策略周报：A股涨势明显放缓，该如何应对？

Group 1 - The market's recent upward momentum was supported by increased liquidity driven by regulatory signals and the entry of long-term funds such as Central Huijin, resulting in an estimated inflow of incremental funds in the range of hundreds of billions [6][34]. - The inflow of funds has slowed down, particularly noted in March, indicating a potential weakening of support from Central Huijin and northbound capital, raising questions about the sustainability of this liquidity [7][8]. - Despite the slowdown in incremental fund inflows, the report suggests that the risk of a significant market downturn is limited due to government efforts to enhance the stability of the capital market [8][12]. Group 2 - The report highlights that the factors driving liquidity, such as policy support and the increase in the inclusion factor of A-shares in the FTSE Russell index, may not be sustainable in the long term, especially given the weak economic data and corporate earnings [14][15]. - The market has shown signs of increased rotation among sectors, with a notable shift from high-dividend sectors to technology and growth sectors, indicating a more dynamic market environment [15][36]. - The report emphasizes the importance of a grid trading strategy in a volatile market, suggesting that investors should set a price fluctuation range and divide their capital into multiple segments to enhance trading efficiency [18][21]. Group 3 - The report recommends selecting sectors or stocks with a price fluctuation range of at least 10% for grid trading, focusing on industries such as consumption, pharmaceuticals, new energy, automotive, electronics, telecommunications, and computing [42]. - The analysis indicates that the current market environment presents challenges for investors to achieve satisfactory returns unless they choose strong sectors, highlighting the need for strategic trading approaches [39][40].