国金证券A股策略周报：新的变化正在到来

Group 1 - The A-share market exhibited a shrinking and fluctuating pattern last week, with trading sentiment significantly cooling down, indicating that structural signals may become clearer than overall trends in the future [1] - The relaxation of constraints on non-bank financial institutions in the domestic market is expected to create a positive feedback loop with the recovery of profits across the A-share market [1] - The probability of a resonance between domestic production and exports and the global manufacturing recovery trend is increasing [1] Group 2 - In the overseas market, the pricing of interest rate cuts by the Federal Reserve has been fully reflected, which may lead to a short-term rebound in the dollar, putting some pressure on risk assets [1] - However, the persistent weakness in the U.S. labor market remains a critical issue, and any disturbances in the pace of interest rate cuts will not affect the long-term trend of rate reductions [1] - The recovery in manufacturing, coupled with the resulting growth in global physical consumption, presents a certain investment opportunity [1]