Institutional strategist: The disruptions to the fundamentals of A-shares are limited, and the pro-cyclical theme is expected to strengthen.

Institutional strategic research analysis believes that the impact of geopolitical conflicts in the Middle East on the A-share market may be concentrated on short-term emotional levels. In the medium term, if the situation in the Middle East does not escalate beyond expectations, the disturbance to A-shares is expected to gradually fade away, and the market will refocus on domestic policies and fundamentals. Overall, the A-share market in March may continue its volatile and slightly strong trend, with the continuity of the spring market not fundamentally affected. In terms of sectors, resource cyclical products represented by gold and oil are expected to receive further attention from investors.