英大证券：金点策略晨报—每日报告-20250123

Market Overview - The A-share market experienced a slight pullback on Wednesday but remained within the upward trend established on Tuesday, with new market directions pending further observation [2] - The upcoming U.S. presidential administration's trade protectionism and tariff issues are a focal point of market concern, although domestic economic stability and supportive policies provide a positive outlook for the market [2][9] - The Shanghai Composite Index closed at 3236.03 points, up 0.28%, with a total trading volume of 12,738 billion [3] Sector Performance - Consumer sectors, particularly home appliances and commercial retail, saw significant gains following government subsidies for energy-efficient appliances, indicating a potential recovery in domestic consumption [4] - The "Xiaohongshu" concept stocks remained active, driven by concerns over TikTok's operational status in the U.S., leading to increased user engagement on Xiaohongshu [5] - High dividend yield stocks, particularly in banking and essential services, showed strong performance, with ongoing interest in stable dividend-paying companies amidst a low-interest-rate environment [6][7] Investment Strategy - The report suggests a focus on quality stocks during market fluctuations, emphasizing the importance of selecting companies with strong fundamentals and stable earnings [8][10] - It is recommended to maintain a balanced portfolio that includes both high-growth small-cap stocks and stable dividend-paying large-cap assets, with an emphasis on opportunistic buying during market dips [9][10]