东莞证券A股临时策略点评：A股韧性修复有望延续，政策发力提振信心

Core Insights - The A-share market has shown resilience despite significant volatility, with a recovery supported by domestic policies and investor sentiment [2][3][4] - The market's risk appetite has displayed structural characteristics, with domestic demand and policy guidance becoming the main lines for capital allocation [3][4] Market Performance - Major indices experienced a phase of adjustment but gradually stabilized, with sectors like food and beverage, and pharmaceuticals showing defensive resilience [3][4] - The high-end manufacturing sector exhibited divergence, with renewable energy and power equipment maintaining strength, while export-oriented sectors faced pressure [3][4] Policy Response - In response to external economic changes, various government departments have implemented a series of economic policies and financial measures to stabilize market expectations and counter external pressures [11][12] - The focus of fiscal policy is on a "consumption + investment" dual-drive model, enhancing consumer capacity and optimizing financial burdens [12][14] Capital Market Support - The "national team" has actively supported the market through increased purchases of ETFs and stock buybacks, reflecting confidence in long-term growth potential [15][16][17] - A significant number of companies have announced buyback plans, with some exceeding 10 billion yuan, indicating a collective action to stabilize the market [16][18] Future Outlook - The A-share market is expected to transition from short-term volatility to a trend driven by fundamentals, with continued support from government policies [22][23] - Key sectors to watch include finance, food and beverage, public utilities, and technology, as they align with policy directions [23]