中泰证券：如何看待本周市场持续上涨？

Core Viewpoint - The recent market rally is primarily driven by a phase of risk appetite recovery led by cyclical sectors, with a lack of new positive external factors impacting the market [1][3]. Market Performance - Major indices such as the Wind All A, CSI 300, and CSI 2000 rose by 2.78%, 1.95%, and 3.06% respectively this week [2]. - The average daily trading volume for Wind All A increased from 1.76 trillion yuan to 1.97 trillion yuan, surpassing 2 trillion yuan on Friday [2]. - Approximately 52.20% of stocks in Wind All A saw price increases this week, indicating a confirmation of the upward trend in indices, albeit with a change in the manner of the rise [2]. Sector Analysis - The upward movement in indices was primarily driven by cyclical sectors, particularly non-ferrous metals, as industrial metal commodity prices strengthened significantly [3]. - The recovery in risk appetite is evident, supported by a temporary appreciation of the RMB and improved expectations for overseas capital inflow into the A-share market [3]. Future Outlook - The market is expected to maintain upward potential before the Spring Festival, with opportunities for low-level positioning in the short term [4]. - Current risk factors have weakened compared to previous periods, and high levels of risk appetite are likely to persist [4]. - The market is characterized by a phase of preparation for the pre-Spring Festival rally rather than a formal initiation of a major upward trend, with a focus on low-level positioning and structural adjustments [4]. Investment Recommendations - Focus on technology themes, particularly in robotics, commercial aerospace, and nuclear power sectors, as they are expected to be resilient during the spring market [5]. - Consider overseas computing and semiconductor-related sectors for medium-term investment strategies [5]. - Non-bank financial sectors hold certain allocation value at this stage [5]. - In the consumer sector, it is advisable to seize thematic trading opportunities, especially in areas related to service consumption and aging, such as sports consumption and medical devices [5].