SCS(SH:601555) Soochow Securities·2025-04-26 13:04Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Views - The A-share market is expected to experience narrow fluctuations while waiting for earnings to materialize [20][21] - The macro high-frequency model for the Wande All A Index continues to oscillate around the 0 signal, indicating a neutral position for the technical timing model [20] - Growth sectors are anticipated to have stronger rebound momentum, while the consumer sector may remain relatively stable [20][21] Summary by Sections A-share Market Overview (April 21-25, 2025) - Major broad-based indices performance: - Top three indices: CSI 2000 (2.71%), Wind Micro Index Daily Equal Weight (2.52%), CSI 1000 (1.85%) - Bottom three indices: North Securities 50 (-2.16%), Shenzhen Dividend (-0.43%), Sci-Tech 50 (-0.40%) [10][12] - Style index performance: - Top three: Cyclical (CITIC style) (2.44%), Mid-cap Growth (1.59%), Small-cap Value (1.49%) - Bottom three: Large-cap Value (-0.30%), Financial (CITIC style) (0.21%), National Value (0.24%) [13][15] - Industry index performance: - Top three: Automotive (4.87%), Beauty Care (3.80%), Basic Chemicals (2.71%) - Bottom three: Food & Beverage (-1.36%), Real Estate (-1.31%), Coal (-0.63%) [16][18] A-share Market Outlook (April 28-30, 2025) - The market is expected to maintain a relatively stable structural trend, with sectors that have previously declined showing better performance [20][21] - The upcoming earnings announcements and the May Day holiday may lead to a cautious trading environment [20] - The report suggests a balanced allocation strategy in ETFs, with a recommendation for dividend stocks to smooth overall portfolio volatility [21] Fund Allocation Recommendations - The report advises a structured and balanced allocation in ETFs, considering the potential for stronger rebounds in growth sectors and the stability of dividend stocks [21]