英大证券：每周投资早参-20250206

Core Views - The A-share market is experiencing short-term adjustments, particularly in the chip and artificial intelligence sectors, due to the performance of DeepSeek's AI model, which is comparable to OpenAI but at a lower cost, leading to potential adjustments in profit expectations for related companies [2][5] - High-dividend stocks such as banks and coal are seeing a rebound, possibly due to a shift in market preferences towards value stocks as growth stocks undergo corrections [5][9] - The macroeconomic environment is expected to gradually improve post-holiday, supported by counter-cyclical policies and the return of long-term capital to the market, enhancing the resilience of the A-share market [3][9] A-share Market Analysis - On the last trading day after the holiday, the A-share market showed a decline, with 1,814 stocks rising and 3,417 falling. The Shanghai Composite Index closed at 3,250.60 points, down 0.06%, with a trading volume of 450.23 billion yuan, while the Shenzhen Component Index closed at 10,156.07 points, down 1.33%, with a trading volume of 667.64 billion yuan [4][5] - The manufacturing PMI for January was reported at 49.1%, indicating a decline from the previous month, attributed to the early timing of the Spring Festival and increased external uncertainties [6][9] Sector Insights - The manufacturing sector is facing short-term impacts due to holiday factors, but recovery is anticipated as production resumes and counter-cyclical policies take effect, potentially leading to a rebound in macroeconomic demand [3][6] - The high-tech sector, particularly artificial intelligence, is under scrutiny for its initial development uncertainties and high valuation pressures, necessitating careful evaluation by investors [5][9] Policy Developments - The China Securities Regulatory Commission has issued a plan to promote the high-quality development of index investment in the capital market, aiming to enhance the scale and proportion of index investment and improve the long-term returns for investors [9]