A股投资策略周报：情绪交易难以撼动“春季躁动”的行情趋势

Group 1 - The report anticipates a "spring rally" in 2025, likely exceeding expectations, driven by improved M1 growth and liquidity conditions [1][52][55] - The relationship between M1 growth and PPI shows a 9-month lead, suggesting that a rebound in M1 growth by October 2024 may indicate a corporate profit bottom by Q3 2025 [1][52] - The report highlights three investment opportunities for Q2 2025: undervalued sectors such as construction and materials, consumer sectors benefiting from subsidies, and pharmaceuticals, particularly innovative drugs [1][52] Group 2 - The core drivers of the "spring rally" are expected to be fundamentals and liquidity rather than market sentiment, with improving cash flow for households and businesses [1][52][55] - The report emphasizes the importance of monitoring domestic fundamentals and overseas economic risks, particularly the potential for a U.S. economic downturn [1][52] - The report suggests a focus on mid-cap growth stocks, particularly in technology sectors such as electronics and computing, as well as defense and high-end manufacturing [1][63]