财信宏观策略&市场资金跟踪周报：市场仍有机会，防御板块领涨

Group 1 - The report indicates that the A-share market experienced a weak fluctuation last week, with the Shanghai Composite Index falling by 2.07% and the ChiNext Index down by 2.49% [1] - Defensive sectors such as coal, public utilities, and agriculture showed gains, while overall market sentiment appears to be cooling due to low trading volumes and a lack of new capital inflow [1][12] - The report anticipates that opportunities in the A-share market will outweigh risks in the near future, supported by expected economic recovery in the second and third quarters of 2024 [1][9] Group 2 - Real estate policies are beginning to show effects, with significant increases in property viewings and transactions in key cities following the implementation of new policies [1][9] - The report highlights that the current real estate policy environment is the most accommodative in history, which is expected to bolster the real estate sector's fundamentals [1][9] - The report emphasizes the importance of observing the actual implementation of policies and economic data performance in May and June [1][9] Group 3 - The report notes that comprehensive reforms are set to release economic potential, with the upcoming Third Plenary Session of the 20th Central Committee focusing on deepening reforms and promoting modernization [10] - Key areas of reform include state-owned enterprise reform, fiscal and tax system reform, and financial system reform, which are crucial for the overall economic landscape [10] Group 4 - The report suggests that the market is currently undervalued, with the overall A-share market's price-to-book ratio at 1.43, close to historical lows [1][51] - The report provides specific investment recommendations, highlighting sectors such as resources, export industries, TMT (technology, media, and telecommunications), and new productivity [41][45]