华泰证券：适度积极 结构优先

Core Viewpoint - The report from Huatai Securities indicates that the recent rebound in A-shares is supported by a consensus on the "support level" of the current fluctuation range, ample liquidity from outside the market, and a strong consensus on the sci-tech innovation sector, primarily driven by thematic trading [1] Group 1 - Investors have a certain consensus on the "support level" of the current fluctuation range [1] - Ample liquidity from outside the market is crucial for creating a profit-making effect [1] - The consensus on sci-tech innovation is strong, but its sustainability depends on the ability to form a positive cycle with market liquidity [1] Group 2 - Two trading clues are anticipated before the holiday: the focus on self-sufficiency due to Trump's administration and the high pre-announcement rate of annual report performances, particularly in the consumer chain sector, which may still have room for gains [1] - Huatai Securities believes that the verification pressure from external variables in the short term is not significant, suggesting a moderately positive outlook with a focus on structure [1] - The emphasis remains on the sci-tech innovation sector, with an increased allocation to consumer goods and agriculture that have potential for dividend increases and improved market conditions [1] Group 3 - The operational strategy suggests that the underlying tone of the fluctuating market may remain unchanged in the short term, advocating for a wave-based investment approach [1]