定量策略周报：坚定看多，行情仍未结束

Market Outlook - The report maintains a bullish outlook for 2025, suggesting that the market is in the early stages of a bull market, with a recommendation to increase positions if adjustments occur[4]. - A-share market timing model has turned bullish for the first time since October 2024, indicating a full position signal[27]. U.S. Market Insights - U.S. stocks are advised to be approached with caution, as hedge funds are reducing positions, although a short-term rebound in AI infrastructure may last for one to two weeks[2]. - The healthcare sector in the U.S. has seen significant inflows, becoming the top sector for three consecutive weeks[32]. Japanese Market Strategy - The report strongly recommends Japanese stocks, viewing the recent interest rate hike by the Bank of Japan as manageable, with hedge fund positions beginning to rise[33]. Hong Kong Market Recommendations - A strong bullish stance is maintained for Hong Kong stocks, particularly in banking, AI software, and internet platforms[36]. Gold Price Forecast - The report maintains a bullish view on gold, predicting prices to oscillate between $2,700 and $2,850 in 2025, supported by central bank purchases and speculative buying[3]. ETF Performance - The equity-focused ETF strategy has achieved a cumulative return of 23.2% since early 2024, outperforming the CSI 300 by 10.01%[47]. Small Cap Stocks - The report suggests a shift towards small-cap stocks, with recommendations to hold high-elasticity targets such as IM and small-cap technology stocks[2]. Sector Rotation - The report highlights a recovery in the effectiveness of sector rotation strategies, with a focus on industries such as computing, batteries, and automotive parts[2]. Risk Considerations - The report warns of potential model failures due to significant market changes and emphasizes that past performance does not guarantee future results[8].