策略周聚焦：如何看银行与微盘新高

Group 1 - The report highlights that global stock indices have recovered to levels prior to the tariff shocks on April 2, with significant rebounds observed across major economies [10][11][18] - The domestic market is currently facing a contradiction between liquidity-driven valuation recovery and the downward pressure on earnings due to tariff impacts, with liquidity being the dominant factor in the short term [2][29][31] - The report anticipates a range-bound market in the second quarter, with limited potential for upward or downward breakthroughs, influenced by state support and the need for fundamental and policy developments [3][41][50] Group 2 - The investment strategy maintains a focus on financial re-inflation in the first half of the bull market, advocating for a "barbell" allocation of dividend stocks and small-cap growth [4][51][52] - The banking sector is expected to benefit from increased allocations due to public fund reforms and the entry of long-term capital, positioning banks favorably as creditors compared to private debtors in a low-price environment [4][52] - Dividend assets are highlighted for their stable cash flow generation and shareholder returns, with a focus on sectors such as banking, ports, highways, non-ferrous metals, liquor, and telecommunications [5][51]