策略周报：市场后续节奏与方向

Group 1 - The report highlights that the current market sentiment is driven by the expectation of domestic policy improvements and a cooling of interest rate cut expectations from the Federal Reserve, leading to a recovery in risk assets, particularly in the A-share market [2][13][16] - It notes that both China and the US are currently in a replenishment cycle, which historically favors risk assets such as stocks and commodities over bonds during this phase [2][16][18] - The report suggests that the A-share market has seen a significant rebound since late September, primarily due to a shift in policy tone that has led to valuation recovery, indicating that there is still room for further upward movement in valuations [2][21] Group 2 - The report identifies potential sector rotations, emphasizing that cyclical industries such as construction materials, light industry, automotive, and non-bank financials have shown higher probabilities of relative outperformance during recovery phases [2][25] - It emphasizes the importance of monitoring the sustainability of policy releases and economic data trends, as these will be critical in determining the duration and strength of the current market rally [21][25] - The report also points out that the upcoming merger and acquisition cycle is expected to boost market sentiment, as it historically serves as an effective means for companies to achieve rapid growth [2][21][30]