渤海证券研究所晨会纪要（2025.12.05）-20251205

Market Review - In the past five trading days (November 28 to December 4), major indices mostly rose, with the Shanghai Composite Index slightly up by 0.01% and the ChiNext Index up by 1.19% [2] - The trading volume decreased, with a total of 8.27 trillion yuan traded, averaging 1.65 trillion yuan per day, a decrease of 145.3 billion yuan compared to the previous five trading days [2] - Among the sectors, non-ferrous metals, telecommunications, and defense industries saw the highest gains, while media, beauty care, and computer sectors experienced the largest declines [2] Policy Insights - On December 3, the Deputy Director of the Central Financial Office emphasized the necessity of accelerating the construction of a financial powerhouse to promote high-quality development [3] - Key directions for capital market development include enhancing inclusivity and adaptability, and improving the coordination between investment and financing functions [3] - The focus will be on building a stable long-term investment ecosystem and increasing financing support for key industries and technologies during the 14th Five-Year Plan period [3] Strategy Insights - The A-share market is entering a phase of oscillation and waiting, with an emphasis on policy and technology as key themes for future investment [4] - Investment opportunities are identified in the TMT sector and robotics due to ongoing capital expansion by domestic and international cloud vendors and the acceleration of domestic computing power substitution [4] - The power equipment and non-ferrous metals industries are highlighted as having investment potential due to high global energy storage demand and the ongoing industrialization of solid-state batteries [4] - There are also opportunities in social services and resource sectors driven by policy adjustments focusing on structural changes and "anti-involution" [4] - The banking sector is noted for its investment potential due to a low interest rate environment and a shift in public fund holdings towards performance benchmarks [4]