中泰证券：短期市场分化格局仍具延续性，中期或逐步收敛

Group 1 - The short-term market differentiation pattern is expected to continue, while a gradual convergence may occur in the medium term [1] - High elasticity sectors continue to attract incremental capital due to their profitability, making it difficult for market risk appetite to decline quickly in the short term [1] - The RMB exchange rate has stabilized and remains strong, with a relatively loose overall liquidity environment supporting high-elasticity assets [1] Group 2 - The fundamental signals are in a "window of silence" before the Spring Festival, lacking substantial information shocks, allowing high-growth sectors to avoid concentrated verification pressure [1] - There is still room for valuation increases in high-growth sectors [1] - The application of AI models is enhancing production efficiency, providing support for technology sector valuations [1] Group 3 - The ongoing global geopolitical dynamics and resource security issues are providing temporary benefits to cyclical sectors such as non-ferrous metals [1] - After the Spring Festival, the disclosure of annual and quarterly reports by listed companies will begin, shifting market pricing logic from risk appetite and valuation expansion to performance realization and profit growth [1] - As the performance verification window opens, valuation anchors are expected to return to corporate earnings and actual growth levels, leading to a gradual convergence of previously excessive structural differentiation driven by risk appetite [1]