策略点评：大事不过年，只争朝夕，春节行情有望持续

Core Viewpoints - The report suggests that the Spring Festival market rally is expected to continue, driven by both domestic policy support and external uncertainties [26][9][11] Market Trends - As of January 23, 2025, the A-share annual report forecast shows a median profit growth rate decline to a historically low level, indicating that the profit bottom for A-shares is yet to be confirmed [12][26] - The pre-announcement rate of profit growth for listed companies is 32.79%, a significant decrease from 78.79% the previous year, while the warning rate has increased to 66.58% from 20.05% [12][15] - The report highlights that the median profit growth rate upper limit for 2024 is 2.05%, down 20.64 percentage points from the previous year, and the lower limit is 20.44%, down 25.65 percentage points [12][15] Sector Analysis - The sectors with the highest pre-announcement rates include engineering machinery, securities II, feed, airport operations, and rubber, while those with the highest warning rates include steel raw materials, aerospace equipment II, film and television, fisheries, and kitchen and bathroom appliances [15][16] - The report indicates that the electronics, banking, and automotive sectors saw the most significant increases in holdings by actively managed equity funds, while the non-ferrous metals, pharmaceutical biology, and food and beverage sectors experienced the largest reductions [20][24] Investment Recommendations - The report emphasizes that the focus for 2025 will be on boosting consumption, expanding domestic demand, and leading technological innovation, positioning the domestic demand sector and self-controlled industries as the mid-term market themes [26]