【申万宏源策略】周度研究成果（3.17-3.23）

Weekly Review - The expectation of strategic opportunities in the country is changing, with the 25H2 index center expected to rise, anticipating a comprehensive bull market by 2026 [5] - The A-share market is preparing for a structural bull market, with profit capability expected to rise as the supply-demand pattern shifts in 2026 [6] - The technology industry is showing deep trends, and the structural bull market remains the fundamental basis [6] - Optimistic expectations are noted, particularly in AI applications and the strategic window period between China and the US [6] Industry Analysis - The pharmaceutical and biotechnology sectors show strong fundamentals, while the real estate sector is under pressure [8] - The computer industry is experiencing a structural shift, with a focus on policy and market trading characteristics [8] - The banking sector is stable, while the defense and power equipment industries are showing positive trends [8] Tactical Allocation Insights - The tactical allocation for Q2 2025 indicates a focus on stocks, particularly in the US and Hong Kong markets, with a balanced approach to emerging markets [10] - Bonds, including Chinese credit and convertible bonds, are positioned as standard allocations [10] - Commodities like oil are moderately allocated, while gold and copper are also considered [10] Valuation Insights - The current valuation of the Hong Kong stock market reflects high short-term sentiment, but overall liquidity indicators have not reached previous highs [11] - The absolute valuation metrics for major tech companies like Apple, Nvidia, and Google indicate varying degrees of market performance and investor sentiment [11] - The dynamic and static PE ratios for these companies suggest a mixed outlook, with some companies showing strong growth potential while others face challenges [11]