2024年二季度策略：震荡稳固再出发

Group 1 - The market style is expected to balance out, with a shift from small-cap dominance to a more stable environment as institutional and foreign investors gain strength [10][24][40] - The first quarter of 2024 saw significant market volatility, but the extreme style differentiation began to repair, indicating a normal market state [10][24][40] - The overall market valuation remains low, with the TTM price-to-earnings ratio for all A-shares at 16.77 times, suggesting a high safety margin for investors [18][49][51] Group 2 - Economic growth is gradually stabilizing, with GDP growth recorded at 5.20% year-on-year, indicating a recovery from the pandemic [87][88] - The three major demands—consumption, fixed asset investment, and exports—are showing signs of stability and recovery, contributing positively to economic growth [87][88] - The policy environment remains stable, with a focus on technological innovation as a key driver for modernizing the industrial system [87][88] Group 3 - The market is expected to experience a valuation recovery, with room for improvement as the economic data influences market sentiment [18][38][56] - The first quarter of 2024 saw a notable recovery in trading volumes, with transaction amounts reaching around 1 trillion, significantly higher than previous levels [26][70] - The focus on structural opportunities remains crucial, with emerging industries and technology-driven sectors expected to lead future growth [56][88]