Comments: The index closed higher collectively, and the Shanghai Index rose 0.76%. The concept of low altitude economy became active again

Topic summary

According to the research report released by CSCI, in the first quarter of 2024, the market showed a deep V trend. After accelerating its decline in January, the market rebounded in March to March. The market style dominated the overall market value, and the active equity fund underperformed the market. In the process, the stock position declined, and the institutional capital allocation also balanced to the overall market value. From the perspective of industry configuration, in the first quarter, there were multiple attacks, with more logical directions for allocation, including defense (precious metals, utilities, transportation), sea going (household appliances, light industry manufacturing), and new and old growth (communications, power equipment), indicating that the joint force of the market has not yet been formed. For the dividend strategy with good market performance, attention and doubts, the Bank believes that there is still room for allocation. At present, the allocation ratio of active equity funds to dividend strategy is only 5.5%, and the over allocation ratio is - 12.2%, which is respectively 21% and 45% of the historical quantiles since 2010.