英大证券晨会纪要-20250528

Core Views - The report indicates that the A-share market is experiencing a short-term adjustment due to six factors, including insufficient domestic economic recovery and external uncertainties from U.S. tariff policies and Federal Reserve monetary policy dilemmas [2][7][9] - Despite the short-term downward trend, the report suggests that this may present a mid-term opportunity for low-cost buying and positioning, supported by policies aimed at stabilizing the market and increasing liquidity [2][8] Market Overview - On the day of the report, the A-share market saw a collective decline in the three major indices, with the total trading volume falling below 1 trillion yuan, indicating a lack of market confidence [4][5] - The report highlights that sectors such as food and beverage, as well as certain agricultural stocks, showed resilience and upward movement despite the overall market decline [6][7] Sector Analysis - The pesticide and veterinary drug sectors, particularly glyphosate stocks, experienced significant gains due to rising prices and industry consolidation driven by policy and market pressures [6] - The food and beverage sector is expected to benefit from domestic consumption recovery, with potential growth in areas such as the "silver economy" for the elderly and "self-indulgent consumption" among younger consumers [6][7] Investment Strategy - The report advises against impulsive trading and suggests a strategy of high selling and low buying, focusing on high-quality stocks with stable performance and reasonable valuations [3][8] - It emphasizes the importance of monitoring sectors like technology growth and consumer recovery, particularly in robotics, semiconductors, and AI, as well as potential opportunities in mergers and acquisitions [3][8]