英大证券：金点策略晨报—每日报告-20241207

Market Overview - The A-share market opened positively in December, with a trend of oscillating recovery expected in the future. The market saw a rise in trading volume from 1.3 trillion to 1.7 trillion yuan, indicating a gradual accumulation of energy despite still being short of the 2 trillion mark [1][3] - The Shanghai Composite Index closed at 3363.98 points, up 37.52 points, with a gain of 1.13%. The Shenzhen Component Index rose by 144.83 points, or 1.36%, while the ChiNext Index increased by 31.50 points, or 1.42% [3][6] Automotive Sector - The automotive sector experienced significant gains, with the China Passenger Car Association predicting that the retail market for narrow passenger cars in November would reach 2.4 million units, representing a year-on-year increase of 15.4% and a month-on-month increase of 6.1% [3][4] - The sector is expected to continue growing due to government policies aimed at stabilizing economic growth, local purchase subsidies, and promotional activities. Key areas to watch include automotive components, automotive electronics, and intelligent driving [4][6] Robotics Sector - Robotics stocks surged, with a strong investment opportunity identified in the robotics sector. The industry is expected to grow rapidly, supported by robust internal growth momentum and favorable government policies, including a projected annual revenue growth rate of over 20% during the 14th Five-Year Plan [4][5] - The industrial robotics sector is divided into core components, complete machine manufacturing, and system integration. The development of humanoid robots is also accelerating, with domestic companies enhancing their R&D capabilities [5][6] Hainan Local Stocks - Hainan local stocks saw a significant rise following the implementation of a new policy supporting the construction of international data centers in Hainan Free Trade Port starting December 1. This policy aims to attract both domestic and foreign enterprises [4][5] - The recent adjustments to customs regulations, including maintaining current tax exemption thresholds for incoming goods, have also contributed to positive market sentiment [5][6] Future Market Outlook - The market is expected to continue its oscillating recovery, driven by improving PMI data and high expectations for upcoming policy meetings. The manufacturing PMI for November was reported at 50.3%, indicating a three-month consecutive increase, which has bolstered confidence in economic recovery [6][8] - Investors are advised to consider low-entry strategies for the upcoming year, focusing on sectors that will benefit from debt restructuring, new productivity areas, and opportunities in mergers and acquisitions as well as domestic consumption [6][8]