华泰证券：春季行情仍有一定基础 建议关注两条主线

Core Viewpoint - The recent weak performance of A-shares is attributed to short-term disturbances such as the decline in December 2024 PMI, high theme crowding, and fluctuations in the RMB exchange rate, with the market expected to enter a phase of validating internal and external variables [1] Group 1: Market Conditions - The current market has abundant off-market liquidity, a moderate recovery in fundamentals, and a positive policy tone, providing a foundation for a potential spring rally [1] - External uncertainties, the impact of the Spring Festival holiday, and the release of earnings forecasts are expected to create opportunities in the market after their resolution, along with expectations from the Two Sessions policy [1] Group 2: Investment Recommendations - It is suggested to focus on sectors with lower crowding such as transportation and petrochemicals, which may benefit from dividends or phase advantages [1] - Small-cap themes are recommended to shift towards sectors with favorable conditions in technology innovation [1]