According to the Huatai Securities Research Report, A-shares bottomed out and rebounded last week, mainly due to improvements in the internal and external liquidity environment, large net inflows of allocated capital represented by broad-based ETFs, warming expectations of interest rate cuts after US inflation fell short of expectations in November, and the Bank of Japan's dovish interest rate hike also created a favorable external environment. Huatai Securities believes that after early adjustments, it is worth looking forward to next year's spring turbulence, but it is currently still in a phase where fundamental expectations are mixed with a period of empty policy and economic data. The potential catalysts for subsequent market slope increases include the recovery of foreign investment positions after Christmas, the intensive disclosure period of the annual report forecast beginning in mid-January, and a possible downgrade in January. In terms of configuration, it is recommended to continue to lay out the spring turbulence and focus on the direction of improving the AI chain, batteries, non-ferrous products, military industry, mass consumption, and service consumption. In addition, thematic varieties and export chains that benefit from seasonal effects can be added as appropriate.

According to the Huatai Securities Research Report, A-shares bottomed out and rebounded last week, mainly due to improvements in the internal and external liquidity environment, large net inflows of allocated capital represented by broad-based ETFs, warming expectations of interest rate cuts after US inflation fell short of expectations in November, and the Bank of Japan's dovish interest rate hike also created a favorable external environment. Huatai Securities believes that after early adjustments, it is worth looking forward to next year's spring turbulence, but it is currently still in a phase where fundamental expectations are mixed with a period of empty policy and economic data. The potential catalysts for subsequent market slope increases include the recovery of foreign investment positions after Christmas, the intensive disclosure period of the annual report forecast beginning in mid-January, and a possible downgrade in January. In terms of configuration, it is recommended to continue to lay out the spring turbulence and focus on the direction of improving the AI chain, batteries, non-ferrous products, military industry, mass consumption, and service consumption. In addition, thematic varieties and export chains that benefit from seasonal effects can be added as appropriate.