20240318-中邮证券-策略观点_经济运行开门红_对市场形成有效支撑_3页_302kb

Summary of March 18, 2024 Strategy Report

Market Performance

On March 18, 2024, the A-share market experienced significant gains:

• 上证指数 rose by 0.9%.
• 深证成指 increased by 14.6%.
• 创业板指 jumped by 22.5%.
  Northbound funds saw a net inflow of 28.25 billion RMB. Most sectors saw broad-based increases.

Sector Performance

Leading sectors included:
-传媒、电子、电力设备.
Strong performers like AI, consumer electronics, auto chain, and healthcare outperformed. Lagging sectors were coal, home appliances, and banking.

Key Reasons for Market Strength

• Upcoming Nvidia GTC conference with sessions on healthcare and AI, boosting AI and healthcare sectors.
• Global game developers conference contributing to the gaming industry.
• Apple's potential integration of Google's Gemini AI engine into iPhone, and Huawei P70 phone launch driving AI phone demand.

Economic Data Support

Jan-Feb 2024 economic indicators showed robust recovery:

• Industrial output growth significantly exceeded expectations.
• Retail sales repair accelerated due to holiday effects.
• Investment exceeded forecasts from infrastructure and manufacturing, though real estate continued to drag.

Investment Strategy

The report suggests A-shares may be entering an upward resistance phase rather than a downtrend, supported by strong economic data despite some technical indicator concerns.

Risks

Potential risks include:

• Economic data not meeting expectations.
• Escalation of US-China tensions or geopolitical conflicts.
• Global financial market instability affecting investments.
• Underperformance of corporate earnings.