中原证券：晨会聚焦-20250310

Domestic Market Performance - The Shanghai Composite Index closed at 3,372.55, down 0.25%, while the Shenzhen Component Index closed at 10,843.73, down 0.50% [3] - The A-share market showed slight fluctuations, with notable performances in sectors such as military, non-ferrous metals, and automotive parts, while multi-financial, real estate, and battery sectors lagged [8][11] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45% respectively, while the Nikkei 225 rose by 0.62% [4] Economic Indicators - In the first two months of 2025, China's total goods trade value was 6.54 trillion yuan, a year-on-year decrease of 1.2%, with exports reaching 3.88 trillion yuan, a historical high for the same period, up 3.4% year-on-year [8] - The Consumer Price Index (CPI) fell by 0.2% month-on-month and 0.7% year-on-year in February, while the Producer Price Index (PPI) decreased by 0.1% month-on-month and 2.2% year-on-year [8] Macro Strategy - The macro environment is gradually improving, with a recommendation to focus on technology and dividend sectors [9] - The market is expected to see a rise in technology-led growth, with structural opportunities in defense and consumer sectors [11][12] Industry Analysis - The AI application sector is entering a phase of rapid acceleration, driven by improvements in logic reasoning capabilities and reduced costs [14][18] - The gaming industry is experiencing growth, with a notable increase in market size and player engagement, supported by high-quality game releases and favorable policies [19][20] Investment Recommendations - Investment strategies suggest focusing on sectors with strong product reserves and R&D capabilities, particularly in gaming and AI applications [19][20] - The energy sector is expected to benefit from the ongoing transition to renewable energy, with a focus on nuclear and hydropower as key components of future energy supply [21][27] Sector Performance - The food and beverage sector saw a 4.5% increase in February, with significant gains in liquor and dairy products [22] - The new materials sector outperformed the market, with a 12.12% increase in the new materials index, driven by demand from the manufacturing sector [31][33]