CMB Securities: After the external impact fades, the market focus in mid to late April will shift to sectors with high growth in first quarter results.

CMB Securities strategy research believes that looking ahead to April, external risks faced by A-shares have not yet substantially eased. Currently, the United States is accelerating military buildup, and with the completion of the deployment of the "Bush" aircraft carrier battle group in mid-April, the possibility of ground operations is significantly increasing, raising the risk of unexpected escalation of US-Iran conflict. In this context, further upward pressure on oil prices will exacerbate market concerns about global economic stagnation. If the US military launches a ground offensive in mid to late April, whether due to casualties exceeding expectations or soaring oil prices causing a deep correction in global stock markets, the Trump administration may be forced to shift to a more moderate strategy, leading to a typical dilemma reversal in the market. Domestically, after the conclusion of the Two Sessions in March and the release of the outline of the "Fifteenth Five-Year Plan", key investment projects will accelerate implementation, becoming the core driving force for boosting domestic investment growth. If external shocks lead to a significant increase in economic uncertainty, there may be expectations for further strengthening growth-stabilizing policies at the end of April Political Bureau meeting. Comprehensive judgment suggests that late April will be a critical time window for marginal improvement in the domestic and foreign environments. After the external shocks fade, the focus of the market in mid to late April will shift to industries with high growth in first-quarter performance. Based on current data, the resource sectors such as non-ferrous metals, petroleum and petrochemicals, as well as emerging industries like new energy, optical communication, and the semiconductor industry chain are expected to become the most outstanding industries in terms of performance growth.