平安证券：晨会纪要-20250304

Group 1: Market Overview - In February, the domestic market showed a continuous recovery in fundamentals, with the A-share market driven by a growth style leading to a spring rally [2][7] - The bond market experienced a marginal tightening of liquidity, with a negative carry leading to a flattening of the government bond yield curve [7] - The RMB exchange rate showed narrow fluctuations, slightly weakening overall, maintaining a high correlation with the USD [7] Group 2: Economic Indicators - High-frequency and leading economic indicators indicate a seasonal recovery in production, with manufacturing PMI returning to the expansion line, reflecting improvements in both supply and demand [3][9] - The overall procurement scale for medical devices in 2024 is projected to be 137.1 billion, a year-on-year decrease of 20%, primarily due to the pace of equipment updates [5][16] - The procurement scale in December 2024 reached 25.3 billion, a year-on-year increase of 49%, indicating a significant recovery in the fourth quarter [5][16] Group 3: Investment Opportunities - The report highlights the potential for structural opportunities in the Hong Kong stock market, particularly in technology stocks, following a significant rise [3][10] - The medical device sector is expected to benefit from ongoing equipment updates and a notable trend towards high-end domestic products, with leading companies like Mindray and United Imaging gaining market share [5][18] - The report recommends focusing on sectors that are likely to receive policy support, particularly those at low levels that may experience a recovery [12][13] Group 4: Fund Allocation Strategies - In March, the report suggests a shift in fund allocation from aggressive technology growth to a more balanced growth and dividend assets to mitigate market volatility [12][13] - The sentiment index for the A-share market indicates a bullish outlook for the next month, driven by increased financing and momentum indicators [12][13] - The report emphasizes the importance of policy signals from the Two Sessions in influencing market trends and styles [12][13]