A股投资策略周报告：新“国九条”提升市场预期和风险偏好

Group 1 - The new "National Nine Articles" aims to enhance market expectations and risk appetite by promoting high-quality development of the capital market and effectively protecting the rights of investors, especially small and medium-sized investors [3][24]. - The emphasis on dividends in the new "National Nine Articles" suggests that dividend-paying sectors will be worth long-term attention, and the push for long-term capital inflow will benefit wealth management institutions [3][27]. - The report highlights that the new "National Nine Articles" will better serve national strategies such as technological innovation, green development, and state-owned enterprise reform, indicating potential growth in sectors aligned with these themes [3][27]. Group 2 - In March, the domestic CPI showed a seasonal decline, with a month-on-month decrease of 1.0%, while the PPI's month-on-month decline narrowed, indicating a recovery in industrial production [18][19]. - The first quarter saw a significant increase in import and export growth, with total trade value reaching 10.17 trillion yuan, a year-on-year increase of 5%, marking the highest growth in six quarters [20][21]. - The report notes that the PPI is expected to narrow its year-on-year decline in the second quarter due to policy support and a low base effect, alongside a recovery in commodity prices [18][19]. Group 3 - The report indicates that the market is currently experiencing adjustments, with major global indices showing mixed performance, while domestic indices have also seen declines [33][42]. - The net buying of northbound funds has decreased, with significant outflows observed in sectors such as banking and non-bank financials, while sectors like non-ferrous metals and utilities saw increased net buying [49][52]. - The valuation of major broad-based indices remains low, with many trading below the 50% historical percentile, suggesting potential investment opportunities in undervalued sectors [60][62].