春季行情进行中，风格不变

Group 1 - The spring market is ongoing and may be entering its later stages, with high-frequency data indicating continued recovery in the fundamentals, such as a rebound in real estate sales and an increase in construction rates post-holiday [3][5][11] - The liquidity environment shows potential for continued inflows into the A-share market, with historical data from 2020 to 2024 indicating significant daily inflows from foreign capital, financing, and newly issued funds [5][7][8] - Risk appetite indicators are elevated, but supportive policies and industry trends may continue to bolster risk preferences, with current sentiment metrics showing high turnover rates and a significant proportion of stocks above their 200-day moving averages [8][9][11] Group 2 - The industry configuration suggests a focus on growth sectors that may experience a rebound, particularly in technology and consumer sectors, as historical trends indicate that these sectors perform well during liquidity expansion periods [16][17] - In the later stages of the spring market, sectors that previously lagged may outperform, with historical data showing that industries ranked in the bottom five during early stages often see significant improvements in subsequent periods [19][21] - Short-term attention should be on sectors with high valuation attractiveness, such as large financials, consumption, and non-TMT growth industries, as they have shown potential for recovery and growth [24][27]