A股投资策略周报告：风格趋于均衡或将稳定市场表现

Group 1 - The report indicates that the first quarter of 2024 saw an unexpected economic growth, with GDP increasing by 5.3% year-on-year, surpassing the market expectation of 4.9% [63][70] - Fixed asset investment also showed a positive trend, growing by 4.5% year-on-year, which was above the expected 4.4%, primarily driven by manufacturing and infrastructure [63][70] - The report highlights a shift in market style towards "certainty," with a preference for large-cap indices and sectors that offer high dividends, influenced by policy and industry conditions [84][87] Group 2 - The report notes that the market is currently focused on sectors with improved demand and economic conditions, particularly in construction materials, automotive, machinery, electronics, and non-bank financials [10][84] - High dividend stocks are expected to receive sustained market attention due to the recovery in both domestic and external demand [10][84] - The report emphasizes that as uncertainties diminish, growth sectors may also see opportunities for convergence, with a focus on themes like high dividends, new productivity, and state-owned enterprise reforms [10][84] Group 3 - The report provides insights into the performance of various industry indices, noting that sectors such as household appliances and banking have shown positive trends, while small-cap and growth indices have lagged [78][87] - The report also discusses the net inflow of funds into various sectors, with utilities, oil and petrochemicals, and transportation leading in net buying [34][42] - It highlights that the overall market performance is stabilizing, with a potential convergence in styles as uncertainties are resolved and policy support strengthens [87][88]