Huatai Securities pointed out that the closing up of overseas Chinese stocks during the season had a positive impact on investor sentiment, but sudden geographical problems or amplified pre-holiday differences, making it more difficult to predict market trends in the short term. However, Huatai Securities believes that capital and overseas geographical disturbances are likely to be short-term emotional shocks, which will not affect the upward trend of the spring market. Based on improvements in PMI data, market micro liquidity is still abundant, and there are positive signals on the policy side. It is likely that the spring market will continue to be interpreted. Looking at the pace, high investor sentiment, weak capital supply, and economic data support are known variables. Confirmation of AI chain performance, potential downgrades, and subsequent trends in geographical issues are variables to be tested and will be gradually revealed in late January. In terms of allocation, in the short term, thematic investments are slightly better than high-dividend strategies and superior to boom investments. Internal focus: 1. The theme focuses on catalyzed commercial aerospace, humanoid robots, domestic computing power, and military; 2. High dividends continue to focus on potential and cyclical high dividends, such as Hong Kong stock consumption, electricity, petroleum and petrochemicals; 3. The boom strategy continues to focus on batteries, chemicals, mass consumption, etc. that improve both supply and demand.

Huatai Securities pointed out that the closing up of overseas Chinese stocks during the season had a positive impact on investor sentiment, but sudden geographical problems or amplified pre-holiday differences, making it more difficult to predict market trends in the short term. However, Huatai Securities believes that capital and overseas geographical disturbances are likely to be short-term emotional shocks, which will not affect the upward trend of the spring market. Based on improvements in PMI data, market micro liquidity is still abundant, and there are positive signals on the policy side. It is likely that the spring market will continue to be interpreted. Looking at the pace, high investor sentiment, weak capital supply, and economic data support are known variables. Confirmation of AI chain performance, potential downgrades, and subsequent trends in geographical issues are variables to be tested and will be gradually revealed in late January. In terms of allocation, in the short term, thematic investments are slightly better than high-dividend strategies and superior to boom investments. Internal focus: 1. The theme focuses on catalyzed commercial aerospace, humanoid robots, domestic computing power, and military; 2. High dividends continue to focus on potential and cyclical high dividends, such as Hong Kong stock consumption, electricity, petroleum and petrochemicals; 3. The boom strategy continues to focus on batteries, chemicals, mass consumption, etc. that improve both supply and demand.