短期调整或是蓄势，政策端或需持续发力

Market Overview - The report indicates that the A-share market is currently experiencing a phase of adjustment, influenced by uncertainties related to overseas tariffs and the upcoming earnings season, suggesting that the downward trend may not yet be over [3][9] - The total trading volume in the market remains below 1.2 trillion yuan, indicating a lack of strength in the overall rebound, with market participants showing a cautious sentiment [3][11] Industry Insights - Data from the National Bureau of Statistics shows that in January-February 2025, the total profit of industrial enterprises above designated size was 910.99 billion yuan, a year-on-year decrease of 0.3%. For the entire year of 2024, the total profit was 74,310.50 billion yuan, down 3.3% year-on-year, although December 2024 saw a turnaround with profits increasing by 11.0% compared to November [4][9] - The chemical sector has shown strength, particularly with the price of chemical products like double-seasoned tetramethylol increasing significantly, from 20,000 yuan per ton in October 2024 to 55,000 yuan per ton in March 2025, marking a 175% increase [8] Investment Strategy - The report suggests avoiding stocks that have been excessively speculated without clear earnings support, while focusing on sectors expected to outperform during the earnings season [5][10] - It recommends positioning in sectors such as large financials, cyclical stocks, and high-dividend or undervalued consumer stocks during market dips, while maintaining flexibility in trading strategies to capitalize on market fluctuations [5][10] Future Outlook - The report anticipates that the current market adjustment may create favorable buying opportunities in the future, with a medium to long-term positive outlook supported by economic resilience and ongoing policy support [4][10] - The overall market sentiment is expected to remain cautious in the short term, but the potential for a gradual recovery exists, indicating a slow bull market trend [10]