渤海证券研究所晨会纪要（2025.08.29）-20250829

Market Overview - In the past five trading days (August 22 to August 28), major indices have shown gains, with the Shanghai Composite Index rising by 1.92% and the ChiNext Index increasing by 8.93% [2] - The trading volume has continued to expand, with a total turnover of 14.50 trillion yuan, averaging 2.90 trillion yuan per day, an increase of 414.76 billion yuan compared to the previous five trading days [2] - Among the sectors, the communication, electronics, and computer industries led the gains, while textiles, coal, and pharmaceuticals experienced declines [2] Data Insights - The National Bureau of Statistics reported that the decline in profits for industrial enterprises above designated size narrowed in the first seven months of the year [3] - The industrial added value growth rate has slowed down due to factors such as "anti-involution" and extreme weather, while the Producer Price Index (PPI) has also decreased due to external uncertainties affecting consumer goods prices [3] - The profit margin for industrial enterprises has improved, contributing to the narrowing of the profit decline [3] Policy Developments - On August 26, the State Council issued opinions on the implementation of the "Artificial Intelligence +" initiative, with clear goals set for the next five years [4] - The initiative aims for an application penetration rate of over 70% by 2027 and over 90% by 2030, indicating a significant push for AI integration in various sectors [4] - The advancement of the "Artificial Intelligence +" initiative is expected to enhance the synergy between AI technology and downstream applications, benefiting computing power and various industries through cost reduction and efficiency improvements [4] Investment Strategy - The continuation of liquidity inflows will be crucial for market development, with a positive outlook on overall liquidity under the policy to stabilize the capital market [4] - The current market has established a profit-making effect, which is conducive to the positive feedback loop of A-share liquidity, suggesting a valuation-driven market development process [4] Industry Opportunities - Investment opportunities are present in the TMT sector, pharmaceuticals, and defense industries, driven by the AI boom and other catalysts [5] - The non-bank financial sector is expected to benefit from the stabilization of the capital market [5] - Opportunities in power equipment and certain resource products are anticipated due to capacity governance initiatives [5]