策略研究月度报告：正值春光好时节

Group 1 - The report indicates that external risks, particularly related to trade tariffs, are expected to have limited impact on the market, while internal macro policy expectations are gradually rising as the "Two Sessions" approach [6][26][25] - Economic fundamentals show marginal changes, with a focus on upcoming Spring Festival consumption data and local government efforts to promote the "opening red" situation [7][29] - The report highlights that the market is transitioning from a defensive stance to actively seeking opportunities, particularly in high-growth technology sectors and seasonal infrastructure advantages [8][52] Group 2 - The first main line of opportunity is in high-elasticity growth technology sectors, including TMT and military industries, which are expected to benefit from clearer policies and a rebound in market sentiment [8][56] - The second main line focuses on infrastructure sectors that typically exhibit strong seasonal effects, with a particular emphasis on eight high-probability areas such as engineering consulting and environmental equipment [10][53] - The third main line emphasizes undervalued banking and insurance sectors, which are expected to show strong performance supported by robust earnings forecasts and favorable long-term investment policies [10][55]