策略周观点2024年第14期：大规模设备更新及消费品以旧换新政策陆续出台，需求释放可期

Group 1 - The report highlights that large-scale equipment upgrades and policies for replacing old consumer goods are being introduced, which is expected to release demand in the industrial equipment and durable consumer goods sectors [2][5][51] - The A-share market experienced a decline from April 8 to April 12, with the ChiNext Index dropping by 4.21%, and the real estate sector seeing the largest decline of 7.13% [10][11] - The report suggests focusing on companies with stable operations, significant performance improvements, and high cash dividend ratios as the 2023 annual reports are set to be disclosed [5][51] Group 2 - The report indicates that the average daily trading volume in the A-share market decreased by 12.96% to 8410.05 billion yuan during the week of April 8 to April 12, with the electronics sector being the most active [23][24] - As of April 12, the dynamic price-to-earnings (P/E) ratio of the Shanghai 50 Index is at its highest historical percentile since 2010, at approximately 48.47% [46][47] - The report recommends paying attention to the industrial equipment and durable consumer goods sectors due to the anticipated demand release from new policies [51][54]