宏观策略周报：A股性价比继续显现，关注贵金属及硬科技

Group 1 - The report highlights that A-shares continue to show value, with a focus on precious metals and hard technology sectors [5][21] - The Shanghai Composite Index fell by 1.34% to close at 3168.52 points, while the ChiNext Index dropped by 2.02% [7][12] - The average daily trading volume in the Shanghai and Shenzhen markets was 11,276.88 billion, a decrease of 14.67% from the previous week [5][12] Group 2 - The report indicates that the valuation of the entire A-share market is relatively low, with the market-to-book ratio at 1.49, below the historical average of 90% [5][12] - The report suggests that the upcoming policies aimed at expanding domestic demand will significantly enhance consumption's contribution to the economy [17][21] - The report emphasizes the potential for recovery in the consumer sector, particularly in home appliances and electronics, due to new subsidy policies [17][21] Group 3 - The report identifies key investment opportunities in the precious metals sector, driven by the Chinese central bank's gold purchases and rising global uncertainties [21] - The technology and self-sufficiency sectors are highlighted as areas of focus, particularly in domestic computing power and robotics [21] - The report notes that the fiscal policy for 2025 will likely see a significant increase in the deficit, which is expected to support economic growth [15][21]