定量策略周观点总第151周：由科技扩散至两会行情

Core Viewpoints - The report suggests that the revaluation of non-US assets continues, indicating that it is not yet time to retreat from these investments [1] - The report emphasizes a strong bullish outlook for Japanese stocks, interpreting the Bank of Japan's interest rate hike as manageable [1][2] - The report highlights the strong performance of the A-share market, driven by pre-conference seasonal effects and increased foreign capital inflows [2] A-Share Strategy - The bullish signal for A-shares has been validated, with a strong market risk appetite leading to increased trading volume [2][5] - The report notes that the introduction of Deepseek signifies a narrowing gap between China and the US in AI, accelerating application processes [2] - The report recommends focusing on sectors benefiting from the upcoming Two Sessions, including state-owned enterprise restructuring and consumption [34] Hong Kong Market Strategy - The report maintains a strong bullish stance on Hong Kong stocks, suggesting a dual allocation strategy in technology and high-dividend stocks [2][49] - The absolute return of selected Hong Kong stocks has reached 17.37%, with Tencent and Sunny Optical being major contributors [49] - The report indicates that the AH premium has returned to low levels, advising against chasing prices in the current market [44] US Market Strategy - The report advises maintaining a low position in US stocks, as recent short-term rebounds have been realized [36] - The report highlights that liquidity conditions are supported by a rebound in net liquidity from the Federal Reserve, despite some pressure from rising CPI [36][37] - The report notes that the financial conditions index remains volatile, indicating a need for caution in the US market [39] Commodity Strategy - The report maintains a bullish outlook on gold, with short-term uncertainties gradually clearing, while the long-term upward trend remains intact [55][57] - The report mentions that the People's Bank of China increased its gold reserves by 5 tons in January, marking the third consecutive month of increases [56] - The report suggests that geopolitical tensions and inflation risks will continue to drive demand for gold in the long term [57] ETF Strategy - The report details that the equity-focused ETF strategy has achieved an absolute return of 31.27% since the beginning of 2024, outperforming the CSI 300 index [6] - The report indicates that the ETF portfolio has been adjusted to include semiconductor equipment, with major holdings in precious metals and consumer sectors [58] - The report highlights that the bond-focused ETF strategy has shown resilience, with a cumulative return of 5.88% [7]