A股重启结构牛！机构：政策积极改善风险偏好，“中国资产”重估正当时

Group 1 - The core viewpoint is that the active public funds will increasingly focus on core asset pricing rather than marginal information flow pricing, leading to a potential overall adjustment in strategy paradigms [1] - The new regulations on public fund assessments may significantly impact the deviation from benchmarks and the ratio of profitable clients, with historical data showing that a large portion of active funds has underperformed the CSI 300 index [1] - The recent performance of public funds has been generally below benchmarks, attributed to underweighting banks and frequent trading, indicating a trend towards conservative allocation [1] Group 2 - The public fund reforms are expected to increase domestic capital allocation towards Hong Kong stocks, particularly in technology and consumer sectors, supported by positive policy attitudes [2] - The market sentiment may improve due to the easing of trade tensions between China and the U.S., which could enhance the relative performance of Hong Kong stocks [2] - The low valuations and policy support for Hong Kong's technology and consumer sectors remain attractive for investors [2] Group 3 - The A-share market is anticipated to experience a structural bull market, driven by technology sectors, despite external uncertainties such as U.S. tariffs and trade negotiations [3] - The current financial easing is linked to stabilizing the capital market, although it may not lead to a comprehensive improvement in the A-share market's fundamentals [3] - The first quarter reports indicate strong performance in consumption, pharmaceuticals, and technology sectors, with technology showing superior relative value [3] Group 4 - The A-share market is expected to present structural opportunities as the performance verification period ends, although uncertainties from U.S.-China trade negotiations remain a concern [4] - Recommendations include focusing on dividend-paying stocks for defensive positioning, technology sectors for growth, and consumer sectors supported by policy initiatives [4] - The market is likely to maintain a range-bound pattern due to external uncertainties and the gradual impact of tariffs on domestic economic recovery [4] Group 5 - The initial phase of market volatility is expected to extend due to the complexities of U.S. tariffs, with a potential breakthrough later in the year driven by policy and capital [5] - The market's response to tariff impacts has created disturbances that require time to digest, but the overall bullish trend remains intact [6] - The influx of capital since last September is based on confidence in policy, long-term valuations, and industry trends, suggesting stability in the market [6] Group 6 - The market has recovered to pre-tariff levels, supported by liquidity from state-owned entities and resilient consumer demand [7] - The second quarter is expected to see accelerated policy implementation, which may further enhance market conditions [7] - Investment strategies should focus on small-cap growth stocks and stable dividend-paying sectors under the backdrop of continued monetary easing [7] Group 7 - The market's recovery is seen as temporary, with potential for increased volatility as economic weaknesses become evident [8] - The focus on financial stability and large-cap stocks is expected to gain traction, driven by policies aimed at expanding domestic demand [8] - The structural changes in the market may lead to a shift towards traditional consumer assets with high return on equity [8] Group 8 - The outlook for the bond market remains optimistic, with potential for new lows in interest rates, while the stock market is advised to maintain a cautious stance amid ongoing tariff negotiations [9] - Investment opportunities are identified in technology sectors and new consumption areas, with a focus on strategic positioning as market conditions evolve [9] - The emphasis is on monitoring economic impacts from tariffs and adjusting investment strategies accordingly [9] Group 9 - The re-evaluation of Chinese assets is expected to lead to a gradual increase in A-share market levels, supported by domestic policy responses to external challenges [10] - The focus on AI and innovative sectors, along with consumer trends, is highlighted as key areas for investment [10] - The capital market's role in stabilizing expectations is crucial, with anticipated policy measures to support the market amid trade uncertainties [10] Group 10 - Three main investment themes are identified: TMT sector performance, low-cycle stocks benefiting from growth policies, and stable utility sectors with strong earnings [12] - The overall market performance is improving, with emerging growth sectors showing promising results [12] - The focus on low-valuation financial sectors is recommended as they align with the shifting investment strategies of equity funds [12]