A股策略｜地缘不确定性加剧，市场短期波动率或升温

Core Viewpoint - The article discusses the increasing geopolitical uncertainties and their impact on market volatility, suggesting that short-term fluctuations may rise as a result [2]. Group 1: Market Outlook - Following the Spring Festival, credit issuance, the National People's Congress (NPC) meeting, stabilization in overseas markets, and expectations of improved geopolitical relations have led to a strengthening market [3]. - During the NPC meeting, policy expectations are anticipated to continue stimulating and supporting the market [3]. - In the medium term, the easing of China-U.S. trade tensions has prompted both countries to focus on building a self-sufficient industrial chain, which is expected to enhance investment in related sectors and drive economic growth [3]. - Despite the positive outlook, global market volatility remains high due to geopolitical risks, U.S. stagflation, and accelerated AI capital expenditures [3]. Group 2: Investment Recommendations - The article recommends focusing on defensive sectors amid rising volatility, particularly in three areas: 1. Traditional low-volatility dividend stocks, especially in the banking sector [4]. 2. Technology sectors with significant fundamental improvements that are not yet fully priced in by the market, such as storage and optical communication hardware [4]. 3. Cyclical sectors like oil, gas, and non-ferrous metals that are expected to benefit from increased demand for safe-haven assets [4].