Business Strategy: Small-cap growth and small-cap value styles are expected to have the upper hand, and the continuation of the cyclical rise in prices and the spread of AI trends will still be the main themes in the market.

The investment strategy points out that, historically speaking, there is a certain calendar effect in A shares before and after the two sessions. Specifically, in the two weeks before and after the two sessions, small-cap styles generally dominate to some extent, which is related to the active trading of margin funds and the speculation on the policy expectations of the two sessions. After the end of the two sessions, as the expectation of stable growth policies gradually materializes, cyclical sectors tend to perform relatively well. In terms of styles, influenced by factors such as active capital inflows after the holiday, catalysis of industrial themes, trading windows of the two sessions, and the performance vacuum period, both small-cap growth and small-cap value styles are expected to dominate, while the rise of cyclical sectors and the diffusion of AI trends remain the main themes in the market.