周度策略观察（2024年第23周）：市场轮动阶段，中小市值方向短期表现或强于价值风格

Group 1 - The report indicates that the recent inflation data in China aligns with market expectations, with signs of recovery in the PPI index. However, there is still insufficient demand for loans from both enterprises and residents, as reflected in the financial data released by the central bank [1][14][46]. - The A-share market is expected to receive support, particularly in sectors such as TMT, securities, military industry, machinery, and power equipment, although the strong dollar phenomenon may pose risks [2][30][23]. - The overall market sentiment has improved compared to the beginning of the year, with expectations for policy measures to stabilize the market ahead of important meetings in July [1][2]. Group 2 - The A-share market experienced a weak fluctuation last week, with the Shanghai Composite Index closing at 3032.63 points, reflecting a weekly decline of 0.61%. The technology sector, particularly the STAR Market, showed strong performance, while value stocks hindered the overall index's upward momentum [6][9][30]. - In terms of industry performance, the TMT sector led gains, while the shipping sector faced declines due to geopolitical events. The non-bank financial sector, particularly brokerage stocks, showed significant gains [9][10][30]. - The report highlights that over 60% of individual stocks achieved positive returns last week, with the median stock performance outperforming the overall index [42].