策略周观点2024年第26期：三中全会召开，推动进一步全面深化改革

Group 1 - The core viewpoint of the report highlights that major A-share indices rose during the week of July 15 to July 19, with the Sci-Tech 50 index showing the largest increase of 4.33%, followed by the ChiNext index at 2.49% and the CSI 300 at 1.92% [21][22] - The report notes that the average daily trading volume in the two markets decreased by 5.00% week-on-week, amounting to 6,594.75 billion yuan, with the electronics sector being the most active, recording a trading volume of 5,170.06 billion yuan [25][26] - It is indicated that there was a net outflow of funds from the A-share market, with a total inflow of 7,344.44 billion yuan and a net outflow of 671.56 billion yuan as of July 19 [68] Group 2 - The report states that most industry valuations remain below the historical 50th percentile level, with the dynamic price-to-earnings (P/E) ratio of the Shanghai Composite Index at approximately 67.19% of its historical percentile level since 2010 [30][73] - The investment suggestion emphasizes focusing on key reform areas mentioned in the Third Plenary Session and sectors with strong earnings growth expectations as the mid-year performance forecasts are disclosed [165] - The report also highlights that the U.S. economy is showing signs of slowing down, with retail sales growth at 2.28% year-on-year in June, which is lower than the previous value [165]