策略周报：风格切换了？-2025-03-16

Group 1 - The report highlights that the U.S. inflation has cooled down, reducing concerns about "stagflation," but there remains high uncertainty regarding Trump's policies and significant external volatility risks [3][7]. - Following the Two Sessions, domestic policies are gradually being implemented, with recent notifications from the Financial Regulatory Bureau aimed at promoting consumer finance to boost consumption [3][7]. - The A-share market saw a slight decline in trading activity, with an average daily turnover of 16,557 billion yuan, down 452 billion yuan from the previous week, yet still at a high level for the year [4][8]. Group 2 - The report indicates a shift in market style, with growth and small-cap stocks transitioning towards financial, consumer, and large-cap sectors, while consumption and finance sectors have shown strength [4][8]. - It is noted that the recent consumer policies may gradually favor the service sector and new consumption, limiting the benefits for traditional consumption sectors [4][8]. - The report suggests that the possibility of a structural bull market is higher than a comprehensive bull market, with skepticism about the sustainability of consumption sectors following recent policy implementations [4][8]. Group 3 - The report recommends taking profits in financial and consumer sectors while looking for opportunities to accumulate technology growth stocks on pullbacks [4][8]. - In the bond market, the central bank's recent adjustments have improved the liquidity situation, alleviating the risk of rising yields, but the report anticipates a period of yield fluctuations without significant downward movement [4][8]. - The report emphasizes the importance of monitoring upcoming macroeconomic data to assess whether there is an improvement in financing demand from residents and enterprises, which would indicate a gradual recovery in economic confidence [20].