国新办会议解读暨解密三千点系列之二：策略专题：估值夯实三千点，主动调控稳预期

Core Insights - The report emphasizes the importance of a comprehensive financial policy package aimed at stabilizing the market and expectations, as introduced during the May 7 press conference by key financial authorities in China [1][6][10] - The measures announced are designed to support both the economy and the capital market, focusing on liquidity and structural support [2][10][11] Policy Interpretation - The financial policy package reflects a proactive approach to managing external uncertainties by enhancing domestic economic stability through targeted support for technology innovation, consumption, and small and medium enterprises [2][10][12] - The People's Bank of China (PBOC) is focusing on both the quantity and price of liquidity, with measures including interest rate cuts and increased loan quotas for innovation and agriculture [7][11][12] - The China Securities Regulatory Commission (CSRC) is promoting high-quality development in the capital market through regulatory improvements and efficiency enhancements [2][10][11] Market Impact - The report highlights that the current level of the Shanghai Composite Index around 3000 points is fundamentally different from historical levels, as it is now supported by solid net asset foundations of listed companies [3][15][18] - The report suggests that the market's resilience is expected to strengthen due to the solidification of net asset bases and strong policy guidance from the May 7 conference [15][18] Asset Allocation Strategy - Following the announcement of liquidity-enhancing measures, the report recommends grid trading strategies for indices such as the Shanghai Composite Index, Shanghai 50, and CSI 300, while also focusing on dividend indices [20][21] - The banking sector is highlighted as a key area for investment, supported by favorable PB-ROE evaluations and expected reductions in funding costs due to recent policy changes [20][21][22] - The report anticipates that the implementation of the "Promoting High-Quality Development of Public Funds Action Plan" will drive increased allocations to the banking sector by active funds [22][23]