后市A股震荡向上或是主基调，关注传统板块中绩优低估值龙头

Core Viewpoints - The report indicates that the A-share market is expected to maintain a strong upward trend with structural opportunities, particularly in traditional sectors such as photovoltaic, battery, energy storage, building materials, coal, steel, and non-ferrous metals [1][8][10] - The recent surge in the A-share market is attributed to the official commencement of the Yarlung Tsangpo River downstream hydropower project, which has a total investment of approximately 1.2 trillion yuan, significantly boosting market sentiment and related industries [2][6][10] - The report emphasizes that the collective strength of traditional sectors is a result of multiple factors, including valuation recovery, policy support, and liquidity easing, with a focus on sectors that are direct beneficiaries of large-scale infrastructure projects [2][9][10] Market Overview - On the day of the report, the three major indices of the A-share market opened high and continued to rise, with the Shanghai Composite Index and the ChiNext Index reaching new highs for the year, while the Shenzhen Component Index surpassed the 11,000-point mark [1][5][8] - The trading volume for the day was approximately 1.7 trillion yuan, indicating active market sentiment and a favorable environment for profit-making [5] Sector Analysis - The Yarlung Tsangpo hydropower project is expected to directly benefit multiple industries, including building materials, steel, non-ferrous metals, power equipment, and engineering machinery, due to its massive investment scale [2][6][9] - The report highlights that the construction of the hydropower project will not only stimulate the hydropower sector but also promote economic development in Tibet and nationwide employment [1][10] - The report notes that traditional sectors are currently experiencing a valuation recovery, with many sectors, such as cement, benefiting from supply-side optimization through production cuts and increased industry concentration, creating a "de-involution" effect [2][9]