Huaxi Securities released a research report saying that in the history of retrading, the launch of the A-share “spring agitation” market usually requires meeting the following conditions: a reasonable valuation level, a relaxed liquidity environment, and a catalyst that effectively boosts risk appetite, such as domestic policies, catalysing industrial events, or mitigating external risks. At present, interest rate cuts by the overseas Federal Reserve and interest rate hikes by the Bank of Japan have all been implemented, and the market's concerns about the reversal of arbitrage transactions have been alleviated. Subsequent increases in foreign capital allocation driven by the appreciation of the RMB exchange rate and the entry of incremental insurance funds brought about by the “good start” of premium income at the beginning of the year can also be expected. Recently, equity ETFs have once again been purchased on a large scale, with many broad-based ETFs trading volume, which indicates that incremental capital tends to depreciate. In terms of industry allocation, it is recommended to focus on: 1) growth directions that benefit from industrial policy support, such as domestic substitution, robotics, aerospace, innovative drugs, energy storage, etc.; 2) benefit from the cyclical direction of “anti-internal circulation” policies, such as chemicals, energy metals, resource products, etc.; 3) Deepening consumer promotion policies or bringing phased catalytic opportunities for the consumer sector.

Huaxi Securities released a research report saying that in the history of retrading, the launch of the A-share “spring agitation” market usually requires meeting the following conditions: a reasonable valuation level, a relaxed liquidity environment, and a catalyst that effectively boosts risk appetite, such as domestic policies, catalysing industrial events, or mitigating external risks. At present, interest rate cuts by the overseas Federal Reserve and interest rate hikes by the Bank of Japan have all been implemented, and the market's concerns about the reversal of arbitrage transactions have been alleviated. Subsequent increases in foreign capital allocation driven by the appreciation of the RMB exchange rate and the entry of incremental insurance funds brought about by the “good start” of premium income at the beginning of the year can also be expected. Recently, equity ETFs have once again been purchased on a large scale, with many broad-based ETFs trading volume, which indicates that incremental capital tends to depreciate. In terms of industry allocation, it is recommended to focus on: 1) growth directions that benefit from industrial policy support, such as domestic substitution, robotics, aerospace, innovative drugs, energy storage, etc.; 2) benefit from the cyclical direction of “anti-internal circulation” policies, such as chemicals, energy metals, resource products, etc.; 3) Deepening consumer promotion policies or bringing phased catalytic opportunities for the consumer sector.