银河证券每日晨报-20250409

Macro Perspective - The report maintains a strong outlook on the Chinese market, viewing the trade war as both a challenge and an opportunity for economic restructuring, with confidence in China's ability to stabilize its economy amidst external uncertainties [2][3] - China's complete industrial system and expanding domestic market provide a core advantage over the U.S. during supply chain disruptions, as evidenced during the pandemic [2] - The report emphasizes the importance of technology and innovation in driving China's economic growth, particularly in the face of U.S. semiconductor sanctions [2] Strategy - The report advocates for a bullish stance on the A-share market, highlighting the resilience of China's economy and its strategic capacity to counteract external pressures through policy tools such as increased fiscal deficit and special bonds [6][7] - The report notes that the A-share market is expected to achieve stable and healthy development in the long term, supported by a robust industrial ecosystem and ongoing technological advancements [7] Agriculture - The pet industry in China is projected to exceed 400 billion yuan by 2027, driven by changing consumer trends such as emotional spending and rational pet ownership [10][12] - The pet food market is expected to grow significantly, with a projected market size of 158.5 billion yuan in 2024, reflecting an 8.5% year-on-year increase [10][12] - The pet medical sector is also anticipated to expand, with a market size of 84.1 billion yuan in 2024, supported by policy initiatives promoting domestic vaccine development [11][12] Computer Industry - The report highlights the impact of NVIDIA's GTC conference on the AI sector, emphasizing the importance of advancements in computing power and AI applications [14][15] - It suggests focusing on specific segments such as domestic computing power supply chains, third-party IDC service providers, and AI applications [18] Machinery - The human-shaped robot industry is experiencing rapid development, with significant technological breakthroughs and policy support driving its growth [21][24] - The report identifies three categories of companies to watch: those with strong order visibility, core component suppliers with high barriers to entry, and companies involved in emerging technologies like dexterous hands and sensors [24] Non-Banking Financials - The report notes a weak overall performance in the non-banking financial sector, with a decrease in market activity [35] - It emphasizes the ongoing government policies aimed at stabilizing growth and boosting investor confidence, which are expected to enhance the sector's outlook [37]