CSC: Short-term Correction Does Not Alter the Spring Rally, 'Technology + Resources' Remain the Main Theme
Zhongxin Jian Tou report maintains that short-term market corrections do not alter the ongoing Spring rally, with "Technology + Resources" remaining the core investment theme. Recent volatility, triggered by a sell-off in broad-based ETFs and sharp declines in international gold and silver prices, has cooled investor sentiment. However, the overall adjustment for the A-share market is expected to be limited, with stabilization anticipated before the Spring Festival and a new upward trend likely around the holiday.
Key factors include the nomination of Kevin Warsh, a perceived hawk, as the next Fed Chair. His expected policy focus on "balance sheet reduction + interest rate cuts" may lead to a steeper yield curve, causing profit-taking in the "weak dollar trade." Nevertheless, high-growth sectors like AI could benefit from future rate cuts, and the financial sector may gain from wider interest margins.
The report advises long-term bullishness on technology (e.g., AI, power equipment, storage) and resource sectors. Short-term style rotation is accelerating, favoring previously corrected tech stocks, financials, and mid-stream manufacturing (e.g., home appliances, autos, steel). supportive policies, ample liquidity, and seasonal positive effects in February are seen as catalysts for the continued Spring rally.
marsbit02/02 11:21
