英大证券晨会纪要-20250916

Core Views - The A-share market is expected to continue a volatile upward trend, with no clear mainline driving the market, leading to rapid rotation of hotspots and dispersed profit effects [1][11] - Short-term factors do not indicate a significant upward push for the index, nor are there elements suggesting a deep adjustment [1][11] - The medium to long-term outlook remains positive due to China's strong economic resilience, clear industrial upgrading trends, and ongoing capital market reforms [1][11] Market Overview - On Monday, the three major indices opened higher but showed divergence, with the Shanghai Composite Index struggling due to declines in bank stocks, while the ChiNext and Shenzhen Composite indices performed strongly, continuing their upward trend [4][11] - The overall market sentiment was moderate, with a total trading volume of 22,774 billion, and the Shanghai Composite Index closing at 3,860.50 points, down 0.26% [5][11] Sector Analysis - Gaming Sector: The gaming sector saw significant gains, supported by the approval of new game licenses, indicating a positive outlook for the industry [6][11] - Battery Sector: The battery and energy metals sectors were active, with government initiatives aimed at optimizing the industry and promoting advanced technologies like solid-state batteries [7][11] - Semiconductor Sector: The semiconductor sector remains promising, driven by national policy support and increasing global demand for AI and high-performance computing [8][11] - Robotics Sector: The robotics industry is expected to grow, supported by strong internal growth momentum and favorable government policies [9][11] - Agriculture Sector: The agricultural sector, particularly in livestock, is poised for opportunities due to government policies and increasing demand for smart agriculture solutions [10][11] Investment Strategy - The report suggests adopting different strategies to align with sector rotations, including holding quality companies with clear industry prospects, reducing exposure to overvalued sectors, and focusing on sectors with strong earnings certainty during pullbacks [2][12]