展望后市，世界政治、经济格局的不确定性将维持高位，市场短期波动放大的趋势或仍将延续。当前阶 段可以考虑定投、网格等方式逢低布局中证A500ETF（159338）等宽基标的，以应对市场波动。 没有股票账户的投资者可关注国泰中证A500ETF联接A（022448）、联接C（022449）。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 A股三大指数涨幅扩大，市场逾4700股上涨，中证A500ETF（159338）涨超1%。 消息面上，近期新华保险与中国人寿宣布将各出资100亿元认购由国丰兴华发起的私募基金份额，合计 规模200亿元，该基金主要投资于中证A500指数成分股中符合条件的大型上市公司A+H股。 中证A500ETF（159338）跟踪中证A500指数（代码：000510）从中国A股市场中选取市值较大、流动性 良好的500只股票作为指数样本。与沪深300指数形成互补，中证A500指 ...

Group 1 - The core viewpoint is that A-shares are expected to continue showing a warming risk appetite and thematic rotation, focusing on low institutional holdings and thematic trading opportunities [1] - The economic landscape is anticipated to face new variables by the end of Q2, particularly in the context of Sino-US economic relations [1] - Three major trends are highlighted: the unwavering trend of enhancing China's independent technological capabilities, the reconstruction of European defense and energy infrastructure, and the necessity for China to accelerate domestic demand through the "dual circulation" strategy [1] Group 2 - Short-term factors affecting A-shares include the resolution of negative Q1 reports, the TMT sector reaching a lower response model, and ongoing advancements in AI applications by major domestic and international companies [2] - In the medium term, a focus on neutral dividend combinations is recommended until significant rebounds in real estate or technological applications occur [2] - The current market is likely to favor a rotation and thematic investment approach due to uncertainties in reported earnings across various listed companies [2] Group 3 - The end of the performance verification period is expected to enhance the outlook for technology stocks, with a high probability of a short-term rebound led by the tech sector [3] - Consumption and technology are both seen as areas where expectations for growth are strengthening, with a current high profitability effect in consumption and a relatively low position in technology [3] - The report indicates a preference for investment opportunities in AI computing and embodied intelligence in the medium term [3] Group 4 - Despite ongoing trade tensions, Chinese assets are viewed as having better value, with a focus on sectors benefiting from domestic demand, such as tourism, food, and retail [4] - Recommendations include resource products and capital goods that will benefit from the restructuring of global economic order [4] - Low-valuation financial sectors are also suggested as a hedge against potential external shocks [4] Group 5 - The appreciation of the RMB is expected to boost Chinese assets, with AI becoming a key focus for investment in May [5][6] - The report emphasizes the potential of the domestic AI industry and applications, supported by high capital expenditure from overseas firms [5][6] Group 6 - The A-share market is expected to experience increased volatility, with a shift from small-cap growth to large-cap value stocks [7] - Recommendations include reducing exposure to AI sectors with low penetration rates and increasing allocation to structural tech growth areas with performance contributions [7] - The report suggests focusing on sectors like infrastructure and consumption that are expected to benefit from growth dividends [7] Group 7 - The technology growth style is returning as the market begins to shift following the resolution of prior performance and tariff disruptions [8] - The technology sector is seen as having reached a favorable valuation range, making it an attractive area for investment [8] - The report indicates that as pessimism fades, the tech sector is regaining its position as a focal point for capital [8] Group 8 - A-shares and Hong Kong stocks are becoming more resilient to external shocks, with macro policies expected to support market stability [9] - Key areas of focus include high-margin assets, the tech sector as a long-term investment, and consumer sectors benefiting from policy support [9] - The report suggests that Hong Kong stocks are currently undervalued and may benefit from expanding domestic demand policies [9] Group 9 - The A-share market is expected to demonstrate independence and resilience, with opportunities in technology, consumption, and certain cyclical sectors [10] - The report highlights the importance of performance improvement and policy alignment in the tech sector, particularly in TMT [10] - It also emphasizes the potential of sectors benefiting from rising domestic consumption expectations [10] Group 10 - The market may experience a controlled pullback due to tariff impacts, but the overall outlook remains positive with favorable domestic policies [11] - The report anticipates that the market will stabilize and potentially return to a bullish state by the latter half of the year [11] - A focus on value-oriented investments is recommended, particularly in themes related to growth and domestic substitution [12]