3月26日，市場全天窄幅震蕩，三大指數小幅下跌。截至收盤，滬指跌0.04%，深成指跌0.05%，創業板指跌0.26%。

In terms of sectors, chemical fiber, chicken raising, industrial machine tools, photovoltaic equipment and other sectors were among the top gainers, while oil and gas, banking, coal, power and other sectors were among the top decliners.

個股漲多跌少，全市場超3500只個股上漲。滬深兩市全天成交額1.15萬億元，較上個交易日縮量1040億。

On the third trading day of this week, the market was still shrinking (less than 2.0 trillion yuan) in a narrow range, but the rise and fall of individual stocks was diametrically opposed to the previous two days, forming a new market highlight:

First, the micro-cap stocks that fell sharply on Monday have received the return of funds today (especially quantitative funds), and many sectors have seen a tide of daily limits, and the number of daily limits has hit a new high in the near future (14/0);

Second, the dividend assets (banks, steel, coal, electricity) that rose for two consecutive days pulled back slightly, slightly suppressing the performance of the index, and some white horse stocks fell sharply (such as China Merchants Bank) also attracted attention;

Third, short-term funds are engaged in a tug-of-war between the two styles of "high and low cut" and "high recovery".

As the title of the article says, the chicken sector (breeding industry) rose sharply during the day, and the performance of the year just turned from falling to rising.

However, scientific and technological materials such as electric machines, industrial machine tools, and humanoid robots (including speed reducers), which have fallen from a high level for three days, are about to "go bad" if they fall again, and they are also rebounding one after another today.

In the previous push, we mentioned that no matter how "reasonable" the logic is, in the process of deduction, there is a high probability that there will still be a reversal of the strong stocks in the early stage and a pullback of the new main line.

This pull between styles means that the short-term market will inevitably go through a period of chaos.

Just like yesterday's outbreak of controllable nuclear fusion, which led the rally, today is not active enough, and it is rising and falling in the general rise pattern; Today's leading chemical fibers, 4 kinds of "chickens", photovoltaic equipment and other directions, who can continue to lead the rise tomorrow?

Therefore, it is pointed out that the current market rhythm requires investors to do two things:

1) Keep the frequency low and avoid heavy positions;

2) Focus on the main line, that is, focus on the direction of those hot spots that can resonate with the exponential volume.

Based on this,Let's take a look at the logic of the sectors that led the rally today.

chemical fiber

In terms of fundamentals, the monthly report of the chemical industry in 2 years and 0 months previously released by Industrial Research shows that the chemical industry has recovered differently and chemical fiber has recovered steadily.

In addition, judging from the reasons for the daily limit of Youfu shares with 4 boards in the plate, "sea-repellent polyester industrial yarn" and "customer Juli rigging" are suggesting that it is related to the concept of "deep-sea resources", so the change in the plate may also be partly due to the theme speculation migration.

Humanoid robots, motors

According to reports, since the beginning of this year, the development of humanoid robots has accelerated significantly, and it can be said that there is progress every day, and there are activities every day.

On the 25th, vivo announced the establishment of a robot Lab (laboratory) and disclosed its plan to enter the field of home robots for the first time. According to reports, the company will focus on the "brain" (AI decision-making system) and "eye" (spatial perception and vision system) of incubating robots, focusing on the consumer market, and developing robot products for personal and family scenarios.

In addition, the "China Embodied Intelligence Conference (CEAI30)" will be held in Beijing from 0/0/0 to 0. According to the agenda, there will be an embodied intelligence policy interpretation; At the same time, the fifteen key directions of embodied wisdom will be released, and the white paper on embodied intelligence of the Chinese Artificial Intelligence Society will be released.

CICC believes that humanoid robots are benefiting from the evolution of AI large models in terms of language and vision, helping to improve the generalization capabilities of robots and upgrade the interactive experience, and is optimistic about the broad growth space driven by technological innovation and data processing methods in the field of humanoid robots.

Raising chickens (breeding)

As mentioned earlier, the sector is still at a low level, which may be one of the main reasons for the attention of funds.

