英大证券：金点策略晨报-20250207

Core Views - The report highlights that external uncertainties are raising investor concerns about domestic economic demand growth, leading to a phase of pullback in certain blue-chip sectors of the A-share market [2][6] - There is an expectation for policy support from the upcoming National People's Congress, particularly in areas of technological innovation and consumer stimulation, which may enhance domestic demand [2][6] - The development of artificial intelligence (AI) technologies is noted as a key area of focus, with potential growth opportunities for related upstream and downstream industries, while also cautioning against risks associated with outdated technologies [2][8] A-share Market Analysis - On the first trading day after the Spring Festival, the A-share market exhibited a mixed performance with 3,433 stocks rising and 1,850 falling, while the Shanghai Composite Index closed at 3,229.49 points, down 21.11 points, a decrease of 0.65% [5] - The trading volume increased, with the total turnover reaching 521.1 billion yuan in the Shanghai market and 768.4 billion yuan in the Shenzhen market [5] - The report notes that sectors such as computer, media, electronics, non-ferrous metals, and defense showed strong gains, while sectors like comprehensive, coal, building materials, food and beverage, and communications faced significant declines [5] Trade Relations and Economic Impact - The report discusses the impact of new tariffs imposed by the U.S. on Chinese exports, which may accelerate the overseas transfer of some low-end manufacturing industries in China [6] - It emphasizes that the rise of global trade protectionism poses uncertainties and risks to global economic growth, which in turn affects domestic economic demand [6] AI Technology Development - The report highlights the emergence of DeepSeek, a company focused on advanced language models, which has gained attention for its innovative AI technology that significantly enhances performance in various tasks [7][8] - The DeepSeek-R1 model has been recognized for its competitive performance and lower service pricing compared to existing models like OpenAI's GPT-4, indicating a shift in the AI development landscape [8]