英大证券晨会纪要-20250729

Market Overview - The A-share market is expected to experience fluctuations around the 3600-point level in the short term, with a likely period of consolidation ahead [1][10] - The market sentiment is anticipated to stabilize gradually as self-adjustment occurs and potential positive factors emerge [10][11] - If sustained hot sectors attract capital and trading volume increases, the index may break through the 3600-point barrier, opening new upward space [10][11] Short-term Strategy - Investors are advised to remain rational and avoid blindly following trends, particularly in high-flying sectors [2][11] - It is recommended to selectively reduce positions in sectors that have seen significant gains, such as hydropower and related areas, while looking to invest in technology growth sectors during dips [2][11] Mid-term Outlook - The A-share market is projected to exhibit a "slow bull" pattern driven by favorable tariff negotiations, ongoing policy support, and an overall improvement in liquidity [2][11] - Key areas for mid-term investment include sectors with growth elasticity, such as AI infrastructure, innovative pharmaceuticals, and humanoid robotics, which are driven by both policy and technological advancements [2][11] Sector Performance - The military industry has shown strong performance, with significant gains noted in the aerospace and defense sectors, supported by government policies and geopolitical tensions [6][10] - The pharmaceutical sector is also active, with innovative drugs gaining traction as the environment for commercialization improves [8][10] - Communication sectors, particularly those related to 5G and emerging 6G technologies, are expected to benefit from government initiatives and advancements in technology [9][10]