长城基金汪立：风格再平衡，大盘价值性价比或将显现

Group 1 - The core viewpoint indicates that the market is experiencing a style rebalancing, with large-cap value stocks showing better cost-performance compared to growth stocks [1] - The overall trading volume in the equity market remains stable, with an average daily turnover of approximately 15,497 billion [1] - Sectors such as oil and petrochemicals, building materials, and household appliances are performing well, while sectors like computers, media, and electronics are lagging [1] Group 2 - Domestic economic growth appears stable at the beginning of the year, with structural improvements noted, driven by policy measures and seasonal consumption patterns [2] - Industrial production growth exceeded expectations, while investment growth is recovering from low levels; however, consumption and real estate remain weak [2] - The overall economic vitality is acceptable, but there are concerns about insufficient domestic demand and potential pressures on exports in the second quarter [2] Group 3 - The greatest uncertainty in overseas markets stems from Trump's policy path, particularly regarding the potential for retaliatory tariffs [3] - Each stage of policy implementation in the U.S. could significantly impact dollar assets, leading to increased volatility in the short term [3] - Attention is drawn to the upcoming announcement of "reciprocal tariffs" by the Trump administration on April 2 [3] Group 4 - The market is currently in a downward trend, with previously strong sectors undergoing noticeable adjustments; defensive sectors like electricity, insurance, and dividend stocks are showing stronger resilience [4] - There is a potential for style rebalancing as the gap between large-cap and small-cap, as well as growth and value stocks, is narrowing [4] - Anticipated macroeconomic data for the first quarter may provide a boost to the market, especially if accompanied by policy support from the political bureau meeting at the end of April [4] Group 5 - Investment strategies should focus on defensive allocations while waiting for risk clearance in April to identify better investment opportunities [5]