Investment Strategy: Focus on first-quarter report validation and the continuation of favorable trends; recommend selecting differentiated opportunities in crowded sectors.

Mars Finance News, April 26 — According to China Merchants Securities Strategy Research, since April, the easing of geopolitical risks has driven a rebound in risk appetite in A-shares, with trading volumes across the two markets continuously breaking 2 trillion yuan. The valuation logic has shifted from risk aversion and defense to performance verification. Currently, the market exhibits characteristics of “extreme crowding” and “valuation deep divergence,” with funds accelerating their flow back from consumption to resource and technology premium segments.

Based on the first-quarter reports, the clues to economic vitality focus on three main lines:

1. PPI turning positive and AI-driven explosions leading to resource and computing power revaluation;
2. The resilience of high-tech manufacturing industries benefiting from overseas market dividends;
3. The bottoming out and recovery of the real estate chain after policy support.

It is recommended to select differentiated opportunities within crowded sectors, focusing on hard technology and genuine resources, and grasping structural opportunities driven by both profitability and economic vitality. Key areas to watch include electronics (semiconductors), electricity, power equipment (batteries, grid equipment), defense and military industries, non-ferrous metals (industrial metals, energy metals, minor metals), basic chemicals (chemical raw materials, chemical products). (Wide-angle observation)