中信证券：外部扰动集中落地 节前聚焦三大主题

Core Viewpoint - The report from CITIC Securities indicates that external disturbances are expected to converge, leading to a warming market sentiment and an early start to the spring market rally, with a focus on three major themes [1] Market Overview - With the formal inauguration of the U.S. President and the upcoming Federal Reserve meeting, external factors that have caused market hesitation are likely to be resolved, resulting in a more pronounced willingness for active capital to increase positions [1] - Market sentiment is improving, and an early spring market rally is anticipated [1] Thematic Environment - As external disturbances become clearer, expectations for infrastructure manufacturing and business model expansion overseas are recovering [1] - The U.S.-China technology competition is expected to become a long-term narrative, while market trading activity remains robust, suggesting increased investor participation in thematic investments [1] Catalytic Factors - Attention can be drawn to the positive implementation of consumer policies and the approaching peak consumption period during the Spring Festival [1] - The new U.S. President's short-term statements on geopolitical and tariff issues are also noteworthy [1] - The release of cutting-edge technology products and the ongoing narrative of U.S.-China technology competition and Chinese business model expansion are significant [1] Focus Areas - Based on external factors, the approaching Spring Festival, recent catalysts, and liquidity indicators, it is recommended to focus on three themes: Spring Festival consumption hotspots, infrastructure and business model expansion overseas, and semiconductor localization [1]