川财证券研究所晨报

Core Insights - The report suggests a focus on large-cap, low-valuation companies in the second half of the year, as they are expected to have a higher safety margin amid increasing global complexities and stricter regulations on listed companies [5][64]. - The electronic sector is anticipated to benefit from the growth of the digital economy and artificial intelligence, with domestic policies providing ongoing support [5][45]. - The public utility sector is expected to see stable profitability, particularly in thermal, hydropower, and nuclear power, due to regulatory reforms and market dynamics [5][65]. Market Review - In the first half of the year, major indices showed mixed performance, with the Shanghai Composite Index down 0.25%, while the CSI 300 Index rose by 0.89% [61]. - Defensive sectors performed well, with coal, banking, and public utilities leading the gains [61]. - The IPO market saw 44 companies listed, raising a total of 29.377 billion yuan, indicating a decline in overall IPO activity due to stricter quality regulations [44]. Sector Analysis - The electronic industry is at a historical low valuation, making it an attractive investment opportunity [5][45]. - The public utility sector is benefiting from reforms that stabilize revenue for thermal power companies and promote hydropower and nuclear projects [5][65]. - The low-altitude economy is highlighted as a sector with significant potential, focusing on upstream components, midstream drone and flying car manufacturers, and downstream applications in logistics and tourism [75]. Investment Strategy - The report recommends focusing on sectors such as public utilities, autonomous driving, electronics, and defense industries for potential investment opportunities in the second half of the year [4][24]. - The ongoing support from domestic policies for the electronic sector is expected to catalyze demand, particularly in consumer electronics [5][45]. - The report emphasizes the importance of monitoring market conditions and regulatory changes that could impact investment strategies [4][10].