资源周期板块依然亮眼

Core Viewpoint - The A-share market is experiencing a high-level fluctuation with a clear trend of structural differentiation, indicating a "structure is king" theme for the Year of the Horse [1] Group 1: Market Trends - The market is shifting from "expectation-driven" to "performance verification," with a focus on earnings and policy as the main drivers [2] - The spring market is expected to continue, but with significant structural differentiation, particularly favoring hardware segments capable of commercializing AI applications [2] - The market logic is anticipated to transition from "policy expectations" to "earnings realization" after March, with annual and quarterly reports serving as key anchors for market movements [2] Group 2: Sector Performance - Resource cyclical stocks are performing strongly, driven by high international oil prices and geopolitical factors, with oil and gas, precious metals, and non-ferrous metals showing active performance [3] - The resource sector's performance is supported by rising commodity prices, with precious metals and oil prices influenced by geopolitical factors and fluctuations in U.S. dollar credit [3] Group 3: Market Sentiment - There is a stark contrast in market sentiment, with previously popular AI concept stocks facing significant declines, indicating a return to rationality regarding AI's commercial viability [4] - The market is characterized by a "broad rise masking differentiation," where funds are flowing into cyclical and hardware sectors with earnings support, while overvalued speculative stocks are being sold off [4] - Future investments in the Year of the Horse are expected to test investors' abilities to select stocks accurately between technology and resources, as well as value and growth [4]