春季行情未完，进入后半段

Group 1 - The report indicates that the spring market is not over, with potential for further capital inflow, supported by rising long-term bond yields reflecting improved economic expectations [4][6][10] - The macro liquidity remains relatively loose, with expectations for potential reserve requirement ratio cuts and interest rate reductions in the first quarter [10][13] - Short-term risk appetite may continue to strengthen, with market sentiment indicators remaining at neutral levels and external events causing some disturbances [17][19] Group 2 - Technology sector sentiment is currently high, with TMT transaction volume accounting for 46%, surpassing previous peaks in past technology cycles [21][22] - Despite the high sentiment, the technology market is not overheated, and there are opportunities for low-cost positioning after adjustments [22][24] - The report emphasizes that technology remains the main focus, with potential for consumer and undervalued dividend sectors to catch up [24][28] Group 3 - The report suggests that sectors with high growth potential, such as electronics, robotics, media, communication, and computing, should be prioritized for low-cost positioning [31][33] - Additionally, sectors like new energy, pharmaceuticals, commerce, social services, and brokerage firms are expected to improve and potentially catch up [33][34]