策略周报：海外风险资产大跌，A股超跌修复

Group 1 - The report highlights that overseas risk assets have significantly declined due to concerns over a recession, driven by disappointing US manufacturing PMI and non-farm payroll data, leading to a general retreat in global risk assets [1][4] - The A-share market has shown signs of recovery, with average daily trading volume increasing to 722.8 billion yuan, up by 90.3 billion yuan from the previous week, and a net inflow of 3.2 billion yuan from northbound funds [1][11] - The report indicates that the market sentiment has improved, with a rebound in the overall market, particularly in small-cap stocks and low-position sectors, while caution is advised due to potential volatility from overseas markets [1][4] Group 2 - The report notes that the valuation levels of major A-share indices have remained stable, with slight increases in the ChiNext Index and Shenzhen Component Index, while the CSI 1000 has seen a more significant decline [5][6] - A-share risk premium has increased compared to the previous week, indicating a shift in market dynamics, while the price-to-earnings ratio of dividend stocks has continued to decline [7][8] - The industry rotation index suggests a high level of rotation among sectors, with a focus on recovering previously underperforming sectors [13][14] Group 3 - Key upcoming events to monitor include the US Markit Composite PMI on August 5, Chinese import and export data on August 7, and Chinese CPI and PPI on August 9, which are critical for assessing economic recovery [15][16]