英大证券晨会纪要-20250904

Core Views - The market is experiencing a short-term adjustment, influenced by high-level stocks' pullback, which affects market sentiment and leads to increased differentiation among sectors and stocks [1][4][9] - Short-term market movements are expected to maintain a narrow range of fluctuations at high levels, with a recommendation for defensive strategies or a pause in trading [2][10] - Long-term trends show a bullish arrangement in weekly and monthly K-line charts, indicating that investors should not overly fear short-term adjustments, as they may facilitate mid-term upward breakthroughs [2][9] Market Overview - On Wednesday, the market opened high but subsequently declined, with the Shanghai Composite Index closing at 3813.56 points, down 44.57 points, a drop of 1.16%, and total trading volume reaching 23641 billion [5][11] - The Shenzhen Component Index closed at 12472 points, down 81.84 points, a decrease of 0.65%, while the ChiNext Index rose to 2899.37 points, up 27.15 points, an increase of 0.95% [5][11] Sector Analysis - Precious Metals: The precious metals sector has seen continuous growth, driven by expectations of interest rate cuts and increased geopolitical tensions, leading to higher demand for gold as an inflation hedge [6][7] - Photovoltaic Equipment: The photovoltaic equipment sector is expected to rebound due to ongoing global efforts to achieve carbon neutrality and supportive policies from the government, making it a sector to watch in the second half of 2025 [7] - Gaming Sector: The gaming sector has shown resilience with recent approvals for numerous game licenses, indicating a positive outlook for the industry as it adapts to technological advancements [8] Investment Strategy - Investors are advised to adopt a defensive approach, waiting for the market to stabilize before making new investments, particularly in undervalued sectors with strong fundamentals [2][10] - Attention should be directed towards low-valuation defensive sectors and blue-chip stocks that have undergone sufficient adjustments and possess stable fundamentals [10]