兴证策略：近期全球资产共振调整的本质是在此前过度乐观和拥挤的交易背景下，部分投机资金趁利空事件而获利了结

Group 1 - The recent nomination of Warsh has triggered a global asset adjustment, with a significant negative correlation between the cumulative adjustment since January 30 and the year-to-date performance of major global stock indices and commodities [1] - Asian stock markets, cryptocurrencies, and commodities have experienced notable adjustments, primarily driven by liquidity expectations following Warsh's nomination, but fundamentally rooted in previous overly optimistic trading conditions [1] - The Hong Kong stock market sentiment index approached the upper threshold of 70%, with the future 12-month PE valuation returning to levels seen before October last year, alongside record highs in precious metals and the South Korean stock market [3] Group 2 - Warsh's short-term impact on asset prices is more narrative and sentiment-driven, with limited substantial influence on existing Federal Reserve monetary policy paths, even if he assumes office [5] - The core drivers of the A-share market's rise since the beginning of the year are domestic fundamentals, favorable policies, and ample liquidity, which remain unchanged [5] - The upcoming earnings reports and macro data in February are expected to further validate the improving fundamentals, with AI applications and other industry catalysts likely to provide structural investment opportunities [5][11] Group 3 - A series of industry catalysts are scheduled for February, including OPEC meetings, AI application events, and significant earnings reports from major companies like Palantir, AMD, and Google [8] - The AI application sector is experiencing a dense schedule of catalysts in February, with current crowding levels deemed reasonable, making it a focus area during the fundamental data lull [11] - The market is expected to show resilience in sectors with strong logical support, such as high-performing technology manufacturing, price increase chains, and the non-bank financial sector, which may have potential for recovery [8]