策略研究·周度报告：政策驱动消费板块修复加速

Group 1 - The report indicates that the A-share market experienced an overall increase of 1.49% from March 10 to March 14, 2025, with the Shanghai Composite Index surpassing 3400 points on Friday due to positive policy expectations, particularly in the consumption and financial sectors [5][41]. - The consumer sector showed significant growth, with a notable increase of 3.54%, while the financial sector also rose by over 2%. In contrast, growth and stability styles lagged behind [5][7]. - The report highlights that the beauty care, food and beverage, and coal industries were the top performers, with increases of 8.18%, 6.19%, and 4.84% respectively, while the computer, machinery, and electronics sectors experienced pullbacks [7][11]. Group 2 - The report notes that the average daily trading volume in the A-share market was 16,557 billion yuan, a decrease of 451.91 billion yuan from the previous week, indicating fluctuating trading activity [12][15]. - It mentions that the average daily turnover rate was 1.7499%, slightly down from the previous week, while the northbound capital's average daily trading volume decreased by 43.80 billion yuan [12][15]. - The report states that 32 new funds were established this week, with a total issuance of 17.807 billion shares, of which 25 were equity funds, accounting for 57.19% of the total issuance [22][25]. Group 3 - The report indicates that the valuation of the A-share market has generally increased, with the overall A-share index PE (TTM) rising by 1.45% to 19.21 times, placing it at the 64.43% percentile since 2010 [29][37]. - The PB (LF) valuation also increased by 1.47% to 1.64 times, which is at the 27.68% percentile since 2010, indicating a relatively low historical level [29][37]. - The report highlights that 28 out of 31 primary industries saw an increase in valuation, with the real estate, computer, and automotive sectors having high PE valuation percentiles of 97.02%, 93.87%, and 82.29% respectively [40][41]. Group 4 - The report emphasizes that the government is set to announce measures to boost consumption, with a focus on expanding domestic demand as a priority in the 2025 government work report [41][42]. - It suggests that the consumer sector, which is currently benefiting from policy support and is at a relatively low valuation, is likely to attract more market attention [41][42]. - The report also points out that the A-share market is expected to show a trend of gradual improvement in the economic fundamentals, supported by a series of policy implementations and the acceleration of medium to long-term capital inflows [41][42].