A股市场投资策略周报：低位板块表现活跃，行情等待驱动换轨-2025-03-14

Market Overview - In the past five trading days (March 7 to March 13), major indices mostly declined, with the Shanghai Composite Index down by 0.66% and the ChiNext Index down by 3.07% [5][19] - The trading volume decreased slightly, with a total of 8.10 trillion yuan, a reduction of 231.27 billion yuan compared to the previous five trading days, resulting in an average daily trading volume of 1.62 trillion yuan [9][19] Economic Indicators - February CPI showed a decline in both year-on-year and month-on-month growth rates, primarily due to high base effects and seasonal decreases in food prices [23] - PPI continued to show negative growth in February, influenced by traditional industrial production off-seasons and fluctuations in international commodity prices [23] Policy Developments - The State Council, led by Premier Li Qiang, emphasized the need for timely policy implementation to address uncertainties and stimulate consumption, indicating a proactive approach to economic management [25][27] - The China Securities Regulatory Commission (CSRC) is set to launch a new round of capital market reforms, focusing on optimizing stock issuance and merger restructuring systems to support quality innovative enterprises [27][28] Investment Strategy - The report suggests that external risk disturbances, changes in earnings expectations, and the pace of economic policy implementation will be critical for market development [28] - There is a potential shift from concept-driven market movements to performance-driven trends, particularly as the technology sector may unlock development bottlenecks [28] - Industry allocation should consider defensive attributes of dividend sectors (such as banking and home appliances) and thematic investment opportunities in the TMT sector driven by AI trends, while being cautious of increased short-term volatility [28]