Group 1 - The article emphasizes that the fundamental impacts of tariffs are gradually becoming evident, and there may be further disturbances in the financial and technological sectors between China and the US [3][5] - The market's demand for policy hedging is expected to increase, with a focus on the necessary policy conditions for stable market expectations in the second quarter [3][5] - The current market is favoring new consumption as a hedging asset, while the weight of technology themes is anticipated to rise in the future [3][5] Group 2 - The mid-term outlook for A-shares suggests a return to an upward trend, likely requiring a consensus around the technology industry trends [3][5] - Continued recommendations include domestic AI computing power and applications, as well as optical and optoelectronic industries [3][5] - Industries with price-to-earnings (PE) and price-to-book (PB) ratios below the historical 15th percentile include insurance, small metals, transportation (shipping and ports), batteries, traditional Chinese medicine, and medical services [5]
【申万宏源策略】周度研究成果（4.14-4.20）
申万宏源研究·2025-04-21 01:13