A股策略周报：结构性慢牛延续，布局消费科技

Group 1 - The report identifies two major bull market cycles in A-shares since 2000: the first cycle from 2006 driven by the split share structure reform and currency reform, and the second cycle from 2015 characterized by the "Internet Plus" initiative [1][6] - Each bull market is associated with leading industries influenced by economic policies and development stages, with significant performances noted in sectors such as real estate, infrastructure, technology, and high-end manufacturing [2][8] - The report highlights the potential for consumer spending to be a key theme moving forward, particularly with the government's focus on new consumption areas such as the "first consumption economy," "ice and snow economy," and "silver-haired economy" [2][8] Group 2 - The report suggests that the market is transitioning to a structural bull market characterized by gradual upward movements, with a focus on consumer and technology sectors, particularly those aligned with new consumption trends [3][11] - It notes that the overall market valuation remains reasonable, with an average PE ratio of 16.7 for the entire A-share market and 11.9 for the CSI 300 index, indicating potential for investment [22][25] - The report emphasizes the importance of policy-driven market dynamics, suggesting that as policies are implemented, the market will likely see a shift towards thematic rotations rather than rapid surges [3][11]