A股投资策略周报：积极的财政政策预期呵护市场信心

Group 1 - The report indicates that the A-share market is expected to benefit from a more proactive fiscal policy in 2025, which is anticipated to enhance market confidence and attract incremental capital [2][43][44] - The fiscal policy for 2025 is characterized by increased intensity, efficiency, and timing, with a clear direction aimed at supporting real estate, managing government debt, and promoting employment stability [43][44] - The report highlights that the overall economic fundamentals are expected to improve gradually, supported by the implementation of existing policies and the introduction of new measures [47] Group 2 - The A-share market experienced a decline of 0.97% from January 6 to January 10, 2025, with the ChiNext index falling over 2%, while the STAR 50 and Northbound 50 indices showed gains [7][9] - The report notes that the average daily trading volume in the A-share market decreased to 11,421 billion yuan, down by 1,926.11 billion yuan from the previous week [13][15] - The valuation of the A-share market, as measured by the PE (TTM) ratio, fell by 1.24% to 17.50 times, placing it at the 46.86% percentile since 2010, indicating a historical average level [31][38] Group 3 - The report emphasizes the importance of focusing on sectors related to technological innovation, large-scale equipment upgrades, and consumer goods replacement as key investment themes for the future [47] - The report suggests that the consumer sector, particularly in areas like automobiles and home appliances, is poised for recovery due to ongoing initiatives to replace old products with new ones [47] - The report also highlights the attractiveness of dividend-paying stocks, particularly those related to state-owned enterprises, as a defensive investment strategy [47]