策略定期研究：红利逻辑继续演绎

Market Insights - The overall market experienced a decline, with the entire A-share market dropping by 2.05%. The market lacked a sustained main theme, leading to continued rotation among sectors. The media sector saw a thematic rally driven by the hit game "Black Myth: Wukong," which surged during the market downturn but faced a significant pullback later in the week. Only the home appliance and banking sectors saw gains, while beauty care and agriculture sectors lagged behind [1][8]. Market Observations - Market volume slightly increased, and there were adjustments in the northbound capital disclosure rules. The stock-bond yield spread rose to 2.1%, exceeding the +2 standard deviation level, indicating a significant price-performance ratio for A-shares compared to bonds. Market sentiment showed a month-on-month improvement, although the industry rotation intensity fell to warning levels, suggesting potential market differentiation adjustments. The banking, communication, and transportation sectors had a higher proportion of bullish stocks, while construction materials, social services, and computers may present alpha opportunities [2][13][15][19]. Industry Highlights - The first domestic 3A game "Black Myth: Wukong" achieved unprecedented popularity, with sales exceeding 10 million copies within three days of its release. The game has gained significant traction in international markets, enhancing interest in the gaming sector and potentially opening new avenues for related products and services. Additionally, the upcoming Huawei HiSilicon All-Connect Conference is expected to accelerate domestic substitution in the semiconductor industry, with heightened attention on the supply chain [27][28][29]. Industry Allocation - The report maintains a "defensive counterattack" strategy, focusing on high-certainty and high-odds combinations to navigate market volatility. It emphasizes the importance of identifying opportunities in sectors benefiting from domestic economic advantages, such as banking, liquor, machinery, home appliances, automotive, electronics, and gold. The report also highlights the potential for a bullish environment in the hard technology electronics sector amid a global technology upcycle [2][30][32].