风格转换迹象初现

Group 1 - The report indicates a slight rebound in the market, with the overall A-share index rising by 1.37%. The market experienced a volume decline in the first three days, with the banking sector showing strong performance, leading to a shift in market style starting Thursday, where small-cap stocks outperformed [1][8]. - Market sentiment has improved significantly, with industry rotation exceeding warning levels. The stock-bond yield spread has decreased to 2.0%, surpassing the +2 standard deviation level, indicating a favorable valuation for stocks compared to bonds [2][11]. - The report highlights key industry trends, including the acceleration of solid-state battery commercialization and the release of the "China's Energy Transition" white paper, which emphasizes the development of new energy production capabilities [1][28][33]. Group 2 - The report suggests a focus on sectors with deterministic growth, particularly in the context of weak domestic and external demand. It recommends attention to industries benefiting from AI development and the global technology upcycle, such as the internet, optical modules, and inverters [2][34]. - The report notes that the average daily trading volume of the Stock Connect increased by 171 billion yuan compared to the previous week, with the top three stocks being Kweichow Moutai, CATL, and Mindray Medical, which saw respective gains of 2.0%, 1.4%, and 2.1% over the past five days [1][20]. - The report emphasizes the importance of monitoring the solid-state battery sector, as companies like Penghui Energy are making significant advancements in this area, which could lead to substantial market opportunities [28][29].