2025年3月策略月报：关注年报超预期赛道-2025-03-28

Group 1 - The report highlights that the A-share market showed mixed performance in March, with the Shanghai Composite Index closing at 3,369.98 points, up 1.48% from the end of February. The large-cap indices like the SSE 50 and CSI 500 saw significant gains, while the STAR 50 and ChiNext indices declined [2][10][11] - The report indicates that investor confidence has rebounded, with trading activity increasing in sectors such as machinery, retail, and TMT, benefiting from favorable policies. However, there was a pullback in popular sectors towards the end of the month, with upstream coal, petrochemicals, and financial sectors gaining traction [2][3][37] - The report suggests that the "Two New and Two Heavy" policies will continue to strengthen, benefiting leading companies in the machinery and consumer sectors. Additionally, the acceleration of new productive forces is expected to drive growth in technology sectors that achieve breakthroughs and expand demand [3][6][37] Group 2 - The report notes that the economic recovery in China is showing signs of stability, with retail sales and fixed asset investment growth rebounding in January and February. The government is expected to implement measures to promote consumption and investment growth [2][3][17] - The report emphasizes that the technology innovation sector remains a focal point for investment, with policies expected to support capital market development and attract long-term funds [2][3][37] - The report provides insights into the performance of various industries, indicating that sectors such as non-ferrous metals, social services, coal, and defense industries have shown positive growth, while the computer and electronics sectors experienced declines [11][48]