have contributed to market volatility. The Fed's stance suggests that interest rates may need to remain elevated for an extended period to achieve inflation targets [8][12] Group 2 - The report discusses the performance of various sectors, indicating that while defense and military stocks showed strength, other sectors experienced declines. The overall market sentiment is described as cold, with a poor profit-making effect observed [7][11] - The report mentions that the military industry is expected to receive more policy support, particularly in light of ongoing geopolitical tensions, which may lead to increased capital allocation towards defense and military sectors [11] - The report also highlights the rise of AI PC concepts, driven by announcements from major tech companies like Microsoft, which are expected to enhance competition in the personal computer market [11]

尊敬的各位投资者各位嘉宾大家上午好欢迎大家参加国网英大2023年度即2024年第一季度业绩说明会本次会议采用视频直播加投资者网络文字互动的形式和大家进行交流首先衷心感谢上海证券交易所 上证路演中心为公司搭建与投资者交流的平台提供向资本市场展示投资价值的机会增进投资者对公司的了解同时衷心的感谢各位投资者媒体和各界嘉宾对国网英大的关心和支持接下来我向大家介绍 出席本次说明会的公司董事和高管公司董事长党委书记杨东伟先生公司独立董事陈小可先生公司副总经理总会计师车雪梅女士公司董事会秘书牛西红女士我是今天会议的主持人公司董事 总经理马晓燕首先有请公司董事长党委书记杨敦伟先生致辞各位嘉宾各位投资者大家上午好感谢大家参加国网英大股份有限公司2023年度及2024年第一季度业绩说明会 首先我谨代表国网营大向蒞临本次会议的各位投资者致以热烈的欢迎同时对于长期以来关心支持和见证公司成长发展的广大投资者及社会各界朋友表示衷心的感谢2023年是全面贯彻党的二十大精神的开局之年也是经济恢复发展的一年 中央金融工作会议胜利召开开启了金融高质量发展金融强国之路的崭新篇章一年来我们坚持以习近平新时代中国特色社会主义思想为指导以高质量发展为主 ...

Market Overview - The report indicates that the recent market adjustments do not affect the medium-term upward trend, with expectations of economic recovery driving market sentiment [2][9][12] - The Shanghai Composite Index reached a new high, surpassing 3150 points, followed by a slight adjustment, reflecting a structural bull market driven by investor sentiment [2][4] Sector Performance - The report highlights that the synthetic biology sector has seen significant gains, driven by advancements in production technology that drastically reduce costs for hyaluronic acid [6][8] - The coal sector is also noted for its resilience, with supply constraints due to safety inspections and seasonal demand increases expected to drive coal prices higher [6][8] - Conversely, ST (Special Treatment) stocks continue to perform poorly, with new regulations increasing the likelihood of delisting for companies with financial misconduct [8][9] Investment Strategy - Investors are advised to take advantage of market dips and align their strategies with sector rotations, as the market is currently in an operational range with structural opportunities outweighing overall market trends [9][12] - The report emphasizes the importance of focusing on sectors such as pharmaceuticals and agriculture, which are gaining traction as defensive plays amid market volatility [9][12]

第 1 页 一是军工概念股集体大涨。周二航天航空、大飞机、空间站、航母等军工概念股 | --- | |------------------------------------------------------------------------------------| | 【晨早参考短信】 | | 周一沪深三大指数集体大涨后，周二出现分化，沪指刷新年内新高，盘中突破 | | 点，创指及科创 50 指数小幅调整。近期市场整体的向好，主要有以下几个方面的原因： | | 一是国内经济数据整体向好下，市场对于经济全线修复充满期待；二是 4 月底重磅会议 | | 政策定调明确，市场对于政策收缩的担忧放缓；三是做空力量衰减。监管的趋严下当前 | | 市场做空的力量是在衰减的。不过，近期市场主线并不明确，更多的还是情绪主导下的 | | 结构性牛市行情。目前国内经济修复不强以及海外美联储没有实质性降息下，市场更强 | | 的全面的牛市或许仍需等待。但不影响 A 股修复行情的延续，震荡回升或是主基调，结 | | 构性机会仍重于总量，市场仍处于操作区间，投资者可逢低配置，踏准板块个股轮动节 | 第 5 页 二、周二盘面点评 ...

金点策略晨报—每日报告 2024 年 5 月 7 日 星期二 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------| | 【A股大势研判】 | | | A 股 5 月开门红，板块个股普涨， ST 概念表现不佳 一、周一市场综述 | | | 周一晨早短信提醒，上周大盘站上 3100 点，两市成交额连续 3 日，在新"国九条"对加强退市监管的指引下，沪深证券交易所修订完善并正式发布相 | 天超万亿。 4 月 30 | | 关退市规则。我们认为，主营业务缺乏竞争力、伪成长的中小市值个股及大部分 | ST 股 | | 将继续被边缘化，翻身的机会比较渺茫，投资者尽量规避。随着成交的放量，市场信心 逐步回暖，A | 股修复行情仍有望延 ...

