Xingzheng strategy: continue to be optimistic about the new round of post-holiday A-share upward trend, grasp two main themes of "Red Envelope Market".

Guosen Strategy released a report stating that during the Chinese New Year holiday, major assets saw an increase in value under the resonance of global liquidity expectations, geopolitical tensions, and tariff disputes. For A shares, the adjustment of overseas assets before the holiday has released some risks, and A shares are expected to enter a period of high win rate after the holiday. The confirmation of the US tariffs being unconstitutional and Trump's visit to China will support risk appetite, while the intense catalytic effects on the macroeconomic and industrial levels domestically will guide the structure. It is still optimistic about A shares entering a new round of uptrend after the holiday. In terms of relative win rate, technology manufacturing, resources & infrastructure chains are obviously advantageous after the Spring Festival. On the one hand, the increase in risk appetite after the Spring Festival drives the advantage of the growth sectors represented by TMT and advanced manufacturing; on the other hand, as the country enters the peak season of "Golden Three, Silver Four" after the Spring Festival, combined with policy implementation after the Two Sessions in March, the key window with further enriched clues for price increases, will boost the resources & infrastructure chains. In terms of technology manufacturing, there is a continued focus on "pan-AI assets" with a layout around computing power infrastructure and commercial applications.