宏观策略&市场资金跟踪周报：市场震荡上行，机会大于风险

Group 1 - The report indicates that the A-share market continues to experience fluctuations, with opportunities outweighing risks, as evidenced by the upward movement of major indices such as the Shanghai Composite Index, which rose by 0.28% to close at 3054.6 points [31][7] - The market is characterized by a rapid rotation of styles, with significant movements observed in market capitalization factors and industry factors, leading to improved investor sentiment and a notable increase in market profitability [31][36] - The report anticipates that the A-share index is likely to continue its upward trend, driven by strong liquidity and market sentiment, despite potential pressures from upcoming earnings reports in mid-April [31][47] Group 2 - The report highlights that the TMT sector is expected to benefit from the ongoing global artificial intelligence wave, which is likely to create new industrial chains and business models, while the technology sector in China is poised for rapid development [47] - The renewable energy sector, including photovoltaic, new energy vehicles, and lithium batteries, is identified as having significant recovery potential, although caution is advised regarding performance risks in areas with excess capacity [47] - The biopharmaceutical sector is projected to see valuation and performance recovery, particularly in innovative drugs, as the market adjusts to previous policy pressures [47] Group 3 - The report notes that the capital market is receiving continuous favorable policies, which are expected to enhance investor sentiment and support the A-share market [45][42] - The report emphasizes the importance of monitoring the real estate market, as recent data indicates ongoing price declines, suggesting that further policy support may be necessary to stimulate sales [39][36] - The report also mentions that the U.S. Federal Reserve's interest rate cut expectations have cooled, which may impact sectors such as innovative drugs and digital currencies, while benefiting precious metals and copper prices [46]