英大证券晨会纪要-20250624

Market Overview - The A-share market demonstrated resilience amidst external disturbances, with major indices recovering from initial declines due to strong financial sector support and positive sentiment from digital currency and cross-border payment sectors [1][7][9] - On Monday, the Shanghai Composite Index closed at 3381.58 points, up 21.68 points, a 0.65% increase, with total trading volume reaching 11,226 billion [4][9] Sector Performance - Digital currency stocks surged due to favorable regulatory developments, including the implementation of the "Stablecoin Ordinance" in Hong Kong and discussions on stablecoins by the People's Bank of China [5][6] - Cross-border payment stocks also saw significant gains following the launch of the "Cross-Border Payment Link," which facilitates efficient cross-border transactions between mainland China and Hong Kong [5][6] - The shipping and port sector experienced a boost due to geopolitical tensions in the Middle East, particularly concerning the Strait of Hormuz, which is critical for global oil transport [6][7] Future Market Outlook - The market is expected to remain in a limited fluctuation phase, with both upward and downward movements constrained by ongoing policy support and geopolitical risks [2][8] - Investors are advised to focus on individual stocks rather than indices, particularly those with reasonable valuations and improved earnings expectations as the mid-year reporting period approaches [2][8]