东海证券晨会纪要

Group 1 - The core viewpoint emphasizes the need for sustained and stronger macro policies, with a target to achieve around 5% economic growth for the year, highlighting the importance of consumption and domestic demand expansion [9][10][63] - The meeting pointed out that macro policies should focus on improving residents' income expectations and boosting consumption, with specific measures such as issuing special bonds to support large-scale equipment updates and subsidies for durable consumer goods [10][19][63] - The meeting also discussed the importance of developing emerging industries and future industries, indicating that these areas are essential for the transformation and upgrading process [9][27][63] Group 2 - In Q2 2024, public fund holdings in the semiconductor sector reached 8.39%, with the top 20 holdings accounting for 90% of the total market value of semiconductor stocks, indicating a strong concentration in leading companies within the sector [6][14][62] - The report highlights that the semiconductor sector's valuation is at a historically low level, suggesting potential investment opportunities as demand gradually recovers and prices stabilize [16][30] - The report recommends focusing on companies benefiting from strong overseas demand in the AIOT sector and those involved in AI innovation, as well as upstream supply chain companies expected to benefit from domestic substitution trends [16][30]