华创证券首席策略分析师姚佩：政策组合拳持续发力 A股中长期配置价值凸显

Core Viewpoint - The investment attributes of the A-share market are continuously enhancing due to a series of financial policies, with mid-to-long-term allocation value becoming more prominent. The current market risk appetite has significantly increased, suggesting a "dividend bottom + small-cap growth" allocation strategy [4][9]. Group 1: Market Performance and Policy Support - A-share market has shown strong rebound after a significant drop in early April, supported by proactive policies including liquidity support from the central bank and accelerated fiscal policies [5][6]. - The overall stock market valuation has notably increased, primarily benefiting from global central bank monetary easing [5]. - The recent financial policies are aimed at supporting both the real economy and the capital market, with measures including a 0.5% reduction in the reserve requirement ratio and a 0.1% interest rate cut [5][6]. Group 2: Asset Quality and Valuation - A-share market exhibits a clear valuation advantage, with the Shanghai Composite Index's price-to-earnings ratio ranging from 11 to 13, lower than developed markets' 15 to 20 [7]. - The return on equity (ROE) structure in A-shares is undergoing significant changes, with technology and dividend shareholder returns expected to drive strong growth in ROE over the next two years [7][8]. Group 3: Investment Strategy - The recommended investment strategy involves maintaining a base of free cash flow assets, focusing on low-volatility dividend stocks and domestic demand sectors [9]. - Short-term market liquidity is abundant, favoring small-cap growth stocks, with suggested sectors including electronics, information technology, energy and chemicals, and telecommunications [9].