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 航运巨头马士基还发出警告称，红海风波的蔓延将导致今年二季度远东-欧洲之间的集装 箱运输能力将减少约 15%-20%。马士基表示，红海局势的影响正在扩大，并继续造成整 个行业的混乱。另外，一季度受益于出口需求回升叠加地缘冲突反复，航运港口板块盈 利向好。 三、后市大势研判 | --- | |-----------------------------------------------------------------------------------| | | | 面的牛市或许仍需等待，但不影响 A 股修复行情的延续，震荡回升或是主基调，结构性 | | 机会仍重于总量，市场仍处于操作区间，投资者可逢低配置，踏准板块个股轮动节奏。 | | 另外，我们反复提醒，尽量规避 ST 股、垃圾股及问题股。 | | 从结果看，周一沪深三大指数大涨后，周二出现分化，周三集体调整，周四继续 | 上行，因此本周以来市场震荡回升的格局也符合我们的预判。目 ...

金点策略晨报—每日报告 2024 年 4 月 18 日 星期四 第 1 页 | --- | |--------------------------------------------------------------------------------------| | | | 尤其是小盘绩差股。主营业务缺乏竞争力、伪成长的中小市值个股及大部分 ST 股将继 | | 续被边缘化，翻身的机会比较渺茫，投资者尽量规避；对于有核心竞争力的，未来具备 | | 业绩加持的个股调整后有望再度上行。这波微盘股的集体杀跌中，部分成长性高的绩优 | | 小盘股也被错杀，后市需要投资者精挑细选。 | | 二是低空经济概念股走强。消息面上，有关低空经济的利好陆续发布。据苏州新 | | 闻微信公众号，4 月 18 日，苏州将召开低空经济发展推进大会，会上将发布一系列政策 | | 举措，为一批相关机构揭牌和授牌集中签约一批基金项目和建设项目并对苏州低空经济 | | 应用场景进行推介，从而推进苏州低空经济高质量发展。此外，工业和信息化部等四部 | | 门近日联合印发《通用航空装备创新应用实施方案（ 2024—2030 年）》，提出到 ...

金点策略晨报—每日报告 2024 年 4 月 19 日 星期五 第 1 页 第 2 页 三、后市大势研判 在新"国九条"、"分红不达标将被 ST"、"严格执行退市制度"等政策的指引下， 预计未来市场分化是不可避免的。操作上，采取不同的策略。一方面，随着后期政策的 逐步落地以及具体的实施，高景气度、高 ROE、高股息优质龙头企业有望成为市场的共 识，也或成为资金追逐的焦点；另一方面，"问题股"依旧规避。尤其是基本面较差、 多次亏损以及常年不分红等相关上市公司，或逐步被边缘化；最后，部分成长性高的绩 优小盘股有望脱颖而出，需要投资者精挑细选。 第 3 页 第 4 页 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】 | | 大盘 3100 点得而复失，后市个股难免分化，操作上采取不同策略 一、周 ...

Market Overview - The report indicates that the A-share market is experiencing a downward trend, with the overall market sentiment being weak and the trading volume shrinking. The Shanghai Composite Index closed at 3019.47 points, down 14.78 points, a decline of 0.49% [2][4] - The report highlights that the market is influenced by external factors, including the U.S. inflation data exceeding expectations, which has dampened the prospects for interest rate cuts by the Federal Reserve [1][4] Sector Performance - Precious metals, particularly gold, have shown strong performance, with gold futures prices breaking through 570 yuan per gram. This surge is attributed to increased geopolitical tensions and a decline in the credibility of the dollar-based monetary system [2][4] - The engineering machinery sector has seen significant gains, driven by government initiatives aimed at promoting large-scale equipment upgrades across various industries, with expected investment growth of over 25% by 2027 compared to 2023 [4][5] - The report notes that the coal and steel prices have rebounded, positively impacting the Producer Price Index (PPI), which remains below expectations but is expected to stabilize due to government measures [4][5] Investment Opportunities - The report suggests that investors should focus on sectors with strong earnings potential, particularly in April, as many companies will report their quarterly results. It emphasizes the importance of tracking companies that exceed earnings expectations [6][7] - The report also mentions the potential for a rebound in the new energy sector, particularly in lithium batteries, photovoltaics, and wind energy, as the demand for these technologies continues to grow despite recent volatility [5][6] Regulatory Environment - The introduction of the third "National Nine Articles" is highlighted, focusing on stricter listing regulations, continuous supervision, and increased delisting measures. This reform is expected to have a positive long-term impact on the market [6][9] - The report emphasizes the need for companies with low or no dividend payouts to be cautious, as new regulations may restrict major shareholders from reducing their stakes [9]

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 1 月初的年度策略报告我们提醒的中字头、国企改革、低估值高股息股的投资机会，从 资机会。我们认为，低利率的环境中，能够提供稳定的高股息的红利股难能可贵。从行 预计国有垄断的基础类行业将受到青睐——电力、水务、燃气、公路及上游资源品等领 除低供给壁垒的行业、处于产业下行周期的资产，重点选择必需品属性、壁垒及护城河 表现强势。 一是油气开采及航运股上涨。消息面上，中东地缘局势升级，按以往经验，往往 会因油价上涨推升通胀预期，以及避险情绪升温或刺激金价的上涨。另外，胡塞武装偶 尔袭击红海商船会对欧线、原油造成一定的影响。其中对短期运费会产生较大的影响， 近期各大船舶公司新一轮提涨运价逐步落地，进一步带动市场情绪升温。 第 3 页 格执行退市制度的意见》（以下简称《退市意见》），通过严格退市标准，加大对"僵尸空 退市公司投资者保护。由此，因为市场"误读"，周一周二微盘股暴跌。不过，证监会 原因被 ST，并不会导致退市；满足一定条件后，就可以申 ...