Tianfeng Securities released a strategy report stating that the market is in a state of “strong expectations, weak reality”. The industry structure corresponding to this state of affairs may be similar to the 23H1 “barbell strategy”: on the one hand, policy attitudes are changing, expectations for the future are rising, and turnover continues to be high, leading to active technological trends that dominate the theme market and change hands; on the other hand, it takes time for policy effects to be implemented, and the pace and intensity of policy introduction will also “walk and watch” according to the current state of the economy, leading to “weak reality” that may continue for some time, and the general market value of a defensive and stable style will often show up. Furthermore, the market may have underestimated the effect of monthly stock interest rate adjustments on boosting consumption. Furthermore, the future direction of consumption can focus on policy strength, and the effects of the stock interest rate policy may gradually be reflected.

Tianfeng Securities released a strategy report stating that the market is in a state of “strong expectations, weak reality”. The industry structure corresponding to this state of affairs may be similar to the 23H1 “barbell strategy”: on the one hand, policy attitudes are changing, expectations for the future are rising, and turnover continues to be high, leading to active technological trends that dominate the theme market and change hands; on the other hand, it takes time for policy effects to be implemented, and the pace and intensity of policy introduction will also “walk and watch” according to the current state of the economy, leading to “weak reality” that may continue for some time, and the general market value of a defensive and stable style will often show up. Furthermore, the market may have underestimated the effect of monthly stock interest rate adjustments on boosting consumption. Furthermore, the future direction of consumption can focus on policy strength, and the effects of the stock interest rate policy may gradually be reflected.