英大证券晨会纪要-20250508

Group 1 - The report highlights a series of favorable policies announced by the central bank and regulatory authorities, including interest rate cuts and increased liquidity measures, which have led to a mixed performance in the A-share market [2][8][9] - The market's reaction to these policies has been subdued, attributed to factors such as prior anticipation of these measures, external geopolitical tensions, and a shift in investor sentiment towards defensive sectors like military and real estate [3][9][10] - The report suggests that the market may enter a period of observation regarding the effectiveness of these policies, with key variables including the pace of liquidity release and developments in US-China trade negotiations [3][10] Group 2 - The military sector has shown significant gains, driven by geopolitical tensions and government support for defense modernization, with expectations of continued policy backing and a stable increase in defense budgets from 2020 to 2025 [6][7] - The real estate sector is also highlighted as active, with recent policy measures aimed at stabilizing the housing market, including a reduction in housing loan rates, which may provide short-term boosts to the industry [7][8] - The report emphasizes the importance of selecting quality companies within the military and real estate sectors, particularly those with strong fundamentals and growth potential, while being cautious of broader market risks [6][7][10]