策略研究：震荡中延续修复，结构重于总量，红利股为盾，新质生产力为矛

Market Overview - The report indicates that the Chinese economy shows resilience, with GDP growth expected to stabilize around 5% in 2024, supported by proactive fiscal policies and a focus on stabilizing the real estate market [5][6][9] - The liquidity in the market is expected to remain reasonable and abundant, with a potential for further easing of financing costs [3][17] Stock Market Dynamics - The report highlights that the valuation of blue-chip stocks (CSI 300) remains historically low, suggesting potential for upward adjustment as corporate earnings recover [3][4] - Demand for stocks is influenced by various factors, including personal investor funds, public and private fund flows, and foreign capital inflows, with expectations of increased net inflows from northbound capital as economic recovery strengthens [3][4][5] IPO and Financing Environment - The report notes a significant slowdown in IPO activities, with stricter regulatory measures in place to enhance the quality of listed companies, leading to a decrease in the number of companies applying for IPOs [3][4] - The refinancing environment is also tightening, with a noticeable reduction in the scale of refinancing activities and stricter regulations on share reductions by major shareholders [3][4] Economic Indicators - The report discusses the PMI data, indicating fluctuations in manufacturing activity, with expectations for a rebound in manufacturing PMI as economic conditions improve [6][9] - Consumer price index (CPI) trends show a low inflation environment, with expectations for gradual recovery in price levels as economic activity picks up [7][9] Monetary Policy Outlook - The report outlines a monetary policy stance that is expected to remain flexible and moderately accommodative, with potential for further interest rate cuts and reserve requirement ratio reductions [17][19] - The coordination between fiscal and monetary policies is emphasized as crucial for balancing short-term economic growth and long-term structural optimization [17][19]