英大证券晨会纪要-20251205

Market Overview - The A-share market showed mixed performance with the Shanghai and Shenzhen indices fluctuating, while individual stocks saw more declines than gains. The overall trading volume decreased, leading to a weak rebound in the market [2][5][8] - Key upcoming events include the Federal Reserve's meeting on December 10, which may influence global liquidity expectations, and an important meeting that will set the tone for China's economic policy next year [2][9] Sector Analysis - The robotics sector experienced significant growth, with the human-robot concept stocks rising approximately 80% since January 7, 2025. The industry is expected to benefit from strong internal growth momentum and supportive government policies, with an annual revenue growth rate exceeding 20% as outlined in the "14th Five-Year Plan" [6][7] - The commercial aerospace sector also saw a rise, driven by the recent "Thousand Sails Constellation" global strategic cooperation agreement and the establishment of a dedicated regulatory body for commercial aerospace, which is expected to provide a stable development environment for the industry [7] Investment Strategy - The report suggests a focus on individual stocks rather than indices, recommending a balanced allocation strategy that includes high-performing sectors such as technology (semiconductors, AI, robotics) and cyclical industries (solar energy, batteries, chemicals) [3][9] - Investors are advised to select stocks with strong earnings support for low-cost entry while avoiding high-valuation stocks lacking performance backing [3][9]