A股策略周报：业绩为王，关注低估值蓝筹股-2025-04-01

Group 1 - The report emphasizes that performance is key, and April is a critical observation period for the market, indicating a structural slow bull market in 2025, influenced by fundamental, policy, and external factors [4][6][5] - The focus on earnings is heightened as companies disclose their financial results, with particular attention to large-cap blue-chip companies meeting expectations, which will significantly influence market direction [4][6] - The report highlights the importance of monitoring economic indicators such as PMI data and the impact of potential policy changes, including interest rate cuts, as well as external uncertainties like U.S. tariffs [4][6] Group 2 - The report suggests focusing on undervalued blue-chip stocks, particularly those with high dividend yields, as they are expected to outperform other sectors in April [5][7] - It notes that sectors such as banking, coal, public utilities, and cyclical industries are representative of high dividend, low valuation stocks, which should be prioritized for investment [5][7] - The report advises caution regarding small-cap stocks and emphasizes a defensive investment strategy in the absence of significant market volume growth [5][7] Group 3 - The report indicates that the market has experienced significant adjustments, particularly in the small-cap indices, which have underperformed compared to large-cap indices [8][9] - It points out that sectors like oil and petrochemicals, building materials, and home appliances have shown better performance within the undervalued segments [10][11] - The report also notes a decline in market turnover and a decrease in financing balances, reflecting reduced market activity [12][14]