Investment Rating - The report maintains an "Overweight" rating for the sector [1] Core Viewpoints - The market is expected to experience a period of volatility, with a focus on relative opportunities in the pharmaceutical and dividend sectors [19][21] - The model predicts a potential shift to a downward trend for the Wande All A Index, indicating a possible adjustment phase in May [19][26] - The pharmaceutical sector is highlighted for its relative stability and potential for returns, while the dividend sector is also expected to perform well after a short-term adjustment [19][21] Summary by Sections A-share Market Overview (May 12-16, 2025) - The top three broad indices were: North Certificate 50 (3.13%), Wande Micro-Pan Daily Equal Weight Index (1.58%), and ChiNext Index (1.38%) [10] - The bottom three indices were: Sci-Tech Innovation 100 (-1.29%), Sci-Tech Innovation 50 (-1.10%), and Sci-Tech Comprehensive Index (-1.00%) [10] A-share Market Outlook (May 19-23, 2025) - The Wande All A Index's daily model shifted from a positive to a negative signal on May 15, suggesting a potential adjustment phase [19][26] - The monthly model for May scored -2.5, indicating a slight adjustment in the A-share market [19][26] - The report anticipates a "V-shaped" market movement, with ongoing pressure on trading volumes [19] Fund Allocation Recommendations - The report suggests a defensive ETF allocation strategy, focusing on the pharmaceutical and dividend sectors for relative returns [19][21]

证券研究报告——市场日报 三大指数大幅上涨 申万一级行业集体收红 证券研究报告——市场日报 2025.02.26 （预计发布时间：2025.02.27） 大同证券研究中心 分析师：景剑文 执业证书编号：S0770523090001 邮箱：jingjw@dtsbc.com.cn 地址：山西太原长治路 111 号山西世贸中心 A 座 F12、F13 网址: http://www.dtsbc.com.cn 行情回顾 周三（2 月 26 日），三大指数早盘高开， 午前呈现震荡走势，午后行情向好，三大指数 震荡上行，最终红盘收涨。截至收盘，上证指 数（+1.02%）收报 3380.21 点，深证成指 （+0.93%） 收报 10955.65 点，创业 板指 （+1.23%）收报 2268.22 点。两市量能有所回 升，整体超 1.9 万亿（数据来源：Wind）。申 万Ⅰ级行业集体上涨，钢铁、房地产、非银金 融领涨。 风险提示 热门板块突发利空引发市场扰动 当日要闻 海通证券即将终止上市 "国君+海通"并购完成进入倒计时。海通证券公告称，2 月 25 日，海通证券收到上交所出具的自律监管决定书《关于海通证券股份有限公司股 ...