中原证券晨会聚焦-20250422

Core Insights - The report highlights a stable growth trend in new business establishments in China, with 6.063 million new entities registered in Q1 2025, including 2.1 million new enterprises and 3.949 million individual businesses [5][9] - The People's Bank of China and other departments have issued a plan to enhance cross-border financial services, aiming to improve digital service coverage for enterprises going global [6][9] - The semiconductor industry is experiencing significant developments, particularly in domestic AI chip production, with a focus on the upcoming launch of Harmony OS PCs in May 2025 [6][13] Domestic Market Performance - The Shanghai Composite Index closed at 3,291.43, with a slight increase of 0.45%, while the Shenzhen Component Index rose by 1.27% to 9,905.53 [4] - The A-share market showed a mixed performance, with software and semiconductor sectors leading the gains, while sectors like chemicals and real estate lagged [7][12] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45% respectively, while the Nikkei 225 saw a modest increase of 0.62% [5] Industry Analysis - The software and semiconductor sectors are highlighted as leading industries in the A-share market, with a focus on the growth of AI applications and digital services [6][12] - The food and beverage sector showed signs of recovery, with a 2.34% increase in March 2025, driven by rising prices in beer and liquor [31][32] - The agricultural sector is expected to benefit from the "Accelerating the Construction of an Agricultural Power" plan, with a rebound in chicken prices noted [21] Investment Recommendations - The report suggests a focus on sectors such as software development, internet services, and food and beverage for potential investment opportunities, while also highlighting the importance of monitoring policy changes and market dynamics [11][12][18] - In the semiconductor industry, the report recommends attention to domestic manufacturers benefiting from the U.S. tariff policies and the push for self-sufficiency in the supply chain [34][36]