平安证券晨会纪要-2025-03-31

Group 1 - The report suggests that with the arrival of the domestic economic and listed company performance verification window, the pricing of the equity market in April will further return to fundamentals, recommending a bottom-up approach to capture performance guidance from the first quarter, focusing on companies with positive performance expectations [4][9][27] - As of March 29, 2025, the earnings expectations for certain A-share industries such as non-bank financials, non-ferrous metals, automobiles, and building materials have been revised upward, while the overall A-share earnings expectation has been adjusted down by 0.7% [4][9][27] - The report recommends ten key stocks for April: Haoyuan Pharmaceutical, Nanya New Materials, Hongquan Internet of Things, Kingsoft Office, Luoyang Molybdenum, Seres, Stone Technology, Mingyang Smart Energy, Three Trees, and Industrial and Commercial Bank of China [4][9][27] Group 2 - The report indicates that the U.S. President's announcement of a 25% tariff on imported cars will significantly impact Japanese and Korean automakers, while also affecting U.S. domestic brands [6][14][15] - The tariff policy is expected to have a more substantial impact on the export of automotive parts from China than on complete vehicles, as the majority of Chinese automakers focus their export strategies on regions other than the U.S. [16][17] - The report highlights that the tariff policy may force a return of automotive manufacturing to the U.S., but the restructuring of the supply chain will be costly and time-consuming, potentially slowing down the electrification and transformation processes of foreign automakers [17][19] Group 3 - The report emphasizes that domestic automakers are increasingly gaining market share due to their advantages in new energy and intelligent features, positioning them to potentially dominate the global market in the future [18][19] - It suggests that component manufacturers need to rethink their strategies in the U.S. market, as the tariff policy may increase costs and affect their competitiveness [19] - The report recommends several domestic automakers for investment, including BYD, Great Wall Motors, Geely, Li Auto, Xpeng Motors, Changan Automobile, and Xiaomi Group, as well as the component manufacturer Fuyao Glass [19][20]