长城基金汪立：在“战略相持期”，关注结构占优的科技板块

Group 1 - The market continued to show a volatile upward trend with an average daily trading volume of approximately 11,466 billion yuan, indicating a return to domestic market sentiment and trading driven by funds [1] - Growth stocks outperformed value stocks, with small-cap stocks outperforming large-cap stocks; sectors such as automotive, beauty care, and basic chemicals performed well, while food and beverage, real estate, and coal lagged [1] - Domestic consumption related to travel and subsidized goods remains a key driver, despite a weakening in real estate sales, which still outperformed seasonal expectations [2][3] Group 2 - The recent political bureau meeting emphasized stability, with a focus on "stabilizing employment, enterprises, markets, and expectations," indicating a heightened importance on employment [3] - The meeting also highlighted the need for more proactive macro policies, suggesting that subsequent policy implementations may accelerate [3] - The focus on consumption, manufacturing, real estate, and industrial innovation indicates a broad coverage of stimulus directions, with service consumption likely to be a key area for future growth [4] Group 3 - The market outlook suggests a short-term range-bound fluctuation, with the potential for technology stocks to outperform structurally [6] - The easing impact of tariffs on the domestic market and the support from risk appetite and fund profitability will be crucial for future market performance [6] - The investment strategy may favor a "value dividend + TMT theme" approach, with high-quality dividend assets expected to provide stable returns and technology stocks showing significant elasticity [7]