A股策略周报：关注业绩、分红及回购
Yong Xing Zheng Quan·2024-03-21 16:00

Group 1 - The report indicates that the A-share market has shown a slight upward trend amidst fluctuations, with significant trading volumes. The CPI increased to 0.7%, rebounding by 1.5 percentage points from January's -0.8%. Additionally, February's export growth exceeded Wind's forecast, with mechanical and electrical products accounting for nearly 60% of exports [1][2][52]. - The manufacturing and consumer sectors experienced the largest gains, particularly the automotive industry, which saw the highest increase. Conversely, high-dividend concepts, including coal, oil, home appliances, banks, and utilities, faced the most significant declines, indicating a shift in market sentiment towards fundamental recovery [1][2][52]. - The report highlights that from March 4 to March 8, during the government work report's release, cyclical industries such as oil, non-ferrous metals, and utilities performed well due to anticipated infrastructure investments from special government bonds starting in 2024 [2][52]. Group 2 - For the week of March 18-22, the report suggests that the market will likely maintain a slight fluctuation, with funding sources primarily driven by an increase in financing balances. The net inflow of northbound funds was significant, amounting to 32.8 billion yuan, reflecting confidence in the economic fundamentals [4][21][22]. - The report emphasizes the importance of monitoring companies that announce increased dividend amounts compared to previous years, as well as those with unexpectedly high net profit growth in their 2023 annual reports. It also suggests focusing on companies that manage their market value through dividends [16][48]. - In terms of industry selection, the report recommends prioritizing consumer sectors with resilience and certainty, as well as cyclical industries with high dividend yields. It also highlights potential investment themes in the technology sector, particularly in low-altitude economy and biomanufacturing, as mentioned in the government work report [16][48].