英大证券：金点策略晨报—每日报告-20250114

Market Overview - The market is currently experiencing a weak rebound, influenced by factors such as policy vacuum, performance interference, RMB depreciation, and overseas disturbances [8][9] - The three major indices of Shanghai and Shenzhen are expected to show a "slow bull" upward trend in 2025, with structural opportunities being more favorable [8][9] Sector Analysis Consumer Electronics - The consumer electronics sector has seen significant gains, driven by the expansion of the "national subsidy" policy to include consumer electronics, providing a 15% subsidy for eligible products [5] - In Q4 2023, the consumer electronics sector rose over 15%, and the electronic industry is projected to grow by 18.52% in 2024, indicating strong performance and valuation improvements [5] - The AI empowerment is expected to drive a new wave of upgrades in consumer electronics, benefiting related companies with high performance [5] Robotics - Robotics stocks have also surged, with a year-on-year increase of 9.56% in 2024, indicating a long-term investment opportunity [6] - The industrial robotics sector is expected to grow rapidly due to strong internal growth momentum and supportive policies, with an average annual revenue growth rate exceeding 20% as per the "14th Five-Year Plan" [6][7] - The humanoid robotics sector is anticipated to enter a mass production phase in 2025, with companies recognized for their technology likely to outperform [7] PCB (Printed Circuit Board) - The PCB sector is experiencing upward momentum due to increased investments in data centers by tech giants, such as Amazon and Microsoft, which are expected to significantly boost the industry's outlook [7] - Amazon plans to invest at least $11 billion in Georgia to expand its infrastructure, while Microsoft anticipates spending $80 billion on AI data centers in the 2025 fiscal year [7] Investment Strategy - Investors are advised to focus on high-growth small and mid-cap stocks and stable dividend core assets for a balanced portfolio [8] - The upcoming earnings season may reveal significant performance pressures on small-cap stocks with weak fundamentals, suggesting a cautious approach to such investments [8]