政策持续发力 中期资金面有望改善

Group 1 - The core viewpoint is that the policy continues to exert influence, maintaining a slow bull market pattern. The three core factors affecting the market are fundamentals, policies, and external factors. The timely introduction of significant policies for long-term capital inflow indicates the management's stance, and as more policy information unfolds during the two sessions after the festival, market sentiment is expected to recover further. The expectation of fundamental improvement will gradually materialize, and as external pressures from Trump's policies become clearer, the market will gradually digest negative factors, limiting the downside and opening up upside potential [4][5]. Group 2 - The mid-term funding situation is expected to improve. The market structure can be divided into large blue-chip stocks and dividend stocks led by state-owned enterprises and institutions, traditional value stocks and advanced technology stocks dominated by public funds and foreign capital, with retail investors primarily in the financing market. The relatively high proportion of retail investors in the A-share market leads to a more dispersed pricing power. By guiding long-term capital into the market and smoothing out mechanisms, tangible incremental funds will be brought to the market. As institutional funds gradually enter the market with a value investment orientation, a slow bull market pattern is expected to form as the market bottom gradually rises [5]. Group 3 - The investment strategy suggests a dual approach of dividends and themes, continuing to favor large technology and consumer sectors. In the short term, the market is prone to emotional fluctuations in funding, making it difficult to grasp short-term volatility during relatively abundant liquidity phases. Focusing on mid-term trends, as institutional holdings increase, the demand for dividend stocks will rise, providing more significant support for the index. Additionally, as market risk appetite gradually increases, high-quality growth stocks will also become an important direction for institutional holdings. The report maintains a positive outlook on the large technology sector and recommends low-level positioning in consumer stocks [5].