量化策略｜四月决断：市场风格与财报前瞻分析

Core Viewpoint - The A-share market has entered a period of adjustment since mid-March, with valuation-driven trends temporarily paused, and future market performance will depend on the earnings reports of the first quarter [1][2] Group 1: Market Trends - Since mid-March, the A-share market has shown a fluctuating pattern, with small-cap and high-volatility stocks becoming the main characteristics of the current market [2] - The valuation-driven market has reached a temporary halt, and future performance will rely on actual earnings verification [2] - The AH premium rate has significantly declined, reaching its lowest level since 2021, driven by continuous inflow of southbound funds [3] Group 2: Industry Performance - The real estate chain and upstream resource sectors are under pressure, while the midstream manufacturing sector maintains a relatively high level of prosperity [4] - Emerging sectors such as semiconductors and lithium batteries are experiencing positive changes in prosperity due to technological innovation and demand recovery [5] - The consumer sector shows stable performance, but most industries exhibit a "volume over price" characteristic, limiting upward elasticity in earnings [5] Group 3: Technology Sector Insights - The technology sector is approaching a performance verification window, with a focus on consumer electronics, components, and cloud services where analyst expectations are improving [6] - The TMT sector has adjusted since March, reflecting previous overreactions in stock prices and concerns about earnings [6] - Analysts are optimistic about the performance of leading companies in components and cloud services, with significant growth in capital expenditure and revenue trends [6] Group 4: Research Conclusions - The valuation-driven market has temporarily paused, returning to a phase of fundamental verification, with signs of improvement in sectors like lithium batteries and glass [7] - The "old-for-new" policy is expected to support the stability of the consumer and technology sectors [7]