英大证券晨会纪要-20251201

Market Overview - The A-share market experienced a rebound last week, with the Shanghai Composite Index closing at 3888.60 points, up 0.34% [5] - The overall market sentiment improved, but the rebound strength was limited due to insufficient incremental capital inflow, with trading volume around 1.6 trillion yuan [2][14] - Key resistance is noted around the 4000-point mark, where historical selling pressure exists, restricting upward movement [14] Short-term Outlook - The market is expected to enter a phase of oscillation and gradual repair, with a warning of potential pullbacks after the rebound [3][15] - The ability to expand trading volume will be crucial for sustaining the rebound; low trading volume may lead to a return to range-bound trading [3][15] - Investors are advised to monitor changes in trading volume, capital flow, and policy developments closely [15] Sector Performance - Technology sectors, particularly artificial intelligence and semiconductor industries, showed strong performance, while other sectors lacked clear support for growth [14] - Consumer stocks, including dairy and food and beverage sectors, have been rising due to government policies aimed at boosting consumption [7][9] - New energy sectors, including batteries and photovoltaic equipment, are expected to continue their rebound, supported by ongoing demand for carbon neutrality [8][9] Investment Strategy - A focus on individual stocks rather than indices is recommended, with strategies such as balanced allocation and high-low trading [3][15] - Investors should target stocks with strong earnings support while avoiding high-valuation stocks lacking performance backing [15] - The report emphasizes the importance of selecting stocks in sectors with robust fundamentals, such as technology growth and cyclical industries [15]