【广发策略】4月A股的风格特点和一季报业绩前瞻

Group 1 - The market is transitioning from "speculating on expectations" to "verifying performance," with a focus on the upcoming Q1 earnings reports, particularly in April, which is historically a month with strong correlation to fundamental performance [2][20][25] - A recovery in revenue and profit growth is anticipated for Q1, with industrial profits showing signs of improvement, particularly in sectors like non-ferrous metals, chemicals, and machinery [6][25][27] - The performance of small-cap indices is expected to follow historical patterns, with a focus on fundamentals after April [3][22] Group 2 - Economic cycle assets are showing signs of marginal improvement, with structural recovery in certain sectors such as non-ferrous metals and engineering machinery, despite a lack of broad-based recovery [8][29][38] - The banking sector is expected to face pressure on interest margins, while non-bank financials may see negative growth due to high base effects from the previous year [39] - The food and beverage sector is showing signs of stabilization, particularly in the liquor segment, while the tourism sector remains robust [39] Group 3 - The technology sector is expected to maintain high growth, with specific focus on SOC, semiconductor equipment, and optical modules, driven by demand in IoT and AI applications [11][42][45] - The sentiment in the technology sector has returned to a safe zone, providing opportunities for re-entry into growth stocks [42][47] - The export chain is anticipated to perform well during the earnings season, with specific attention on sectors like electric tools and home appliances [15][49][51] Group 4 - Stable value assets are projected to maintain steady growth, with dividends expected to remain a reliable long-term investment [17][56] - The public utility sector is expected to show stable earnings, supported by rigid supply and utility characteristics [17][56] - The real estate market is showing signs of recovery, with transaction volumes increasing in major cities [57]