Group 1: Macro Economic Overview - The bond market has experienced a general decline, with the expectation of interest rate cuts being revised downwards due to a tightening liquidity environment. The market is stabilizing around the six-month moving average, indicating potential for allocation [3][15]. - The stock market shows mixed performance, with small-cap indices like CSI 1000 and CSI 2000 underperforming, while the STAR Market is buoyed by low-priced semiconductor stocks. There is a notable rebound in low-priced stocks in sectors like aquaculture and pharmaceuticals [4][18]. - The foreign exchange market indicates that the onshore RMB against the USD is showing strong support around 7.1, with expectations of continued depreciation pressure due to trade war concerns [5][28]. Group 2: Investment Strategies - In the bond market, it is recommended to manage duration effectively while considering allocation opportunities [8][15]. - For the A-share market, caution is advised regarding the feedback risks associated with small-cap technology stocks, while low-priced dividend, consumer, and healthcare sectors are highlighted as having favorable odds and returns [4][21]. - In the US stock market, a short-term rebound is expected, but mid-term adjustments are likely to continue, suggesting investors should wait for long-term buying opportunities [9][24]. Group 3: Sector Performance - The chemical and pharmaceutical sectors are leading the market, with significant gains observed in chemical raw materials and pharmaceuticals, both exceeding 2% [21]. - The technology sector, particularly semiconductors, is showing mixed results, with high-priced stocks underperforming while some low-priced stocks are gaining traction [21]. - The commodity market has seen a slight increase, with the Wenhua Commodity Index rising by 0.1%, led by coal, oil, and steel sectors, indicating a strong bullish signal for investors to buy on dips [11][34].
策略日报（2025.03.27）：低位补涨-2025-03-27
Tai Ping Yang Zheng Quan·2025-03-27 15:20