英大证券晨会纪要-20251028

Market Overview - The A-share market is showing an upward trend, with the Shanghai Composite Index approaching 4000 points, driven by sectors such as coal, insurance, and banking recovering from lows, while technology sectors like storage chips and semiconductors are experiencing significant gains [2][9] - The market's main theme is driven by policy expectations and performance verification, with a focus on technology growth sectors as the core engine, shifting from speculative trading to performance-based selection as quarterly reports are released [2][9] Sector Analysis - The semiconductor sector has shown strong performance, with a projected growth of over 15% in the global semiconductor market by 2025, driven by increasing demand for AI and high-performance computing [6] - The securities sector is also on the rise, supported by improved trading volumes and favorable economic conditions, with ongoing policy reforms and liquidity support enhancing the sector's growth potential [7][8] Investment Strategy - For short-term defense, focus on dividend assets and financial sectors with clear performance improvement expectations [3][10] - For medium-term offensive strategies, consider low-entry opportunities in the AI industry chain, semiconductors, and robotics, emphasizing companies with actual performance or future earnings support [3][10]