4月财报季，市场重回基本面投资

Core Insights - The report indicates that the market is shifting back to fundamental investments as the April earnings season begins, with a focus on performance data [10][27] - The People's Bank of China (PBOC) has signaled a more proactive monetary policy approach, emphasizing "counter-cyclical" adjustments and the importance of monitoring long-term interest rates [10][30] - The report highlights the potential for capital to flow back from the bond market to the equity market due to anticipated changes in long-term interest rates [10][30] Economic and Market Overview - Recent economic data for the first two months of the year has generally exceeded market expectations, allowing for the selection of industries with improving fundamentals and lower crowding [10][14] - The report identifies industries with significant marginal improvements and relatively low valuations, including food and beverage, household appliances, social services, construction decoration, and transportation [10][14] - The report notes that the communication between China and the U.S. has strengthened, with recent high-level meetings indicating progress on key economic and financial issues [10][10] Investment Recommendations - The report suggests focusing on high-dividend state-owned enterprises and sectors with solid performance support, particularly in technology-related state-owned enterprises [27][64] - It emphasizes the importance of tracking government bond issuance schedules, domestic recovery data, and the earnings reports for 2023 and Q1 2024 [27][45] - The report also points out that sectors with high growth potential and low valuations, such as defense and military, are worth monitoring as they may benefit from increased demand and government support [10][41] Fund Positioning and Sector Analysis - The report analyzes the positioning of actively managed equity funds, noting that the electronics and non-bank financial sectors have seen significant increases in allocations [54] - It highlights that the top three over-allocated sectors in Q4 2023 were electronics, automobiles, and biomedicine, while the overall holdings showed different results [54] - The report indicates that the real estate sector remains under-allocated compared to historical averages, suggesting potential opportunities for investment as conditions improve [54][54]