A股策略周报：政策逐步落地，牛市进入强势震荡阶段

Group 1 - The report indicates that the market is entering a strong oscillation phase as policies gradually take effect, with a positive trend remaining unchanged. The Ministry of Finance announced four incremental fiscal policies aimed at supporting local governments in resolving hidden debts, bolstering core tier-one capital for large state-owned commercial banks, stabilizing the real estate market, and enhancing support for key groups [1][4][6] - The bull market is entering its second phase, characterized by a strong oscillation pattern. After a rapid short-term rally, the market is shifting from being driven by sentiment to focusing on themes and fundamentals. The report highlights that companies with solid fundamentals and high dividend yields will be favored by the market, while those with poor fundamentals may face significant valuation pressure [2][4][5] Group 2 - The report emphasizes that the market's risk appetite has notably increased, with continuous inflow of external funds. The future valuation uplift will depend on the direction of policy efforts and the imaginative space of industries or themes. Beneficiaries of future local debt policies may include sectors like asset management companies (AMC), automotive and home appliance upgrades, daily consumption, and municipal infrastructure [5][6][10] - The overall valuation of the A-share market remains within a reasonable range, with an average PE of 16.7 times for the entire market and 11.9 times for the CSI 300 index. The report also notes significant fluctuations in trading volumes, indicating a pulse-like characteristic in market activity [10][12]