2025年A股春季策略报告：枕戈待旦，进击“黄金右脚”

Market Outlook - The A-share market is expected to stabilize after a recent decline, with the Shanghai Composite Index finding support in the 3087-3152 range, confirming the "left foot" of the adjustment[1] - Following the Spring Festival, the market is likely to form a "golden right foot," providing medium-term investment opportunities[2] Investment Strategy - Investors are advised to maintain current positions and consider increasing allocations during the formation of the "right foot"[1] - Focus on small-cap, growth, and cyclical stocks, with particular attention to sectors such as non-ferrous metals, real estate, computers, and media[4] Economic Indicators - The GDP growth target for 2025 is set at around 5%, with 16 provinces targeting 5.5% or higher, indicating a proactive fiscal policy[17] - In January 2024, the issuance of local government bonds reached 5136.9 billion yuan, surpassing the total for January 2023[20] Calendar Effect - Historical data from 2010 to 2024 shows an 80% probability of positive returns for the Wande All A Index from the Spring Festival to early March, with a median return of 2.8%[5] Thematic Investments - Key themes include AI technologies like DeepSeek and humanoid robots showcased during the Spring Festival, which are expected to drive future growth[6]