英大证券：金点策略晨报-20250205

Core Views - The ongoing "Trump effect" may impact the global economic order, leading to potential economic slowdown, with defensive assets like gold remaining favored [2][4][5] - The national team continues to stabilize the market, as reflected in the fourth-quarter fund reports, which show increased holdings in broad-based ETFs like the CSI A500 [7][8] A-Share Market Analysis - On a recent trading day, the Shanghai and Shenzhen markets experienced slight adjustments, with 1,032 stocks rising and 4,261 falling. The Shanghai Composite Index closed at 3,213.62 points, down 29 points, a decline of 0.89%, with a trading volume of 452.31 billion yuan [4] - The real estate sector faced limitations on short-term rebounds due to a downgrade in credit ratings for a leading property company, while the food and beverage sector saw declines primarily due to pressures in the liquor industry [4] - The communication sector showed activity driven by expectations of increased investment in new-generation communication technology infrastructure, alongside the growth of data centers and artificial intelligence [4] Investment Opportunities - Investors are advised to focus on active opportunities in gold and other precious metals, as well as low-positioning high-dividend stocks, while trading investors should consider emerging industries like chip design, new-generation communication technology, and artificial intelligence, which are expected to benefit from policy-driven performance growth [2][8] - The recent increase in financing balances in the margin trading business indicates growing investor confidence, despite a recent market adjustment [7]