According to the CITIC Securities Research Report, under the triple factors of improved liquidity, geographical disturbances, and short-term fear of the AI bubble, the Asian stock market needs to focus more on structural allocation opportunities brought about by changes in fundamental clues. Expectations of the Federal Reserve's interest rate cut in December were reversed to ease macroeconomic pressure on the Asian market, while the confrontation between China and Japan and the Russian-Ukrainian conflict under the high level of the global GPR index caused phased disturbances. Cash flow support and supply chain bottlenecks in the AI sector made it difficult to unfold the extreme bubble narrative. Specific market core views are as follows. 1) A shares: A breakthroughs are needed in terms of fundamentals that exceed expectations. In terms of allocation, it is recommended to focus on resources/traditional manufacturing pricing weight assessments and the main line of enterprises going overseas, and focus on undercrowded varieties and dividend targets. 2) Hong Kong stocks: Benefiting from internal and external catalysts, it is expected to double down on Davis. It is recommended to focus on five major directions, including technology, healthcare, and resources. 3) Korean stock market: Relying on fundamentals, policies and liquidity to drive revaluation, it is recommended to focus on semiconductor/AI industries. 4) Indian stock market: It has the potential to make up for gains. In the context of monetary policy easing, it is recommended to prioritize interest rate sensitive enterprises and consumer sectors, and reverse focus on IT services. 5) Japanese stock market: Benefiting from governance dividends and increased allocation of foreign capital, focusing on four major directions, including industry integration and asset revaluation. 6) Southeast Asian stock market: showing a recovery trend. Malaysia suggests focusing on the AI and data center industry chain; Indonesia suggests focusing on consumer and new energy vehicles; Thailand suggests preferring the consumer and travel sector; overall, macroeconomic variables and policy trends need to be closely tracked.

According to the CITIC Securities Research Report, under the triple factors of improved liquidity, geographical disturbances, and short-term fear of the AI bubble, the Asian stock market needs to focus more on structural allocation opportunities brought about by changes in fundamental clues. Expectations of the Federal Reserve's interest rate cut in December were reversed to ease macroeconomic pressure on the Asian market, while the confrontation between China and Japan and the Russian-Ukrainian conflict under the high level of the global GPR index caused phased disturbances. Cash flow support and supply chain bottlenecks in the AI sector made it difficult to unfold the extreme bubble narrative. Specific market core views are as follows. 1) A shares: A breakthroughs are needed in terms of fundamentals that exceed expectations. In terms of allocation, it is recommended to focus on resources/traditional manufacturing pricing weight assessments and the main line of enterprises going overseas, and focus on undercrowded varieties and dividend targets. 2) Hong Kong stocks: Benefiting from internal and external catalysts, it is expected to double down on Davis. It is recommended to focus on five major directions, including technology, healthcare, and resources. 3) Korean stock market: Relying on fundamentals, policies and liquidity to drive revaluation, it is recommended to focus on semiconductor/AI industries. 4) Indian stock market: It has the potential to make up for gains. In the context of monetary policy easing, it is recommended to prioritize interest rate sensitive enterprises and consumer sectors, and reverse focus on IT services. 5) Japanese stock market: Benefiting from governance dividends and increased allocation of foreign capital, focusing on four major directions, including industry integration and asset revaluation. 6) Southeast Asian stock market: showing a recovery trend. Malaysia suggests focusing on the AI and data center industry chain; Indonesia suggests focusing on consumer and new energy vehicles; Thailand suggests preferring the consumer and travel sector; overall, macroeconomic variables and policy trends need to be closely tracked.