中信建投：关注年报季 回归基本面

Group 1 - The overall market sentiment is better than expected despite the US tariff increases, indicating resilience in the A-share market [1] - Investors are advised to focus on companies with stable performance and core competitiveness, particularly in sectors with strong domestic demand [2] - The market is transitioning from focusing on expectations to emphasizing fundamental performance during the annual report season [2] Group 2 - There is a need to manage expectations regarding the pace of new policies, as the central government is maintaining a stable rhythm in policy deployment [3] - The focus should be on digesting previously announced policies to ensure their effectiveness in stabilizing the economy and capital markets [3] - Attention should be given to the synergistic effects of various policies, including fiscal, monetary, and industrial measures, to enhance overall policy effectiveness [3]