策略周报：春节期间海内外有何新变化？

Market Performance - During the Spring Festival holiday (January 27-31), US tech stocks, particularly AI stocks, experienced adjustments, with the Nasdaq and S&P 500 down 1.6% and 1.0% respectively, while the Dow Jones increased by 0.3%[3] - The Hang Seng Index and Hang Seng Tech Index showed resilience, rising by 0.8% and 1.4% respectively, driven by consumer staples, information technology, and discretionary consumption sectors[3] - The US dollar index rose by 1.0% to 108.5, while the 10-year US Treasury yield slightly decreased by 5 basis points to 4.58%[3] Economic Indicators - The US Q4 GDP growth was revised down to an annualized rate of 2.3%, below the expected 2.6% and previous 3.1%[3] - Eurozone Q4 GDP growth stagnated at 0.0%, missing the expected 0.1%[3] - China's manufacturing PMI fell by 1 percentage point to 49.1%, indicating a contraction, while the service sector PMI decreased by 1.7 percentage points to 50.3%[3] Consumer Behavior - During the Spring Festival, China's box office revenue exceeded 7 billion yuan, setting a new record, with tourism and dining consumption also showing significant growth[3] - Inbound tourism orders increased by 203% year-on-year during the holiday period[3] Policy Developments - The Chairman of the China Securities Regulatory Commission emphasized six key tasks for the high-quality development of the capital market, including stabilizing market sentiment and enhancing regulatory effectiveness[3][4] - The US announced new tariffs on goods from Canada, Mexico, and China, which affected market risk appetite[3] Investment Strategy - The report suggests focusing on growth sectors represented by new productivity and advanced manufacturing, as well as quality companies benefiting from domestic demand expansion policies[3] - Structural opportunities are expected to increase as the market enters a phase of policy expectation ahead of the Two Sessions[3]