英大证券晨会纪要-20250414

Core Views - The A-share market has shown a four-day rally since April 8, following a significant drop on April 7, driven by state intervention and policy releases that alleviated liquidity pressure [1][14] - The temporary suspension of "reciprocal tariffs" by the Trump administration has improved global market sentiment, contributing to the recovery of A-shares [1][14] - The logic of domestic substitution has been reinforced, with accelerated progress in self-sufficiency in key industries, particularly in the semiconductor sector [1][14] Market Overview - The A-share market experienced a significant drop of 3.11% for the Shanghai Composite Index and 5.13% for the Shenzhen Component Index in the previous week, but has since rebounded [7] - The semiconductor sector has been a standout performer, with strong gains driven by new policies and market dynamics [9][10] - The overall market sentiment has improved, with a total trading volume of 13,487 billion yuan, indicating active trading conditions [6] Sector Performance - The semiconductor sector has seen substantial growth, supported by national policies and the establishment of the National Integrated Circuit Industry Investment Fund [9] - Precious metals have also surged as investors seek safe-haven assets amid global uncertainties, with gold prices rising significantly [10] - Consumer stocks have shown resilience, particularly in the food and beverage sectors, as domestic consumption is expected to drive economic recovery [11] Future Outlook - The report anticipates continued support from domestic policies, with expectations of increased fiscal and monetary stimulus to bolster the economy [3][15] - Close attention should be paid to trade negotiations, as successful outcomes could lead to a rebound in export-oriented industries [15] - The semiconductor and AI sectors are expected to receive more policy support, making them attractive for investors looking for opportunities [15]