中原证券晨会聚焦-20250707

Core Insights - The report highlights a moderate recovery in the Chinese economy, with consumption and investment as core drivers, suggesting a favorable environment for medium to long-term investments [4][12][13] - The A-share market has shown resilience, with various sectors such as finance, power, and gaming leading the upward trend, indicating potential investment opportunities in these areas [4][10][13] Domestic Market Performance - The Shanghai Composite Index closed at 3,472.32, with a slight increase of 0.32%, while the Shenzhen Component Index decreased by 0.25% to 10,508.76 [2] - The average P/E ratios for the Shanghai Composite and ChiNext are 14.21 and 38.60, respectively, suggesting a suitable valuation for long-term positioning [4][10][13] International Market Performance - The Dow Jones Industrial Average closed at 30,772.79, down 0.67%, while the S&P 500 and Nasdaq also experienced declines of 0.45% and 0.15%, respectively [3] Industry Analysis - The photovoltaic sector saw a record high in new installations in May, with 92.92 GW added, marking a 388.03% year-on-year increase [15][16] - The gaming industry is experiencing a surge in license approvals, with a focus on summer cultural consumption demand, indicating a positive outlook for the sector [32][33] Investment Recommendations - The report suggests a balanced investment strategy, focusing on sectors with strong mid-year performance and reasonable valuations, particularly in finance, power, software development, and gaming [4][12][13] - In the photovoltaic industry, attention is drawn to leading companies in polysilicon and solar glass, as well as advancements in perovskite solar cells [17][18] Economic Indicators - The report notes a steady increase in electricity consumption, with a 4.4% year-on-year growth in total electricity usage in May, reflecting a robust demand environment [22][23] - The report also highlights a decline in coal imports and prices, indicating potential shifts in the energy market dynamics [23][24]