Sou Hu Cai Jing·2025-12-22 00:36Core Viewpoint - The report from Huatai Securities indicates that the recent rebound in A-shares is primarily due to improved liquidity conditions both domestically and internationally, with significant net inflows from allocation-type funds represented by broad-based ETFs [1] Group 1: Market Conditions - The improvement in liquidity is attributed to lower-than-expected U.S. inflation in November, which has raised expectations for interest rate cuts, alongside a dovish stance on interest rate hikes from the Bank of Japan [1] - The current market is characterized by a phase of basic expectation disturbances and a confluence of policy and economic data voids [1] Group 2: Future Outlook - Huatai Securities anticipates a potential spring rally in the market next year following prior adjustments, with catalysts for upward movement including foreign capital position recovery post-Christmas and the upcoming concentrated disclosure period for annual reports starting mid-January [1] - There is a possibility of a reserve requirement ratio cut in January, which could further support market conditions [1] Group 3: Investment Recommendations - The report suggests continuing to position for the spring rally, focusing on sectors showing improvement such as AI supply chains, batteries, non-ferrous metals, certain chemicals, military industry, and consumer services [1] - Additionally, it recommends increasing exposure to thematic stocks and those benefiting from seasonal effects in the export chain [1]