策略周报：把握二季度做多窗口期

Core Insights - The market is currently in a bullish window for the second quarter, with expectations for a shift from a "barbell" strategy to a more diversified approach [14][32][34] - Following the implementation of new policies, there has been a noticeable increase in buyer enthusiasm, particularly in 30 major cities, although the overall trend remains to be observed [31][32] - The recent meeting chaired by the General Secretary has provided support for market expectations, indicating a potential turning point for economic policies [32][34] Market Overview - The market experienced a brief rally followed by a pullback, driven by the realization of policy expectations [31][34] - The real estate sector has seen a recovery of approximately 21% since late April, primarily due to expectations of policy easing [31] - The energy sector, particularly coal, has shown strong performance due to stable coal prices and summer demand forecasts [34] Industry Rotation - The acceleration of industry rotation has been observed, with significant movements in the electric power and new energy sectors following supportive government discussions [34] - The coal industry has led gains this week, while real estate and light industry sectors have lagged behind [34][35] - The AI industry is expected to benefit from the recent price reductions in major models, which could enhance commercial applications and drive demand for computational power [39][44] Key Data Points - NVIDIA reported a revenue of $26.044 billion for Q1 2024, a 262% year-on-year increase, exceeding market expectations [37][39] - The recent price cuts by major AI model providers have significantly reduced costs, potentially boosting the adoption of AI applications [44]