盈信量化（首源投资）：周三关键一战！央行“降息信号”落空？主力或借机洗盘！

Group 1 - The A-share market is entering a critical phase of competition, with potential for increased volatility due to current policy signals, complex overseas variables, and subtle technical characteristics [1] - The People's Bank of China has emphasized "timely rate cuts" and has implemented liquidity support measures, but the exact timing of these policies remains uncertain, leading to market speculation and potential short-term selling pressure [1][3] - The Shanghai Composite Index is testing key support levels around 3347 points, with 3300 points acting as a critical bull-bear line; a breach could trigger automated stop-loss orders [3] Group 2 - The upcoming Federal Reserve meeting in June may signal delayed rate cuts, which could strengthen the US dollar and pressure capital flows to emerging markets, impacting A-share growth stock valuations [3][4] - Trade policy risks, particularly regarding tariffs from the previous US administration, pose potential threats to China's export sectors, such as solar and electronics, which could see increased costs and reduced market share [3][4] Group 3 - The return of incremental capital is crucial for market recovery; historical data shows a 67% probability of increased trading volume on the first trading day after the holiday, but a volume below 1.2 trillion yuan may limit the rebound [4] - The technology growth sector is highlighted as a focus area, particularly in AI and semiconductor industries, which are benefiting from strong policy support, although caution is advised regarding overvalued stocks [5][7] Group 4 - Defensive asset allocation is recommended, with high-dividend stocks and resilient consumer sectors being prioritized; state-owned banks and regional power companies are noted for their stable cash flows and attractive dividend yields [6][8] - Essential consumer sectors, such as pork and food processing, are expected to perform well due to anticipated price increases and consumer recovery, providing a safe haven during market downturns [6][8] Group 5 - The market's adjustment is seen as a result of a policy vacuum and overseas disturbances, but the underlying logic of weak domestic economic recovery and industrial upgrades remains intact [9] - Investors are advised to maintain a strategy of "keeping core positions while being flexible with trading" and to wait for policy catalysts from the July Politburo meeting to seize long-term investment opportunities [9]