资产配置跟踪周报：寻找市场轮动效应加快后的稳定暗线

Core Insights - The report suggests that the logic of using dividend assets as a foundation still exists, and it is recommended to continue focusing on high-quality assets with relatively low valuations [2][61]. Group 1: Market Overview - The recent market has shown significant rotation effects, with the report summarizing the daily performance rankings of various industries [5]. - In April, as annual and quarterly reports were gradually disclosed, initial concerns about disappointing earnings led to increased worries about corporate performance, but these concerns eased by the end of the month [7]. - The equity market experienced a sharp decline before the Spring Festival, which negatively impacted investor confidence, but a strong rebound occurred after February 6, leading to a quicker pace of profit-taking [7][51]. Group 2: Economic and Geopolitical Context - The international environment has been complex, with fluctuating expectations regarding the Federal Reserve's interest rate cuts and ongoing geopolitical tensions affecting global economic stability [8][30]. - The report notes that the second quarter saw a decline in the Japanese stock market, while Hong Kong stocks experienced a brief surge, and gold prices continued to rise amid global market fragmentation [8]. Group 3: Investment Strategy - The report emphasizes that high-quality strategies remain a stable undercurrent amid increasing rotation effects, with dividend and quality strategies continuing to be effective [36][78]. - It is advised to focus on short-duration bonds in the current volatile bond market, as the pressure from the supply side may ease with the continued issuance of local government and special bonds [87]. - The report highlights that gold's monetary attributes may continue to dominate, maintaining its attractiveness as an investment [10][89]. Group 4: Sector Performance - The financial and real estate sectors have shown significant declines, particularly the real estate industry, which dropped by 4.72% this week [82]. - The technology growth sector performed relatively well, especially in the automotive and military industries [82]. Group 5: Market Data Tracking - The report indicates that A-shares have shown a relative advantage in the global market, despite a general decline in global stock markets [13]. - The average daily trading volume of A-shares has significantly decreased, falling below 800 billion yuan this week [60].