英大证券晨会纪要-2025-03-27

Market Overview - The A-share market experienced a significant decline in trading volume, dropping to less than 1.3 trillion yuan, primarily due to a pullback in the technology sector and tightening liquidity at the end of the quarter [2][5][9] - Investor risk appetite has decreased, influenced by uncertainties surrounding domestic economic validation and U.S. tariffs on China, leading to increased cautious sentiment among investors [3][9][12] - The market showed a narrow fluctuation with the three major indices closing slightly lower, indicating a lack of strength in the overall rebound [10][12] Sector Performance - The photovoltaic equipment sector saw a rise, supported by substantial growth in new installed capacity and improving profitability for downstream companies as silicon material prices stabilize [7][8] - The industrial mother machine concept stocks also experienced gains, driven by the establishment of a high-end intelligent equipment industrial base in Shanghai, which aligns with national policies promoting manufacturing upgrades [8][9] Future Outlook - The report maintains a cautious outlook, suggesting that the downward trend in indices may not have ended, with potential for further declines in the short term [3][11] - Investors are advised to avoid speculative stocks lacking performance support and focus on sectors with strong earnings expectations during the upcoming earnings season [11] - Long-term support for the market remains due to resilient economic growth, ongoing policy support, and expectations of profit recovery, indicating a slow bull market despite short-term adjustments [3][11]