英大证券晨会纪要-20260227

Market Overview - The A-share market showed mixed performance on Thursday, with the Shenzhen Composite Index reaching a new high while the Shanghai Composite Index and the ChiNext Index lagged behind, indicating a divergence in market performance [2][3][8] - The trading volume in the two markets has been increasing, reflecting a return of risk-averse funds that exited the market before the holiday, thus improving market liquidity [2][8] Future Market Outlook - The upcoming important domestic meetings are expected to clarify policy directions for the "14th Five-Year Plan," which may lead to favorable policies being implemented, supporting a likely upward trend in the market [9] - Investors are advised to adopt a strategy of buying on dips, focusing on sectors benefiting from price increases and geopolitical catalysts, such as resource products and technology [9] Sector Analysis Communication Sector - The communication sector has shown positive performance, driven by the demand for AI and computing power, as well as supportive national policies for infrastructure upgrades [6] - Investors are encouraged to focus on high-growth areas within the communication sector, such as AI computing and optical modules, while being cautious of high valuations in certain sub-sectors [6] Semiconductor Sector - The semiconductor sector is expected to maintain a positive long-term outlook due to the global digital transformation and geopolitical factors, with domestic policies supporting local production [7] - Investors should look for opportunities in companies with strong performance expectations while avoiding those lacking actual earnings support [7] Optical Communication Modules - The optical communication module sector is currently in a high prosperity cycle, driven by AI computing and data center upgrades [5] - Investors are advised to focus on leading companies and those with technological advantages, while being cautious of speculative stocks without solid performance backing [5]