Zhi Tong Cai Jing·2026-02-02 00:21Core Viewpoint - The market is experiencing a cooling sentiment due to a wave of ETF sell-offs and significant fluctuations in international gold and silver prices, but the overall A-share index is expected to stabilize before the Spring Festival and enter a new upward trend afterward [1][3]. Group 1: Market Sentiment and Trends - The recent volatility in international precious metal prices is attributed to the breaking of dovish expectations regarding the Federal Reserve's chair nomination, profit-taking, and the speculative nature of silver amplifying price swings [2]. - A significant sell-off in broad-based ETFs has led to liquidity pressure and a noticeable decline in sentiment indices, indicating a potential short-term market correction [3][4]. - Despite the short-term pressure, the overall A-share index is anticipated to have limited adjustment space and is expected to stabilize before the Spring Festival, with a new upward trend likely to follow [3]. Group 2: Investment Focus and Sector Rotation - The company maintains a long-term positive outlook on the "technology + resource products" dual mainline strategy, with short-term market style rotation accelerating [1][4]. - Key sectors to focus on include power equipment (energy storage, ultra-high voltage, photovoltaics, solid-state batteries), non-bank financials, banks, AI (optical communication, storage), coal power, home appliances, automobiles, and steel [1][4]. - The upcoming Spring season is expected to benefit from ample capital inflow and favorable policies, supporting the growth of technology sectors and potentially leading to a rebound in previously underperforming financial and midstream manufacturing sectors [4].