外部压力对A股影响有限，市场中期向好逻辑未变

Market Overview - The A-share market showed signs of stabilization on Wednesday but fell again on Thursday, influenced by external pressures such as uncertainties regarding the Federal Reserve's interest rate decisions and geopolitical factors. However, the overall impact on A-shares is expected to be limited, as the core pricing remains anchored to domestic fundamentals, with the Chinese economy continuing its recovery and internal growth momentum strengthening [2][4][8] - Despite short-term adjustments and various pressures, the logic for a mid-term positive outlook remains unchanged. It is suggested to adopt a balanced allocation strategy, focusing on sectors with performance support while avoiding high-valuation stocks lacking earnings support [3][8] Sector Analysis New Energy Sector - The new energy sector, particularly energy metals and lithium mining, has been active due to a significant rise in lithium carbonate futures. The National Energy Administration's recent guidelines promoting new energy integration provide clear policy expectations and development space for the industry. The demand for lithium batteries, photovoltaics, wind power, and energy storage continues to grow as global efforts to achieve carbon neutrality progress [5] - The report highlights that the new energy sector is expected to see a technical rebound, especially for leading companies with core technological reserves. The goal is to reach a new energy storage capacity of 180 GW by 2027, driving direct project investments of approximately 250 billion yuan [5] High Dividend Yield Stocks - High dividend yield sectors, such as banks and public utilities, have shown strong performance. Since Q4 2022, there has been a consistent recommendation for high dividend yield stocks, which are seen as valuable in a low-interest-rate environment. The report emphasizes the importance of selecting high dividend stocks with stable earnings and avoiding sectors with low supply barriers or those in a downward cycle [6][7] - The report notes that while high dividend stocks have been favored by investors, there is a risk of crowding as more funds flow into these assets. It suggests a cautious approach to investing in high dividend stocks, focusing on low-entry points and avoiding overvalued assets [7] Investment Strategy - The report recommends a strategy of balanced allocation and sector rotation, focusing on technology growth sectors (semiconductors, AI themes, robotics), cyclical industries (photovoltaics, batteries, chemicals, coal, non-ferrous metals), and dividend stocks (banks, public utilities). Investors are advised to select stocks with earnings support for low-entry positions while steering clear of high-valuation speculative stocks [3][8]