英大证券：金点策略晨报—每日报告-20240909

Market Overview - The report indicates that the recent fluctuations in the A-share market are influenced by weak US economic data and falling oil prices, leading to concerns about global economic health [1] - The A-share market is expected to be affected by short-term sentiment driven by US stock market volatility, but the fundamental impact is deemed limited due to low valuations and a weak domestic economic recovery [1][2] - The overall market sentiment appears to be improving, with a significant number of stocks rising, resulting in a trading volume of 534.8 billion yuan across the two markets [2] Sector Performance - The gaming sector has seen substantial gains, attributed to the application of AI in the industry, which is enhancing cost efficiency and quality. The report suggests that the gaming industry's supply-side improvements will be bolstered by ongoing policy support and the normalization of game approvals [2][3] - The pharmaceutical retail sector is also experiencing growth, despite some chains reporting declining revenues and profits. The report highlights a shift towards high-quality development in the industry, with leading companies expected to benefit from improved market conditions [2][3] - The mobile payment sector has surged, driven by rumors of increased interoperability between major platforms, marking a significant milestone in the Chinese internet industry [3] Investment Strategy - The report emphasizes the importance of recognizing the nature of market differentiation and the current position of the A-share market, which is characterized by structural volatility due to the internal flow of existing funds [4][5] - Different investment strategies are recommended based on investor profiles: strategic investors should focus on low-cost acquisitions, while short-term investors are advised to time their entries according to sector rotations [6]