浙商证券：A股或受益于风险偏好抬升 风格更偏向于小盘成长

Core Viewpoint - Current inflation levels are in the early stage of bottoming out and recovering, with significant room for effective demand recovery, suggesting that monetary policy still has space for reductions in reserve requirements and interest rates [1] Asset Classes - A-shares are expected to benefit from an increase in risk appetite, with a preference for small-cap growth stocks; the valuation improvement potential for technology stocks is relatively large, recommending focus on high-elasticity sectors such as the ChiNext, STAR Market 50, and Northern Exchange 50 [1] - In the fixed income sector, the current risk-free interest rate is gradually approaching a new equilibrium level, with expectations that the 10-year government bond yield will exhibit a generally oscillating trend, making it difficult for long-term rates to face upward risks; credit spreads are likely to narrow, with short-duration city investment bonds in lower credit quality regions being a primary allocation direction [1]