A股投资策略周报告：风险溢价率步入机会值区间

Group 1 - The market adjustment space is limited due to the gradual resolution of factors disturbing the market, such as rising trade protectionism and geopolitical conflicts, leading to a weakening marginal impact on the market [1][52] - Economic fundamentals support the market, with growth momentum expected to continue throughout the year, as indicated by various international organizations raising China's economic growth forecast [52] - The market valuation is within a reasonable range, with the overall A-share index's price-to-earnings ratio at 16.57% historical percentile and price-to-book ratio at 0.78% [1][52] Group 2 - The real estate market shows positive changes amid a downturn, with an increase in new home visits and transaction volumes in first-tier and some hot cities following the implementation of new policies [4][34] - The financing balance data indicates an overall outflow of financing funds, with net buying amounts in sectors like electronics, computers, and automobiles being notable [5][32] - The market's risk premium indicates that the Shanghai Composite Index has entered a historical opportunity value range after a phase of adjustment [1][52] Group 3 - The industry and theme allocation shows that sectors like electronics, computers, automobiles, and non-bank financials are of interest, with a focus on high dividend, carbon neutrality, and state-owned enterprise reform themes [55][84] - The Northbound capital flow indicates a net inflow in sectors such as electronics and communication, while the banking sector experienced a slight outflow [46][73] - The financing balance as of June 21, 2024, was 1,470.88 billion, with a net outflow of 5.137 billion during the period [28][32]