权益ETF系列：反弹上涨，关注内需和自主可控方向

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for investment opportunities [1]. Core Insights - The report highlights a rebound in the market, emphasizing the importance of focusing on domestic demand and self-sufficiency sectors [19][20]. - It notes that while there may be short-term gains, the overall performance for April could be negative, suggesting limited upward momentum for the market [19][20]. - The report suggests a structured and balanced allocation in funds, particularly in sectors like retail, food and beverage, semiconductors, defense, and precious metals [21]. Summary by Sections A-share Market Overview (April 7-11, 2025) - The top three broad indices were: North Securities 50 (0.92%), Sci-Tech 50 (-0.63%), and Shanghai 50 (-1.60%). The bottom three were: CSI 2000 (-7.01%), ChiNext Index (-6.73%), and Wind Micro Index (-5.76%) [10][11]. - The style indices showed the best performance in stable (CITIC style) (-1.66%), consumption (CITIC style) (-2.49%), and large-cap value (-2.61%), while growth (CITIC style) (-5.40%) and cyclical (CITIC style) (-5.16%) lagged [12][15]. - The top performing Shenwan first-level industry indices were: Agriculture, Forestry, Animal Husbandry, and Fishery (3.28%), Retail (2.88%), and Defense Industry (0.28%). The worst performers were: Power Equipment (-8.09%), Communication (-7.67%), and Machinery (-6.78%) [14][17]. A-share Market Outlook (April 14-18, 2025) - The report anticipates a continuation of the upward trend, with a potential for a few days of consolidation before further gains [19]. - The macro monthly model for April scored -2.5, indicating a prediction of negative returns for the month, despite short-term upward movements [25]. - The report recommends focusing on domestic demand and self-sufficiency sectors, which are expected to show a seesaw-like upward trend [20][21]. Fund Allocation Recommendations - The report advises a balanced and structured allocation strategy, particularly in sectors that are expected to perform well in the current market environment [21]. - It emphasizes the importance of being prepared for unexpected external risks and suggests that high-probability investment directions may be more suitable than high-odds ones [21].