A股周观察：从日本经验看哪些行业在指数低迷期能显著跑赢

Group 1 - The report highlights that during Japan's stock market downturn from 1989 to 2003, certain industries provided significant investment opportunities despite the overall market decline, with the Tokyo Stock Exchange index dropping by 73.3% [1][8][14] - It identifies three key insights from Japan's experience: first, a prolonged market downturn creates pressure on investors, leading most industries to decline; second, industries with stable demand and prices, such as utilities, consumer staples, and healthcare, tend to show resilience and deliver relative and absolute returns; third, sectors with inherent alpha characteristics, like technology and innovative pharmaceuticals, can exhibit strong performance during specific periods [1][8][14] Group 2 - The report notes that the average weekly return for newly listed stocks over the past year was -4.71%, underperforming the overall A-share market, which had a weekly return of -2.00%, indicating a lag of 2.71 percentage points [1][15] - It states that the communication sector led the A-share market this week with a return of 2.16%, followed by the computer sector at 0.30%, while other sectors, including food and beverage, consumer services, and transportation, experienced declines [1][16] - The report indicates that the pharmaceutical sector showed significant improvement in trading activity, with daily turnover rates and average daily trading volumes increasing by 14% and 28% respectively compared to the previous week, reflecting heightened industry interest [1][20][22] Group 3 - The report emphasizes that the market style this week favored mid-cap and growth stocks, with mid-cap indices outperforming small-cap and large-cap indices, and growth style leading among various styles [1][25][26]