On April 28th, Huatai Securities’ strategic research pointed out that last week, domestic policy expectations and external tariffs were repeatedly intertwined, and A-shares continued to shrink and rebound. With the convening of the Politburo meeting and the end of the performance period and the first phase of tariff disturbance, the market may experience a brief “window of opportunity”, and the wait-and-see sentiment of funds is gradually increasing, waiting for new variables to emerge and choose the direction. In general, the Politburo meeting emphasized “bottom line thinking” and supported risk appetite, but tariff variables still exist and may maintain a volatile pattern before the holiday. Follow up attention will be paid to the progress of US China tariff negotiations, high-frequency data on May Day, and US non farm payroll in April. Tariff policies and domestic responses remain the main focus of mid-term transactions, but the urgency in the short term has decreased. It is recommended to focus on exploring fundamental clues after performance disclosure. In terms of configuration, the odds are given priority under uncertainty, and a combination of dumbbell shaped products that maintain dividends, domestic demand, and independent controllability in the medium term, with marginal increase in service consumption and high cost-effectiveness in technology.
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