政策加速落地 中期底部有望形成

Group 1 - The report highlights that the accelerated implementation of policies is expected to form a mid-term bottom in the A-share market, with a combination of measures from the central bank, the China Securities Regulatory Commission, and the Financial Regulatory Bureau [2][3] - New monetary policy tools have been introduced to support market stability, providing liquidity channels for financial institutions and listed companies, which is anticipated to enhance the long-term funding sources for the capital market [2][3] - The report indicates that the overall valuation of the A-share market is at historically low levels, and the improvement in liquidity is crucial for the market's value recovery [2][3] Group 2 - The report suggests prioritizing investments in non-bank financial sectors, particularly brokerage and insurance companies, as they are expected to benefit directly from the liquidity improvement policies [3] - Consumer sectors, especially those in alcohol, beauty, and daily consumer goods, are also highlighted as having high potential due to their low valuations and strong cash flows, which could recover as liquidity and fundamentals improve [3] - The report identifies sectors such as automotive, home appliances, and information technology as having good investment value due to fiscal policy support and market recovery [3]