策略日报：科技风紧，小盘扯呼！

Group 1: Major Asset Tracking - The bond market has shown a general increase, with the current interest rate environment indicating a correction of previously overestimated rate cut expectations, suggesting a potential for allocation in bonds under a backdrop of "moderate easing" [11][12][13] - The stock market continues to experience a reduction in trading volume, with small-cap stocks underperforming compared to large-cap stocks, raising concerns about the risk of negative feedback from overly crowded financing sectors [2][13] - The U.S. stock market indices have continued to rise, with short-term rebounds expected to persist despite ongoing mid-term adjustments, influenced by uncertainties surrounding Trump's policies [20][22] Group 2: Important Policies and News - The Ministry of Commerce plans to enhance the effectiveness of the departure tax refund policy by increasing the number of refund stores and optimizing services for foreign travelers [35] - The National Health Commission is conducting research to improve birth support measures and strengthen long-term policy reserves [35] - The State Council has revised the "Regulations on the Payment of Funds to Small and Medium-sized Enterprises," mandating timely payments from large enterprises to SMEs [36] Group 3: Market Recommendations - In the A-share market, investors are advised to reduce exposure to technology stocks and focus on low-position dividend sectors, as the market is shifting from a focus on odds to a focus on win rates [13][16] - In the commodity market, the Wenhua Commodity Index has shown a bullish signal, suggesting that investors should consider buying on dips [30][34] - The foreign exchange market indicates that the RMB is expected to stabilize between 7.1 and 7.4 against the USD, with potential depreciation pressures due to ongoing trade war expectations [24][27]