【机构策略】当前A股市场情绪处于历史较高水平

Group 1 - Current A-share market sentiment is at a historically high level, characterized by liquidity, asset pricing differences, and trading activity [1] - Several industries, including chemicals, building materials, light manufacturing, machinery, defense, automotive, home appliances, textiles, non-bank financials, electronics, communications, computers, and media, are triggering congestion indicators [1] - A high number of industries are in a sustained congestion state, indicating potential for market adjustments [1] Group 2 - A-share market showed strong fluctuations with sectors like liquor, non-ferrous metals, communication equipment, and aerospace performing well, while electronic chemicals, automotive, beauty care, and utilities lagged [2] - There is a notable shift of household savings towards capital markets, providing a continuous source of incremental funds [2] - The overall profit growth expectation for A-share listed companies is projected to turn positive by 2025, ending a four-year decline, with significant elasticity in the technology innovation sector [2] Group 3 - Following stabilization of overseas liquidity disturbances, the A-share market continued its trend of rising volume and price, with the Shanghai Composite Index nearing 3900 points and total market turnover exceeding 30 trillion [3] - There is a focus on the rotation opportunities in recently popular sectors and potential rebounds in relatively low-positioned sectors supported by recent policies [3] - The "anti-involution" policy and demand-side policies are expected to significantly influence the A-share market, with household savings entering the market being a crucial support for index strength [3]