英大证券：金点策略晨报—每日报告-20241105

Market Overview - The A-share market showed signs of recovery with the October PMI rising to 50.1%, indicating an improvement in economic conditions [5][7] - On November 1, 2024, major indices closed positively, with the Shanghai Composite Index up 0.42% and total trading volume reaching 22,173 billion [1] Securities Sector - The securities sector experienced significant gains, driven by supportive policies aimed at revitalizing capital markets and improving the performance of leading brokerage firms [2][4] - The anticipated recovery in trading volumes and the influx of medium to long-term capital are expected to enhance the profitability of brokerage firms [2][4] Education Sector - The education sector has seen a surge in stock prices following new regulations that clarify the management of off-campus training, boosting market confidence [3][4] - The government's supportive stance towards compliant educational institutions is expected to stabilize long-term expectations and promote valuation recovery [3][4] Real Estate Sector - The real estate sector is becoming more active due to a series of policies aimed at stabilizing the market, including adjustments to mortgage rates and down payment requirements [3][4] - The market is expected to gradually recover, with a focus on high-quality companies that have strong land reserves and a return to stable development [4] Semiconductor Sector - The semiconductor sector is experiencing a bullish trend, supported by global initiatives to boost domestic semiconductor industries in various countries [4][5] - The establishment of significant investment funds and the increasing domestic demand are expected to drive the growth of China's semiconductor market, with projections indicating a 16% growth in the global semiconductor market in 2024 [4][5] Investment Strategy - The report suggests a cautious approach for short-term investors, advocating for a strategy of buying low and selling high, while long-term investors are encouraged to maintain positions amid a generally positive market outlook [6][7] - Key factors to monitor include the impact of the upcoming U.S. elections and domestic fiscal policies, which could influence market performance in the near term [5][6]