Looking ahead to the future market, China Merchants Securities pointed out that the Spring Festival effect of A-shares means that before the Spring Festival, due to high holiday uncertainty, sentiment of falling out of pockets heats up, market turnover declines, and defensive sectors such as undervaluation and blue chip indices are more likely to rise. After the Spring Festival, as liquidity improves, investors re-increase their positions, and expectations for economic recovery heat up. The market risk appetite heats up soon after the two sessions, and the growth and small market style is relatively dominant. Taking into account the effects of the Spring Festival and the effects of the performance disclosure period, in mid-January 2025, blue chips should still be the main direction of increasing positions. As we get closer to the Spring Festival, we can gradually increase stocks in the direction of growth, technology, and small capitalization. Tianfeng Securities said that it is difficult for institutions to participate due to wide market fluctuations and sharp fluctuations in the theme market. Don't chase high sales and low sales until the Spring Festival returns to verify fundamental improvements. The market is in the second stage of the “strong expectations, weak reality” competition. The pace and strength of policy introduction will also “walk and watch” according to the current state of the economy. “Weak reality” may continue for some time, and monopoly dividends will show up from time to time. Follow-up policies to benefit people's livelihood and promote consumption are also worth looking forward to.

Looking ahead to the future market, China Merchants Securities pointed out that the Spring Festival effect of A-shares means that before the Spring Festival, due to high holiday uncertainty, sentiment of falling out of pockets heats up, market turnover declines, and defensive sectors such as undervaluation and blue chip indices are more likely to rise. After the Spring Festival, as liquidity improves, investors re-increase their positions, and expectations for economic recovery heat up. The market risk appetite heats up soon after the two sessions, and the growth and small market style is relatively dominant. Taking into account the effects of the Spring Festival and the effects of the performance disclosure period, in mid-January 2025, blue chips should still be the main direction of increasing positions. As we get closer to the Spring Festival, we can gradually increase stocks in the direction of growth, technology, and small capitalization. Tianfeng Securities said that it is difficult for institutions to participate due to wide market fluctuations and sharp fluctuations in the theme market. Don't chase high sales and low sales until the Spring Festival returns to verify fundamental improvements. The market is in the second stage of the “strong expectations, weak reality” competition. The pace and strength of policy introduction will also “walk and watch” according to the current state of the economy. “Weak reality” may continue for some time, and monopoly dividends will show up from time to time. Follow-up policies to benefit people's livelihood and promote consumption are also worth looking forward to.