招商策略：一轮 “跨年+春季”行情有望持续演绎

Core Viewpoint - Major institutional investors are continuously increasing their holdings in A500 ETF and other broad-based products, bringing stable incremental capital to the market [1] Group 1: Market Dynamics - The significant net subscription of A500 ETF may be influenced by quarter-end capital inflow, but this factor has a relatively limited impact on the overall funding situation [1] - Following the substantial subscription of A500, financing funds have shown an accelerated net inflow trend [1] - As market learning effects and profit-making effects accumulate, capital may preemptively position for the "spring rally" trend, with incremental funds expected to continue net inflow [1] Group 2: Currency and Foreign Investment - The continuous appreciation of the offshore RMB is likely to facilitate the gradual return of foreign capital to the Chinese market, further improving the funding situation [1] Group 3: Investment Focus - A "cross-year + spring" market trend is anticipated to continue, with a focus on blue-chip indices represented by CSI 300 and SSE 50 [1] - Key sectors to watch include cyclical price-increasing products, with recent price increases concentrated in non-ferrous metals, crude oil, chemicals, new energy supply chains, memory storage, and certain agricultural products [1] - Notable areas of interest include industrial metals, non-bank financials, and hotel aviation [1] - Recommended investment tracks include computing power, commercial aerospace, and controllable nuclear fusion [1]