Institution: The disturbance to the fundamental of A-shares is limited, and the pro-cyclical main line 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 the short-term emotional level. In the medium term, if the situation in the Middle East does not escalate beyond expectations, the disturbance to the A-share market is expected to gradually fade away, and the market will refocus on domestic policies and fundamentals. In general, the A-share market in March may continue its volatile and strong trend, and the continuity of the spring market may not be fundamentally affected. In terms of sectors, cyclical commodities such as gold and oil and gas are expected to receive further attention from investors.