The Huatai Securities Research Report points out that “spring rush” in mid-late December may start early, balance the growth and cycle. From a medium-term perspective, big finance and some cost-effective consumption may still be the bottom line choice for China's asset revaluation. On the financial side, the capital environment has improved due to the recovery in interest rate cuts expected from the Federal Reserve and the increase in the effectiveness of domestic fundamental pricing. The scale of active net outflows of foreign capital has narrowed, ETF issuance and subscription have picked up, and insurance risk factors have been lowered or further opened up space for insurance capital allocation of equity assets. In terms of sentiment, recent improvements in TMT and the upstream resource boom are the highest. Focus is on clues such as AI chains, price increase chains, capital goods, mass consumer goods, and infrastructure chains.

The Huatai Securities Research Report points out that “spring rush” in mid-late December may start early, balance the growth and cycle. From a medium-term perspective, big finance and some cost-effective consumption may still be the bottom line choice for China's asset revaluation. On the financial side, the capital environment has improved due to the recovery in interest rate cuts expected from the Federal Reserve and the increase in the effectiveness of domestic fundamental pricing. The scale of active net outflows of foreign capital has narrowed, ETF issuance and subscription have picked up, and insurance risk factors have been lowered or further opened up space for insurance capital allocation of equity assets. In terms of sentiment, recent improvements in TMT and the upstream resource boom are the highest. Focus is on clues such as AI chains, price increase chains, capital goods, mass consumer goods, and infrastructure chains.