每周投资策略

Group 1: A-Share Market Focus - The report highlights the risk of US-China tariff friction under Trump's potential return to power, with a focus on the implications for Chinese exports and the overall market sentiment [154][157]. - It is anticipated that China's exports may continue to grow at a rapid pace, supported by rising shipping costs and a recovering global trade demand [156]. - The report suggests that the CPI is expected to rise moderately in the second half of the year, while PPI is projected to rebound due to high upstream resource prices [156][158]. Group 2: Chinese Companies - China National Heavy Duty Truck (000951 CH) is identified as a leading company benefiting from industry recovery, with expectations of increased demand for heavy trucks driven by macroeconomic growth and the "old-for-new" policy [162]. - China Power (600482 CH) is positioned as a core player in the marine engine sector, with a strong outlook for performance acceleration in the second half of 2024 due to the transition to new energy and support from the "old-for-new" policy [162]. Group 3: Korean Market Focus - The report notes that South Korea's exports grew by 5.5% year-on-year in June, indicating a strong overall trend despite a slowdown in European demand [163][164]. - The government’s tax reform proposal is seen as a positive signal, potentially encouraging more companies to disclose their corporate value enhancement plans, which could enhance market investment value [166]. - The report emphasizes that the Korean stock market remains undervalued compared to the global semiconductor industry, suggesting potential for growth [168].