SWHY(SZ:000166) 天天基金网·2025-06-11 05:12Core Viewpoint - The article discusses the potential for a bull market in the A-share market, driven by factors such as the "asset scarcity" among residents, improvements in corporate governance, and the "anti-involution" policies that are expected to enhance corporate profitability [5][6][7]. Macroeconomic Insights - The macroeconomic indicators are expected to undergo a "strong-weak conversion" in the second half of 2025, with manufacturing facing downward pressure while the service sector shows signs of recovery [1][4]. - The transformation of the Chinese economy has entered a new phase, with traditional sectors like real estate contributing less to economic growth, leading to a divergence in economic indicators [2][3]. Industry Transformation - The transformation of industries is gaining momentum, with high-tech industries now accounting for 16.3% of the industrial sector, indicating a shift towards new consumption patterns [3]. - The service sector is identified as a crucial area for absorbing structural employment pressures, but it currently suffers from supply shortages [4]. A-Share Market Outlook - The A-share market is poised for a potential bull market, with expectations that 2026 will outperform 2025, and the main bull market phase is anticipated between 2026 and 2027 [6][7]. - The current market is likely to remain in a consolidation phase until conditions are ripe for a larger market rally [7]. Investment Strategy - Key sectors for investment include AI, defense, and consumer goods, with a focus on high-quality themes in a volatile market [8]. - The Hong Kong stock market is expected to lead the rally, with A-share assets increasingly being listed there, particularly in the internet and high-dividend sectors [8].