【申万宏源策略】周度研究成果（6.16-6.22）

Group 1 - The market is currently experiencing a slow application advancement, with new consumption facing price-performance issues, and there is a cautious attitude towards anti-involution [2] - The index center may rise in Q4 2025, with 2026-2027 being the core bull market period, relying on breakthroughs in the technology industry [2] - Three macro narratives are highlighted as strong correlated assets: gold, rare earths, and national defense military industry, with Hong Kong stocks seen as a potential leading market in the upcoming bull market [2] Group 2 - A more robust financial market environment is needed, along with more high-quality RMB assets available for overseas investors, while the A-share market is building the foundation for a bull market through investment function construction [5] - The "New National Nine Articles" in 2024 will focus on optimizing investment functions, enhancing the A-share market's shareholder structure [5] - The computer sector is identified as a low allocation industry within the technology sector, with an absolute under-allocation amounting to 25.6 billion yuan [6]