英大证券：金点策略晨报—每日报告-20241012

Market Overview - The report indicates that the recent market fluctuations are likely a consolidation phase during an upward trend, suggesting that investors should be cautious in their operations [1][3] - On October 9, the market experienced a significant drop after a period of high gains, attributed to profit-taking and policy announcements that did not meet market expectations [1][3] - The Shanghai Composite Index closed at 3258.86 points, down 230.92 points, with a trading volume of 29,398 billion yuan, indicating a broad decline in market sentiment [2] Semiconductor Industry - The semiconductor sector remains active, with a report from the Semiconductor Industry Association (SIA) stating that global semiconductor sales reached 53.1 billion USD in August 2024, marking a year-on-year increase of 20.6% and a month-on-month increase of 3.5% [2] - The report anticipates a long-term trend towards self-sufficiency in China's semiconductor industry, with increasing domestic policy support expected to enhance growth [2] - The trend of domestic substitution in the semiconductor industry is expected to continue, with potential growth in domestic market share for semiconductor equipment [2] Brokerage Sector - The brokerage sector has shown signs of divergence after a period of significant gains, but the report maintains a positive outlook for the sector in the fourth quarter due to performance recovery and the influx of long-term capital [2][3] - Factors contributing to this positive outlook include increased trading volumes, improved economic fundamentals, and potential regulatory reforms that could stimulate growth [2][3] - The report suggests that investors who previously entered the market at lower levels should maintain their positions, while those who missed earlier opportunities may consider buying during market adjustments [3]