机构论后市丨短期内市场或波动加剧；聚焦消费电子等结构性机会

Group 1 - The A-share market experienced a mixed performance, with the Shanghai Composite Index down 1.30%, while the Shenzhen Component and ChiNext Index rose by 1.14% and 2.34% respectively [1] - Everbright Securities predicts increased market volatility in the short term due to profit-taking pressures and a relatively high valuation level since 2010 [1] - The firm suggests focusing on sectors such as power equipment, communication, computer, electronics, automotive, and media in the short term, while emphasizing TMT sectors for the medium to long term [1] Group 2 - CITIC Securities maintains a focus on resource stocks, consumer electronics, innovative pharmaceuticals, and gaming, driven by supply constraints and global geopolitical tensions [2] - The firm highlights the importance of China's manufacturing leaders in global markets, aiming to convert market share advantages into pricing power and improved profit margins [2] - The investment strategy includes a left-side focus on chemicals and military industries, with a recent emphasis on the expansion of AI from cloud to edge computing [2] Group 3 - Xiangcai Securities anticipates a "slow bull" market for A-shares by 2025, influenced by the new "National Nine Articles" and similar investment policies [3] - The firm expects significant impacts from the ongoing "14th Five-Year Plan," with key focus areas including technology, green initiatives, and consumer services [3] - In the short term, the market is expected to exhibit wide fluctuations with a gradual upward trend, recommending attention to anti-involution sectors, AI-related technology, and environmental protection sectors [3] Group 4 - Galaxy Securities identifies four main investment lines in the construction industry during the "14th Five-Year Plan" period, as urban development shifts from expansion to quality improvement [4] - The firm anticipates increased efforts in urban renewal and a new wave of global industrial transfer benefiting Southeast Asia, driving demand for infrastructure [4] - Recommended investment lines include major engineering projects, overseas expansion, high dividend stocks, and sectors with favorable supply-demand dynamics such as coal chemical, nuclear power, and cleanroom engineering [4]