英大证券晨会纪要-20250422

Market Overview - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index reaching a new high in this round of rebound, despite a trading volume just above 1 trillion, indicating a low level of activity [2][4][9] - Factors contributing to the market's resilience include policy support and capital backing, with state-owned funds increasing their holdings in ETFs, alleviating liquidity concerns among investors [2][9] - Market sentiment is recovering, with structural differentiation observed, as sectors like domestic consumption (duty-free, food and beverage), defensive sectors (banking, gold), and self-sufficient fields (military industry, semiconductors) attract investor interest [2][9] Sector Performance - The precious metals sector experienced significant gains, driven by heightened market risk aversion due to global tariff issues, prompting investors to seek safe-haven assets like gold [6] - Digital economy stocks were active, with sectors such as remote work and digital taxation showing promise, as China's digital economy is expected to grow rapidly in the coming years [6] - The robotics industry also saw substantial growth, with notable increases in stock prices since early January, supported by strong internal growth momentum and favorable government policies [7] Future Outlook - The report suggests that investors should focus on three main lines for low-cost positioning: self-sufficient fields (semiconductors, AI computing), domestic consumption (pharmaceuticals, food and beverage), and high-dividend sectors (state-owned enterprises, public utilities) [10] - The upcoming important meetings at the end of April are anticipated to provide further policy direction, which could act as a catalyst for mid-term market trends [4][10] - Despite the current rebound, the sustainability of this trend is questioned due to insufficient trading volume and the potential for adjustments in stocks lacking performance support during the earnings disclosure period [3][9]