和讯投顾张福海：低开高走，尽显韧性

Core Viewpoint - The A-share market demonstrates strong resilience with over 4,000 stocks in the green, despite a shrinking trading volume, as funds focus on structural layouts around policy dividends [1] Group 1: Market Performance - The market shows a rotation between defensive and growth sectors, with significant adjustments in stock holdings before the holiday [1] - The chemical and high-end manufacturing sectors see increased investment from major funds, indicating early positioning for post-holiday industrial prosperity [1] - The previously strong consumer sector experiences capital outflow, particularly in retail and tourism, while the financial sector continues to support the market [1] Group 2: Fund Flows - Northbound capital experiences a reversal, with the Shanghai Stock Connect becoming a primary inflow channel, focusing on undervalued blue-chip stocks and policy beneficiaries [1] - Major funds exhibit a trend of "abandoning high for low," with net inflows into power equipment and basic chemicals, while defense, military, and media sectors face sell-offs [1] - Some institutions rebalance their portfolios in financial and traditional Chinese medicine stocks, with net outflows significantly narrowing compared to the previous day [1] Group 3: Investment Strategy - Overall market volume continues to shrink, but there is no systemic risk underpinned by policy support, with funds focusing on industrial policies and the Spring Festival effect [1] - It is advisable to adopt a strategy of light index and heavy structure, paying attention to rotation opportunities in traditional Chinese medicine and high-end manufacturing sectors, while avoiding high-priced speculative stocks [1]