2025年中期A股投资策略报告：厚积薄发，芳华可期-20250617

Group 1 - The report highlights a dual investment strategy focusing on "low valuation" and "stable earnings" high dividend assets, particularly in sectors like finance, non-ferrous metals, public utilities, and transportation, driven by market capitalization management and geopolitical factors [4] - A second investment line emphasizes "high innovation" and "high growth" in strategic emerging industries, with a focus on sectors such as new energy, new materials, high-end equipment, semiconductors, and AI, reflecting China's growing competitiveness [4] - The report suggests a consumption-driven investment strategy supported by government policies aimed at expanding domestic demand, particularly in food and beverage, automotive, home appliances, agriculture, and pharmaceuticals [4] Group 2 - The report notes that the A-share market exhibited an "N-shaped" trend in the first half of 2025, with the Shanghai Composite Index fluctuating around 3400 points due to external factors and domestic policy support [7][17] - It anticipates a stable economic growth rate of around 5% for the year, supported by coordinated fiscal and monetary policies, and a gradual recovery in both manufacturing and service sectors [7][24] - The report emphasizes the importance of long-term capital inflows into the market, driven by policies aimed at enhancing the quality of listed companies and promoting mergers and acquisitions [7][24][36] Group 3 - The report recommends an overweight allocation in sectors such as finance, non-ferrous metals, basic chemicals, food and beverage, machinery, and TMT, while suggesting a benchmark allocation in agriculture, automotive, transportation, and public utilities [8] - It highlights the recovery of A-share profitability and valuation, indicating a positive outlook for institutional participation in the market [8][24]