反弹不改震荡格局，继续逢低布局

Market Strategy - The recent market rebound does not change the overall oscillating pattern, and it is advised to continue with a low-buying strategy [2] - The current tension in Sino-Japanese relations is a major factor restraining risk appetite, suggesting a cautious approach towards technology growth sectors [2][6] - The real estate market has been underperforming since the policy release last September, and any short-term price increases may not be sustainable without stronger policy support [2][6] Sector Strategy - The technology growth sector is sensitive to risk appetite, and a cautious approach is recommended in the current environment [2] - The cyclical consumer manufacturing sector may gain market consensus as it presents moderate risk characteristics [2] - The real estate sector requires significant fiscal policy support, such as mortgage interest subsidies, to boost market confidence [2][6] Defense and Military Industry - Recent U.S. arms sales to Japan may accelerate China's equipment development, given the increasing uncertainty in the Asia-Pacific region [2] - The report highlights potential investment opportunities in defense and military sectors due to the geopolitical climate [2]