策略周报：春季躁动已至，科技领衔

Group 1 - The report highlights the arrival of the "spring rally," led by technology and small-cap stocks, with expectations for continued market recovery in early February [3][7]. - The A-share market showed a significant increase in trading activity, with average daily turnover rising to 16,157 billion, an increase of 4,880 billion compared to the pre-holiday period [3][7]. - The AI+ sector has emerged as a leading force in the stock market, driven by the recent Deepseek event, indicating strong short-term opportunities in technology, robotics, TMT, and related concepts [3][7]. Group 2 - The report notes that the 10-year U.S. Treasury yield has declined, which is favorable for global equity market valuations [3][7]. - The manufacturing PMI in January showed a decline, indicating ongoing issues with domestic demand that need to be addressed [3][7]. - The report emphasizes the importance of monitoring the upcoming U.S. CPI data on February 12, as lower inflation could boost expectations for Federal Reserve rate cuts, positively impacting global equity valuations [18].