万和证券：万和财富早班车-20250326

Macro Summary - The Ministry of Commerce is guiding local departments to orderly carry out pilot applications for automotive circulation consumption reform [4] - The National Health Commission is evaluating policy effects and researching further improvements to fertility support measures [4] - The National Bureau of Statistics is promoting high-quality data set construction and increasing data supply to empower various industries with "AI+" initiatives [4] Industry Dynamics - IDC forecasts steady growth in the global semiconductor market this year, driven by AI demand, with related stocks including Haiguang Information and Cambrian [6] - The Energy Law provides solid legal support for the systematic restructuring of the coal industry, with related stocks including Dayou Energy and Zhengzhou Coal Electricity [6] - The controllable nuclear fusion industry is accelerating, with a market size nearing 100 billion, as projects begin intensive bidding and procurement starting in 2025, related stocks include Lansi Heavy Industry and Rongfa Nuclear Power [6] Company Focus - Antai Technology is focusing on expanding its special welding materials business for marine engineering and oil and gas platforms through its subsidiary Antai Sanying [8] - Sun Cable's submarine cable subsidiary has completed the installation of five production lines, ready for production [8] - BYD is projected to achieve a net profit of 40.254 billion in 2024, a year-on-year increase of 34%, and plans to distribute a dividend of 39.74 yuan per share [8] - Zoomlion is diversifying and digitalizing to create new growth curves, aiming for a net profit of 3.52 billion in 2024 [8] Market Review and Outlook - On March 25, the market continued to fluctuate, with the Shanghai Composite Index closing at 3369.98, unchanged, while the Shenzhen Component Index fell by 0.43% and the ChiNext Index fell by 0.33% [10] - The overall market is in a defensive consolidation phase, with funds shifting from high-volatility tech stocks to undervalued blue chips, reflecting a significant drop in risk appetite [10] - The controllable nuclear fusion concept stocks surged, with over ten stocks hitting the daily limit, driven by recent breakthroughs in domestic nuclear fusion experiments [10] - Chemical and cyclical sectors showed active performance, possibly due to product price fluctuations and improved supply-demand relationships [10] - In contrast, sectors like computing leasing and data centers faced significant declines due to industry bubble concerns and lowered server sales forecasts by Goldman Sachs [10] Short-term Market Outlook - The market is likely to continue its consolidation pattern, lacking clear macroeconomic data or policy benefits to drive a new upward trend [11] - Investors are advised to remain patient and closely monitor market dynamics and policy changes to seize structural investment opportunities [11]