坚持半导体主线，积极参与春季行情

Investment Focus - The semiconductor theme remains central, with global semiconductor stocks strengthening, particularly following CES, and the A-share semiconductor equipment index rising by 17% weekly. The semiconductor rally is expected to continue, with recommendations to add positions when semiconductor equipment stocks pull back to key moving averages [1][7]. - The A-share STAR Market chip names are still at relatively low levels, presenting attractive allocation value. The Hang Seng Tech Index has corrected significantly, suggesting potential for catch-up gains as capital expenditure expectations for leading internet platforms are revised upward [1][7]. Market Overview - A-share market liquidity has strengthened significantly, with average daily turnover rising to RMB 2.9 trillion, and Friday's turnover reaching RMB 3.15 trillion, marking the fifth-highest single-day volume on record. Margin financing inflows surged to RMB 790 billion, nearing previous highs [3][11][13]. - In Hong Kong, southbound capital flows rebounded to HKD 327 billion, with funds rotating back into internet stocks and continuing to add to financials. Notably, Alibaba experienced modest net outflows despite a price increase, while Tencent saw net inflows of HKD 25 billion [3][14]. Investment Strategy - Following a strong rally, some consolidation is anticipated, providing a favorable window for continued positioning in the spring rally. The sentiment for the spring rally is anchored on A-share liquidity themes, with the rally expanding from commercial space into AI applications, nuclear fusion, and robotics [4][15][17]. - The market has entered a main upswing phase led by semiconductor equipment, with expectations for the rally to broaden towards domestic AI chips, AIDC infrastructure, and internet platform stocks as IPOs continue to advance [4][15][17].