大盘风格继续占优：盛夏将至，保持积极

Group 1 - The report indicates that the upcoming structural market trend will continue, highlighting a significant divergence between production and demand, similar to the situation observed in 2016 [1][46][47] - During the period from April to September 2016, fixed asset investment growth, PMI new orders, and CPI growth showed a downward trend, while the PMI production index rose from 52.3% to 52.8%, indicating a structural market characteristic [1][46] - The report notes that the Shanghai Composite Index's increase was only 0.03% during this period, while the difference between the maximum and minimum industry gains reached 30.60%, demonstrating the structural nature of the market [1][47] Group 2 - The report highlights that large-cap indices have significantly outperformed small-cap indices year-to-date, with the Shanghai 50 and CSI 100 rising by 10.12% and 8.98% respectively, while the CSI 1000 and National 2000 have declined by 4.98% and 8.26% [2][29] - The valuation percentiles for large-cap indices have increased significantly compared to the beginning of the year, with the Shanghai 180, CSI 100, and Shanghai 50 indices rising by 43.5, 35.5, and 27.5 basis points respectively [2][29] - The report suggests that the performance of large-cap stocks will continue to dominate due to improving earnings growth in related industries, particularly in cyclical sectors such as oil, petrochemicals, and financial services [2][54] Group 3 - The report identifies that the current economic fundamentals show a stronger production side compared to the demand side, with retail sales and fixed asset investment growth still declining [13][43] - It emphasizes that the divergence between production and demand data is evident, and similar patterns from 2016 suggest that structural changes in the market will only occur after significant data recovery and capital inflow [13][46] - The report also notes that the trading volume of large-cap indices remains high, indicating sustained interest in these stocks despite the market's overall volatility [15][58]