招商证券：一轮“跨年+春季”行情有望持续演绎

Group 1 - Major institutional investors are continuously increasing their holdings in A500 ETF and other broad-based products, providing stable incremental capital to the market [1] - The significant net subscription of A500 ETF may be influenced by quarter-end adjustments, but this factor is considered to have a relatively limited impact on the capital situation [1] - Following the substantial subscription of A500, there has been an accelerated net inflow of financing funds, indicating a positive trend in market dynamics [1] Group 2 - As the market learns and adapts, investors are positioning themselves in anticipation of the "spring rally," with ongoing accumulation of market profitability [1] - The continuous appreciation of the offshore RMB is expected to facilitate the gradual return of foreign capital to the Chinese market, further improving the capital situation [1] - Overall, the market is gradually building upward momentum, with a potential "cross-year + spring" rally expected to unfold [1]