万联证券万联晨会

Core Viewpoints - The A-share market showed positive performance with all three major indices rising, with the Shanghai Composite Index up by 0.99% to 3,084.93 points, the Shenzhen Component Index up by 1.46% to 9,752.83 points, and the ChiNext Index up by 2.25% to 1,926.40 points. The total trading volume in the A-share market reached 1,137.616 billion RMB, with northbound capital net buying 2.825 billion RMB [1][10] - In terms of economic performance, China's industrial production accelerated in January-February, with the industrial added value of large-scale enterprises growing by 7% year-on-year. Retail sales of consumer goods totaled 81,307 billion RMB, reflecting a year-on-year increase of 5.5% [11][12] - The new generation GPU Blackwell was announced by NVIDIA's CEO Jensen Huang, featuring 208 billion transistors and supporting real-time generative AI applications. The first chip, GB200, is expected to launch later this year [11][12] Market Performance - The A-share market saw a total of 4,445 stocks rise, with the media, electronics, and power equipment sectors leading the gains, while coal, home appliances, and banking sectors lagged behind. The concept indices for low-altitude economy, AI mobile phones, and AI PCs showed significant increases, while indices for stock transfers, special steel concepts, and gold concepts experienced declines [1][10] - The Hang Seng Index rose by 0.10% to 16,737.12 points, and the Hang Seng Technology Index increased by 1.25%. In the overseas markets, all three major US indices closed higher, with the Dow Jones up by 0.20% to 38,790.43 points, the S&P 500 up by 0.63% to 5,149.42 points, and the Nasdaq up by 0.82% to 16,103.45 points [1][10] Economic Indicators - The fixed asset investment in January-February grew by 4.2% year-on-year, an increase of 1.2 percentage points compared to the previous year. The urban surveyed unemployment rate averaged 5.3% in January-February, showing stability in the employment situation [11][12] - Online retail sales in January-February reached 21,535 billion RMB, reflecting a year-on-year growth of 15.3%, indicating a recovery in online consumption [15][12] Investment Recommendations - The report suggests focusing on resilient sectors such as food and beverage, social services, and beauty and jewelry. Specific recommendations include high-end liquor, regional liquor leaders, and sectors benefiting from expanded service consumption policies [15][12] - The report anticipates that the consumption growth rate will normalize below pre-pandemic levels, expected to remain in the range of 5%-8%, while still maintaining long-term steady growth [15][12]