平安证券晨会纪要-20250604

Group 1: Market Overview - The equity market is expected to maintain a volatile pattern, supported by the continuous effects of domestic policies and the strengthening of fundamental resilience [2][8] - The report suggests focusing on high-growth industries and quality dividend assets, with three main investment themes: domestic technology and high-end manufacturing, consumer quality assets benefiting from domestic demand expansion policies, and quality dividend assets with long-term investment value [2][8] Group 2: Recommendations - The report recommends ten key stocks for June: Qianhong Pharmaceutical, Dongcheng Pharmaceutical, Yanjing Beer, Shenxinfeng, Foxit Software, Industrial and Commercial Bank of China, Agricultural Bank of China, China Merchants Bank, China Pacific Insurance, and China Shenhua Energy [2][8] Group 3: Precious and Industrial Metals - Gold prices experienced a slight decline due to uncertainties in U.S. policies and trade negotiations, but the long-term outlook remains positive due to the weakening of U.S. dollar credit [10][11] - Copper demand is gradually recovering domestically, with a tight supply of copper concentrate, indicating a potential upward trend in copper prices [10][11] - Aluminum prices are expected to rise due to a strong demand-supply imbalance, with domestic aluminum inventory decreasing significantly [11][12] Group 4: Computer Industry Insights - DeepSeek R1 has completed a minor version upgrade, enhancing its performance in complex reasoning tasks, while NVIDIA reported a significant revenue increase driven by strong global AI computing demand [14][15] - The computer industry index rose by 1.77%, outperforming the CSI 300 index, indicating a positive market trend [14][15] Group 5: Real Estate Market Trends - New home sales in key cities showed a month-on-month increase, with expectations for continued recovery as developers ramp up marketing efforts [20][21] - The report emphasizes the importance of "good products" and core areas in stabilizing the market, with a focus on companies with strong product capabilities and optimized inventory structures [21][22] Group 6: Renewable Energy Sector - The offshore wind power projects in Guangdong are expected to accelerate, indicating new investment opportunities in the offshore wind industry [26][27] - The report highlights the increasing trend of BC technology in the photovoltaic sector, with companies like Longi and Aishuo launching innovative products to meet diverse customer needs [28][29] Group 7: Financial Sector Analysis - The growth rate of corporate loans remains low, while personal loans show steady growth, indicating a cautious lending environment [34][35] - The report notes that the issuance of government bonds is accelerating, impacting the overall loan growth rate, with a focus on industrial and infrastructure loans [34][35]