A股投资策略周报：国内“宽货币+宽财政”仍将持续、显著发力

Group 1 - The report maintains a positive outlook on the A-share market, expecting an upward trend due to significant liquidity from the central bank's SFISF and stock repurchase programs, alongside marginal improvements in the domestic economy by Q4 2024 [1][11] - The focus remains on the "technology bull" market, with expectations that the influx of incremental funds will further solidify this trend, despite the absence of a clear "profit bottom" [1][12] - The report emphasizes the importance of "controlling risks" as a primary task, which will correspond to valuation stabilization and the establishment of a "market bottom" [1][12] Group 2 - Japan's long-term deflation was attributed to negative external shocks, market failures, and ineffective policies, with significant impacts from the 1997 banking crisis and the 2008 financial crisis [2][15] - The report outlines that Japan's economic stagnation was characterized by a decline in nominal GDP from approximately 544 trillion yen in 1997 to 500 trillion yen in 2012, highlighting the severe impact of deflation on economic performance [2][19] - The analysis indicates that Japan's macroeconomic policies lacked continuity and effectiveness, with monetary and fiscal policies often misaligned, leading to limited success in combating deflation [2][28]