策略研究周度报告：迎来变局时刻

Group 1 - The report highlights that the market is entering a transitional phase, with external risks easing and internal economic fundamentals remaining weak, indicating a high reliance on policy support for market improvement [4][12][44] - The GDP growth rate for Q4 2024 rebounded significantly to 5.4%, driven mainly by strong external demand and "export grabbing" strategies, but internal demand still shows a high dependency on policy [3][14] - The report suggests a shift in industry allocation from defensive strategies to seeking growth opportunities, particularly in high-dividend stocks and sectors with potential for improvement, such as technology and certain consumer goods [4][44] Group 2 - The report notes that the media and technology sectors have seen significant gains due to the ongoing TikTok ban in the U.S., but the impact is expected to be limited as it is driven by regulatory actions rather than technological innovation [33][36] - It discusses the performance of growth sectors, indicating that while the overall sector performed well, leading stocks experienced volatility due to profit-taking and market adjustments following earnings announcements [37][40] - The report emphasizes that high-dividend stocks remain a defensive strategy in the current market environment, especially as uncertainties around Trump's policies and domestic economic recovery persist [7][44]