英大证券金点策略晨报—每周报告

Market Overview - The report indicates that the A-share market is experiencing a downward trend, with the overall market sentiment being weak and the trading volume shrinking. The Shanghai Composite Index closed at 3019.47 points, down 14.78 points, a decline of 0.49% [2][4] - The report highlights that the market is influenced by external factors, including the U.S. inflation data exceeding expectations, which has dampened the prospects for interest rate cuts by the Federal Reserve [1][4] Sector Performance - Precious metals, particularly gold, have shown strong performance, with gold futures prices breaking through 570 yuan per gram. This surge is attributed to increased geopolitical tensions and a decline in the credibility of the dollar-based monetary system [2][4] - The engineering machinery sector has seen significant gains, driven by government initiatives aimed at promoting large-scale equipment upgrades across various industries, with expected investment growth of over 25% by 2027 compared to 2023 [4][5] - The report notes that the coal and steel prices have rebounded, positively impacting the Producer Price Index (PPI), which remains below expectations but is expected to stabilize due to government measures [4][5] Investment Opportunities - The report suggests that investors should focus on sectors with strong earnings potential, particularly in April, as many companies will report their quarterly results. It emphasizes the importance of tracking companies that exceed earnings expectations [6][7] - The report also mentions the potential for a rebound in the new energy sector, particularly in lithium batteries, photovoltaics, and wind energy, as the demand for these technologies continues to grow despite recent volatility [5][6] Regulatory Environment - The introduction of the third "National Nine Articles" is highlighted, focusing on stricter listing regulations, continuous supervision, and increased delisting measures. This reform is expected to have a positive long-term impact on the market [6][9] - The report emphasizes the need for companies with low or no dividend payouts to be cautious, as new regulations may restrict major shareholders from reducing their stakes [9]