英大证券：金点策略晨报—每周报告-20241126

Market Overview - The market is experiencing adjustments due to three main factors, leading to a short-term oscillating pattern [1] - On the previous Friday, the three major indices in the A-share market opened lower and continued to show weak fluctuations, with the Shanghai Composite Index falling below 3300 points [1][3] - The overall market sentiment has cooled significantly, with a poor profit-making effect and a total trading volume of approximately 1.79 trillion yuan [1][3] Weekly Market Review - The market continued to oscillate downwards last week, with the Shanghai Composite Index declining by 1.91%, the Shenzhen Component Index by 2.89%, and the ChiNext Index by 3.03% [2][3] - Key reasons for the market's decline include profit-taking near previous high points, fiscal stimulus policies not exceeding market expectations, and the continuous strengthening of the US dollar putting pressure on the RMB [2][3] Sector Performance - The fertilizer industry showed strong performance, with significant gains earlier in the week, driven by new regulations aimed at controlling pollution from phosphogypsum [5] - Precious metals also performed well due to geopolitical tensions, particularly the escalating situation between Russia and Ukraine, prompting investors to seek safe-haven assets [5][6] - New energy sectors, including lithium batteries, saw a rebound after a prolonged decline, with expectations for continued demand driven by global carbon neutrality goals [6][7] AI and Technology Trends - The AI sector experienced strong performance, particularly with advancements in AI applications and the upcoming release of a new AI agent by OpenAI [7][8] - The report suggests that the AI investment theme will transition into a phase where fundamental performance will be crucial for sustaining interest and investment [8] Future Market Outlook - The market is expected to maintain a volatile pattern in the short term due to insufficient incremental capital and reduced market enthusiasm [10][12] - However, from a medium to long-term perspective, the overall trend remains positive, supported by steady economic recovery and ample liquidity [10][12] - Investors are advised to look for opportunities in sectors benefiting from debt resolution plans and new productive forces, as well as mergers and acquisitions [10]