英大证券：金点策略晨报—每日报告-20240831

Market Overview - The market showed divergence with the three major indices experiencing mixed performance, influenced by high dividend stocks dragging down the overall market [1][5] - The Shanghai Composite Index closed at 2891.85 points, up 0.03%, while the Shenzhen Component fell by 0.96% to 8514.65 points, and the ChiNext Index dropped 1.44% to 1635.67 points [2][5] - Overall, individual stocks saw more declines than gains, indicating a general lack of market sentiment and profitability [2] Automotive Industry - The automotive sector continued to rise, driven by new government policies that increased subsidies for scrapping old vehicles and purchasing new energy vehicles [2][3] - The new subsidy standards include a 20,000 yuan subsidy for purchasing new energy vehicles and a 15,000 yuan subsidy for 2.0-liter or smaller fuel vehicles [2] - The automotive supply chain, including components and intelligent driving technologies, remains a sector to watch due to the ongoing trends of vehicle electrification and domestic substitution [2][3] Military and Aerospace Sector - The military sector remains a long-term focus, with expectations of increased policy support for defense modernization and technological innovation [3] - China's defense budget is projected to grow steadily, with increases of 6.6% to 7.2% from 2020 to 2024, indicating a strong outlook for military enterprises [3] - The ongoing geopolitical tensions, such as the Russia-Ukraine conflict, are likely to drive more capital towards the defense industry, making it a key area for investment [3] Infrastructure and Transportation - The railway and highway sectors have shown resilience, with significant investments reported, including a record 337.3 billion yuan in fixed asset investments in the first half of 2024, up 10.6% year-on-year [3] - The government's commitment to modernizing infrastructure and reforming the transportation system is expected to enhance the overall efficiency and effectiveness of the railway network [3] Investment Strategy - Investors are advised to adopt a cautious approach, waiting for stabilization signals before making significant investments, while aggressive investors may consider positioning for potential short-term rebounds [4][6] - Focus on sectors benefiting from policy support, such as technology innovation and equipment upgrades, is recommended, along with a strategy of alternating between dividend and technology themes in trading [4][6]