A股开盘速递 | 三大股指集体低开 沪指跌0.05% 并购重组板块表现活跃

Market Overview - The three major A-share indices opened lower, with the Shanghai Composite Index down by 0.05% and the ChiNext Index down by 0.07% [1] Institutional Insights - Zhongtai Securities suggests that market indices may maintain strong resilience due to the unexpected suspension of "reciprocal tariffs," which enhances short-term risk appetite. Structural divergences remain, and the space for long-term tariff reductions is limited. The current market environment shows a strengthening of total policy determination, improvement in core city real estate, and high historical levels of margin trading, which, combined with policies emphasizing indices, may support continued resilience in market indices [2] - Investment funds are expected to rotate around sectors with high first-quarter report performance and mid-term industry trends, including public utilities, AI upstream and leading technology firms, gold, nuclear power equipment, military industry, and consumer sectors related to younger demographics such as pets and beauty products. Investors are advised to accumulate positions in these sectors on dips and to focus on high-quality leaders in the CSI 300 with significantly lower institutional allocation compared to index component ratios [2] New Market Dynamics - Minsheng Securities notes that a new order and narrative are emerging as investors begin to price in the marginal easing of trade shocks. However, structural shocks will persist, and the return to fundamental pricing characteristics will gradually become evident. Future declines in total demand and the fluctuating path of trade easing may disrupt market tranquility. The first quarter of 2025 is anticipated to be a pivotal moment for technology breakthroughs influencing market risk appetite, while the current phase is characterized by a rotation in investor styles towards technology themes, which may lack sustainability [3] - The gradual establishment of a long-term mechanism for domestic consumption is expected to yield three sources of returns: net profit growth, dividend payments, and valuation increases, with recommendations for sectors such as home appliances, food and beverages, cosmetics, trendy toys, tourism, gaming, and online retail [3] - The restructuring of China's foreign trade system is likely to gradually reveal the value of capacities in advantageous industries, such as machinery and automotive manufacturing, while resource products with significant supply constraints (copper, aluminum, gold) may also see new opportunities [3] - As the economic transition progresses and real estate stabilizes, the de-financialization process in China is nearing its end. The current investment and financing environment for Chinese enterprises is improving, which may drive new expansions in the financial sector, particularly as the new domestic growth paradigm and the acceleration of the RMB internationalization process unfold [3]