On March 24, Financial Associated Press reported that last Friday the market opened low and continued to decline throughout the day, with the Chinext Price Index leading the drop and the Shanghai Index falling below 3400 points. The trading volume of the Shanghai and Shenzhen markets that day was 1.55 trillion, an increase of 109.3 billion compared to the previous trading day. In terms of sectors, deep-sea technology, wind power, Traditional Chinese Medicine, and Steel saw the largest gains, while Siasun Robot&Automation, Huawei smartphones, AI glasses, and Semiconductors had the largest declines. By the close last Friday, the Shanghai Index fell by 1.29%, the Shenzhen Component Index fell by 1.76%, and the Chinext Price Index fell by 2.17%.

At today's Brokerage morning meeting, HTSC believes that the solidifying period should focus on low positions and resilient market directions; Everbright stated that downstream demand for organic silicon is steadily increasing, and the supply-demand pattern in the Industry is expected to improve; GTJA proposed that the enthusiasm for the Spring Sugar Hotel Exhibition has decreased, and the sales of Baijiu after the festival are stable.

HTSC: Focus on low positions and resilient conditions during the consolidation period.

HTSC stated that last week, the A-share market adjusted with reduced volume. Since the rebound beginning in late January, the level of capital participation in A-shares has deepened, showing considerable overall floating profit, particularly in mainline directions like AI and Siasun Robot&Automation which yielded substantial floating profits, making the occurrence of stage profits not unexpected. The main reason for this last week was that the financial reports of domestic tech giants and other catalysts had already materialized, while domestic data validation period arrived, and the overseas disturbance window period was approaching. In the "April Decision," the profit structure of A-shares, domestic economy, real estate data, and Trump's tariff policy are the focus, where the index may face a "consolidation period." The allocation suggestion is to increase exposure to Large Cap and dividend styles; increase allocation to low positions with resilient conditions and high cost-effectiveness directions, such as white goods, Aviation, Battery, and Construction Machinery; in the broad technology sector, mid-term main lines are likely to remain, allocating storage, edge-side AI, and other varieties to maintain positions.

Everbright Securities: The demand for organosilicon in downstream applications is steadily increasing, and the supply and demand pattern in the industry is expected to improve.

Everbright stated that with the rapid growth of photovoltaic, New energy Fund, and other fields, the demand for corresponding organic silicon materials will also increase rapidly. Moreover, considering the product iterations in photovoltaic and New energy Fund impacting the performance requirements of materials, the demand for high-end organic silicon materials will grow simultaneously, further expanding the market space for organic silicon materials in these emerging fields.

GTJA: The enthusiasm for the Spring Sugar Hotel Exhibition has decreased, and the sales of Baijiu are stable after the festival.

GTJA stated that the Spring Sugar Hotel Exhibition can be summarized as "cooling" and "rationality". Currently, there is insufficient confidence among brand owners and channel partners in the demand environment. The arrangement and participation at the exhibition are both cooler than the Spring Sugar in 2024, and it is expected that the number of participants will decrease year-on-year. Feedback from the Spring Sugar aligns with expectations. According to channel research, after the Spring Festival, the Baijiu industry has stable sales. As of March, the demand in business scenarios is slightly better than the same period in 2024, and combined with the inventory control measures of liquor companies, brands like Moutai and Wuliangye are performing relatively well in price. Overall feedback on the Spring Festival sales indicates that core liquor companies are expected to maintain stable and rapid growth in the first quarter of 2025, while the industry remains in a destocking cycle for the whole year. As the industry enters a season of weak demand, there has been a slight slowdown in the growth of the dining channel since mid to late March, which may disturb the future price and sales expectations, necessitating attention to the tactical and strategic dynamics of liquor companies. Based on horizontal and vertical comparisons, the Baijiu sector, after nearly four years of adjustment, still has relatively low trading congestion, and the valuation is returning positively, highlighting the strategic configuration value.