金鹰基金：风偏或阶段性抬升 关注科技成长低位布局机会

Group 1 - The A-share market experienced significant shocks and recovery in April, with a phase of pessimistic pricing regarding tariffs easing, leading to a focus on policy expectations and performance [1] - Growth stocks significantly lagged behind consumer and cyclical stocks, primarily due to the impact of tariffs and seasonal valuation adjustments during earnings season [1] - Looking ahead to May, there is a favorable environment for style rotation and calendar effects, suggesting a shift towards technology and industry as core considerations, while also considering mid-cap stocks with decent performance [1] Group 2 - The first phase of the US-China trade agreement may be reached in early May, which could exert pressure on China's foreign trade under the current tariff levels [2] - In terms of industry allocation, after the easing of tariff shocks, there may still be disturbances, with domestic policies expected to support a temporary increase in risk appetite [2] - The technology sector has seen a significant adjustment since late February, and despite external shocks, domestic technological independence and industry development remain strong trends [2] Group 3 - The pharmaceutical industry is currently at relatively low valuation levels, with significant changes in the environment for innovative drug procurement policies, potentially opening up valuation ceilings [2] - The geopolitical uncertainties and potential risks to global economic stability from the "America First" policy have increased the allocation value of defensive assets such as gold and military defense [3] - Continuous attention is recommended for the allocation opportunities in defense, food security, and gold assets during sensitive periods of global economic monetary policy [3]