A股投资策略周报告：市场步入数据验证期

Group 1 - The report indicates that industrial enterprises' profits turned positive in January-February, achieving a year-on-year growth of 10.2%, with over 70% of industries experiencing profit growth, particularly in manufacturing and electric water industries, which saw increases of 17.4% and 63.1% respectively [2][69]. - The equipment manufacturing sector contributed significantly to profit recovery, with a contribution rate of 65.9% in January-February, highlighting the growth of new productive forces [2][69]. - The report emphasizes the importance of policy effectiveness and the continuous recovery of market demand as key factors driving the positive profit growth in industrial enterprises [2][69]. Group 2 - The manufacturing PMI for March returned to the expansion zone at 50.8%, indicating a significant recovery in manufacturing sentiment, with 15 out of 21 industries showing expansion [10][60]. - The report notes that the non-manufacturing business activity index and the composite PMI output index also increased, reflecting a broad-based recovery in economic activities [10][60]. - The new orders index and new export orders index showed notable increases, suggesting a positive outlook for future manufacturing activities [10][60]. Group 3 - The report suggests a focus on high-dividend sectors and technology innovation industries driven by new productive forces for medium to long-term investments [2][76]. - Short-term attention is recommended for sectors with historical rotation patterns and high win rates under thematic catalysts, particularly in undervalued value and cyclical sectors [2][76]. - Key sectors to watch include food and beverage, banking, non-bank financials, home appliances, pharmaceuticals, and automotive [2][76].