金工策略周报2024年第42期：政策预期发酵，股指横盘中反弹

Group 1 - The report indicates that policy expectations are improving, leading to a rebound in the core stock indices of Shanghai and Shenzhen, despite ongoing trade frictions and technology crackdowns [3][4][44] - The average daily trading volume in the Shanghai and Shenzhen markets is reported at 1.81 trillion, with a slight increase from the previous period's 1.71 trillion, indicating a mild rebound in stock indices [4][38] - The report recommends focusing on the retail trade sector, specifically the stock code 801200.SI, as it has seen increased support from major funds and shows no signs of adjustment [3][4][54] Group 2 - The report highlights that the main stock indices have shown a range of performance over the past five trading days, with the Shanghai Composite Index increasing by 2.02% and the ChiNext Index rising by 2.18% [30][34] - It notes that the net outflow of major funds over the last five trading days was approximately 37.8 billion, indicating a trend of reduced investment in certain indices [43][44] - The report identifies that sectors such as social services and food and beverage have relatively low valuation percentiles, while sectors like construction materials and machinery have higher valuation percentiles [45][49] Group 3 - The report states that the majority of the Shenwan industry sectors are maintaining an upward trend, with the retail trade sector receiving significant capital inflow [54] - It mentions that the recent five trading days saw a concentration of limit-up stocks primarily in the machinery, media, and computer sectors, with the latest trading day showing a focus on retail trade and construction decoration [52][54] - The report emphasizes that the current market sentiment is improving due to anticipated policy adjustments, including significant interest rate cuts and increased fiscal deficits [4][44]