【机构策略】继续看好A股跨年行情

Group 1 - The core viewpoint is that the recent market excitement is driven by concentrated inflows from previously cautious funds, with a focus on thematic sectors and smaller stocks rather than allocation-type funds [1] - Short-term market heat is high, but sentiment indicators have not shown signs of weakening, suggesting that the rotation and upward trend in thematic and smaller stocks may continue until after the Two Sessions, driven by improved domestic demand expectations [1] - Long-term, the demand for stable equity portfolios from substantial allocation-type funds is increasing, indicating a need to consider where this sustainable "big money" will flow [1] Group 2 - A-shares saw collective gains with the Shanghai Composite Index surpassing 4100 points, supported by a favorable liquidity environment due to the appreciation of the RMB and foreign capital inflows [2] - The combination of industry and macro policy expectations for the start of the 14th Five-Year Plan has enhanced market risk appetite, alongside a strengthened expectation of corporate profit recovery as PMI returns to expansion [2] - Future interactions between funds, policies, and fundamentals are expected to create a triple resonance, laying the groundwork for the upcoming spring market [2]