Brokerage Morning Meeting Highlights | Focus on economic better-than-expected or new technological catalysts, and pay attention to structural opportunities in technology and pro-cyclical themes.

Last Friday, the market fluctuated and adjusted, with the Growth Enterprise Market Index leading the decline. The total turnover of the Shanghai and Shenzhen stock markets on that day was 1.12 trillion yuan, a decrease of 71.7 billion yuan from the previous trading day. In terms of sectors, the sectors with the highest increase were precious metals, film and television, diversified finance, and innovative pharmaceuticals, while the sectors with the highest decrease were glyphosate, chemical raw materials, fertilizers, and wind power. At the close of last Friday, the Shanghai Composite Index fell by 0.67%, the Shenzhen Component Index fell by 0.57%, and the Growth Enterprise Market Index fell by 0.79%. At today's morning meeting of securities companies, China Securities Co.,Ltd. pointed out that they are focusing on economic surprises or new technological catalysts, and emphasizing structural opportunities in technology and cyclical themes; Open Source Securities believes that the overall market in Hong Kong has not yet entered a comprehensive bull market phase. China Securities Co.,Ltd.: Focus on economic surprises or new technological catalysts, emphasize structural opportunities in technology and cyclical themes China Securities Co.,Ltd. stated that the recent market weakness is caused by a combination of market structure, weakening liquidity, and seasonal effects, and it is expected that the seasonal correction has not yet ended. The A-share market is facing uncertainties from tariffs impacting macroeconomics and the U.S. dollar index, as well as conflicts between domestic economic growth and low inflation. The index is at limited risk of breaking through resistance levels and falling sharply due to insufficient upward momentum. Therefore, both the upside and downside of the market are limited in the short term, and it is expected to continue to be characterized by index fluctuations and rapid industry rotation. In April, they are focusing on dividend hedging and exceeding expectations in the first quarter. The "decisive point" may occur at the end of April or in May. In the medium to long term, they maintain a strategically optimistic view, focusing on economic surprises or new technological catalysts, and emphasizing structural opportunities in technology and cyclical themes. Key industries to focus on include banks, automobiles, home appliances, minor metals, utilities, and media. Themes to focus on include precious metals and central enterprise restructuring. Open Source Securities: The overall market in Hong Kong has not yet entered a comprehensive bull market phase Open Source Securities pointed out that the Hong Kong stock market has further declined, with stocks that previously had large cumulative short-term gains and were trading overheated experiencing further corrections. For some assets in the Hong Kong stock market with large short-term cumulative gains and overheated trading before, it is advisable to wait for further pressure to dissipate before pursuing significant gains. Currently, the overall market in Hong Kong has not yet entered a comprehensive bull market phase; without external factors influencing it, there are some medium-term structural opportunities for assets that are undervalued and have fundamental support in sectors such as Hang Seng technology, healthcare, consumption, and cyclical industries, with opportunities for phased low buying opportunities along with some retracement fluctuations. This article is reproduced from "" and edited by GMTEight: Huang Xiaodong.