调整给出上行空间，结构决定超额收益

Market Strategy - The report suggests that the recent market adjustments provide an upward space, with structural factors determining excess returns. The release of short-seller pressure has led to a broad market rebound, supported by a decline in domestic market risk evaluation amidst rising global risk assessments. This rebound reflects the attraction of long positions due to improved odds [7]. Sector Strategy - The report highlights the transition of the cycle towards manufacturing, with new energy leading the manufacturing market. The importance of energy independence has been emphasized due to geopolitical conflicts, suggesting that mid-cap blue-chip stocks will expand from a simple cyclical price increase logic to a broader focus on "safety" and "independence" [3][7]. - In the photovoltaic sector, the report anticipates a valuation recovery driven by the backdrop of energy independence. The current public fund holdings in the photovoltaic industry are only 1.16%, indicating significant room for growth compared to 5.69% in mid-2022. This under-allocation suggests a potential for valuation improvement as expectations become more favorable [4][7]. - The coal sector is expected to show upward elasticity due to geopolitical tensions. The report notes that the price of thermal coal, a vital resource, may face policy constraints, while coking coal demand could rise due to improved profitability in coking enterprises. This could lead to a rebound in coking coal prices driven by fundamental factors [5][7]. Thematic Strategy - The report identifies that the new energy sector, particularly photovoltaic power, is positioned to become a core focus within the manufacturing sector. The global demand for energy is expected to continue growing, and the development of new energy sources will be a necessary choice for fossil fuel-importing countries like China and European nations [7]. - Specific stocks such as Jiejia Weichuang, Foster, and Haiyou New Materials are mentioned as potential investment opportunities within the photovoltaic sector, while companies like Huaibei Mining, Pingmei Shenma, Shanxi Coking Coal, and Lu'an Environmental Energy are highlighted in the coal sector [7].