A股策略周报：认清形势，积极应对-20250428

Weekly Insights - The central political bureau meeting on April 25 analyzed the current economic situation, emphasizing the need to maintain strategic focus amid increasing external uncertainties and internal growth transitions [4][6] - The meeting highlighted the importance of stabilizing employment, enterprises, markets, and expectations, with a particular focus on employment stability [4][6] - Monetary policy will continue to support the economy, with potential for timely reductions in reserve requirements and interest rates, alongside new structural monetary policy tools aimed at service consumption and the elderly care industry [4][6] A-Share Strategy - Recent A-share market trends indicate a return to normalcy, with the impact of trade tensions on indices diminishing, and a positive outlook for stable growth in the index [5][7] - High-quality development remains a key theme, with a focus on large technology sectors, while the ongoing US-China competition presents opportunities for strategic positioning [5][7] - Consumer policies are expected to be a focal point, with support for middle and low-income groups, and the gradual release of policy benefits for service consumption, particularly in areas like education and tourism [5][7] Market Data - The market experienced an overall rebound, with small-cap indices such as the CSI 1000 and ChiNext showing the largest gains [8] - The banking, real estate, and coal sectors performed well, reflecting a trend towards defensive industries [11] - Market turnover has decreased, indicating weaker trading activity [14] Valuation Insights - Current valuation levels, except for the Sci-Tech 50 index, are considered reasonable, with various sectors showing diverse price-to-earnings ratios [18][20] - The report provides detailed valuation distributions across sectors, highlighting significant variances in price-to-earnings and price-to-book ratios [20][21]