渤海证券研究所晨会纪要（2025.04.17）-20250417

Group 1: Market Overview - The A-share market saw all major indices rise last week, with the STAR 50 index increasing by 7.05%, the highest among them, while the Shanghai 50 index had the smallest increase of 2.34% [2] - As of April 15, the margin trading balance in the Shanghai and Shenzhen markets was 181.37 billion yuan, an increase of 2.87 billion yuan from the previous week [2] Group 2: Industry Insights - In the electronic, agriculture, and basic chemical industries, there was a significant net buying of financing, while the power equipment, communication, and computer industries saw less net buying [3] - The steel industry is expected to rebound as market sentiment improves following tariff exemptions announced by Trump, coinciding with the consumption peak season [5] - The copper market remains tight in supply, with cost support for prices, and recent tariff exemptions have led to a price rebound [5] - The engineering machinery industry reported an average operating rate of 44.67% in Q1, an increase of 1.62 percentage points year-on-year, indicating a positive trend in construction activity [8][9] Group 3: Company Announcements - Ganfeng Lithium signed a cooperation letter of intent, indicating potential growth opportunities in the lithium sector [5] - Key companies in the engineering machinery sector, such as Sany Heavy Industry and XCMG, have announced share buyback plans, reflecting confidence in long-term growth [9] - In the light industry and textile sectors, companies like Oppein Home and Semir Garment have been recommended for investment, reflecting their strong performance against the market [12][13]