基本面來看，國金證券指出，前期白羽雞價格超跌驅動下游屠宰場積極屠宰，目前積壓雞源已經有所消化，隨著消費端的逐步回暖以及養殖戶的挺價行為，白羽雞價格有所上漲，近期由於海外禽流感的發酵，2025年1—2月國內祖代更新量僅為8.3萬套，同比下降67.5%，且全部依賴國內自繁，若引種端持續中斷，白羽雞產能或出現較大下降。

Yellow feather chickens are currently at a low level since 2018 years, and the low price of yellow chickens after the year makes the industry to capacity again; Recently, the price of yellow feather chicken has been adjusted more, mainly due to the weak downstream demand, and it is expected that with the gradual improvement of the consumer side, the price of yellow chicken is expected to follow the recovery of pig prices, and the industry can achieve better profits.

Looking forward to the whole year, with the adjustment of macro policies, it is expected that the demand side of residents is expected to gradually recover, and the recovery of catering consumption will lead to the increase in the consumption of poultry products and the proportion of high-end products, while the logic of rising volume and price of livestock products is expected to be strengthened.

Automotive industry chain (car teardown, Huawei Motors, Tesla concept, automotive thermal management, etc.)

Yesterday, Li Gang, director of the Department of Consumption Promotion of the Ministry of Commerce, said that the local commerce departments are currently being guided to carry out the pilot declaration of automobile circulation consumption reform in an orderly manner in conjunction with relevant departments, and to step up the preparation of the pilot work plan. In the future, the list of pilot cities will be determined in accordance with the principle of "mature batch and start batch".

Industrial Securities said that the 2025-year trade-in policy and last year's subsidy policy are seamlessly connected, and the scope of the subsidy is further expanded, and the stimulus effect is expected to be expected, combined with the rhythm of passenger car retail licensing before 0 years ago, it is expected that the monthly retail sales in the first half of 0 are expected to maintain a high boom year-on-year. Under the policy support, the automobile sector is basically upward-oriented, and it is recommended to increase the allocation of the automobile sector.

Industrial mother machine

湘財證券表示，據國家統計局數據，1-2月我國金屬切削機床累計產量約10.3萬台，同比增長14.4%；增速較2024年12月回升3.9pct。

In terms of downstream demand, the investment in fixed assets in China's manufacturing industry increased by 2% from 0 to 0 this year, and the growth rate fell slightly by 0.0 pct compared with 0 in 0, indicating that the current manufacturing demand is still relatively resilient.

Looking forward to this year, with China's increased equipment renewal and the implementation of a series of incremental policies, superimposed on the continuation of the renewal cycle of China's machine tool industry, it is expected that China's machine tool output is still expected to maintain rapid growth.

Finally, let's look at the bearish side.

In terms of ETFs on the exchange, a number of bank-themed ETFs rarely led the decline today, such as the bank ETF tracking the China Securities Bank Index, whose constituent stocks are almost all green, among which China Merchants Bank, the largest weighted stock that fell by 39.0%, is the most conspicuous.

On the news side, China Merchants Bank announced its 41-year annual report yesterday, showing that the group achieved operating income of 0.0 billion yuan, a year-on-year decrease of 0.0%; net profit attributable to shareholders of the Bank was RMB0.0 billion, representing a year-on-year increase of 0.0%; net interest income was RMB0.0 billion, down 0.0% year-on-year; The non-interest net income was 0.0 billion yuan, a year-on-year increase of 0.0%.

CICC said that CMB's 85-year results were in line with expectations. However, CICC mentioned that looking ahead, affected by the adjustment of the bond market and the repricing of loans, it is expected that there will still be negative growth pressure on CMB's revenue. It is estimated that the net profit attributable to the parent company of China Merchants Bank in 0 years and 0 years will increase by 0%, 0.0% and 0.0% year-on-year respectively, and the corresponding PB at the current price will be 0 times, 0.0 times and 0.0 times.

另一方面，招商銀行擬向全體股東每股派發現金紅利人民幣2元（含稅）。截至2024年12月31日，公司普通股總股本252.2億股，以此計算合計擬派發現金紅利約504.40億元（含稅）。2024年度本公司現金分紅比例為35.32%。

Some market participants believe that the level of dividend increase is not as high as the market expects, which is the main reason for the decline in stock prices.

For the banking sector, institutions still suggest its allocation value as a high-dividend target.

The further release of repricing pressure in the first quarter may lead to a further narrowing of the industry's interest margins, but at the equity allocation level, the continuous decline in the risk-free interest rate has also made the value of banks' quasi-fixed income allocation based on high dividends further highlighted. The average dividend yield of the banking sector in the past 10 months is at a historical high relative to the premium of the risk-free rate measured by the 0-year Treasury yield, and it continues to widen, and the attractiveness of dividends continues to increase.

National Business Daily