策略周专题（2025年6月第1期）：内外因素交织，市场或维持整固状态

Group 1 - The A-share market showed signs of recovery this week, with the ChiNext Index rising by 2.3% and the Shanghai 50 Index increasing by 0.4%, indicating a general upward trend in major indices [1][11][12] - The valuation of the entire A-share market is currently at a medium level compared to historical data since 2010 [1][19] - The communication, non-ferrous metals, and electronics sectors performed relatively well, with respective increases of 5.3%, 3.7%, and 3.6%, while sectors like household appliances, food and beverage, and transportation saw declines of 1.8%, 1.1%, and 0.5% [1][14][19] Group 2 - Recent domestic events include the launch of the "Service Consumption Season" and the "New Energy Vehicle Going to the Countryside" initiative, which are part of the government's efforts to stabilize growth [2][20][22] - External events such as the phone call between Chinese President Xi Jinping and US President Trump, and the tightening of regulations by the SEC on foreign companies listed in the US, are significant factors influencing market sentiment [2][20][32] - The overall domestic economy remains stable, supported by growth policies, and is expected to show resilience in the second quarter, which will provide support for the market [2][21][23] Group 3 - The report emphasizes three main investment themes: 1. Domestic consumption, which is expected to receive policy support and has shown resilience in performance [4][43] 2. Domestic substitution, focusing on industries with high import ratios from the US but strong domestic supply capabilities, such as publishing and construction materials [4][44] 3. Sectors that are currently underweighted by funds, including banking, non-bank financials, public utilities, and transportation, which may present long-term investment opportunities [4][45] Group 4 - The report suggests that the market style may shift towards defensive and undervalued sectors, with coal, public utilities, banking, non-bank financials, construction decoration, and oil and petrochemicals being highlighted as sectors worth attention [51]