申万宏源策略一周回顾展望：春季行情仍沿着既定路径前进

Group 1 - The core viewpoint emphasizes that the spring market is progressing along a predetermined path, supported by incremental game dynamics and favorable conditions for bullish windows, which lays the foundation for a perfect spring market with widespread profit effects [1][5][6] - The spring market is characterized by a complete rotation of sectors and sufficient diffusion of profit effects, with short-term adjustments in industrial trend themes and a deepening focus on bottom asset exploration [2][6][7] - The report reiterates the positioning of the spring market within a larger wave, indicating it is an extension and expansion phase of the 2025 technology structural market, with high valuation investment directions entering a phase of high volatility [7][8] Group 2 - Short-term, the focus is on cyclical Alpha as a key direction for market exploration of low positions, with cyclical investments expanding towards cyclical turning points in sectors like construction materials, oil, and steel [8][11] - The report highlights that while cyclical sectors such as non-ferrous metals and chemicals are nearing high profit effects, the resistance in the cyclical market is gradually increasing [11][12] - Long-term outlook remains optimistic for both cyclical Alpha and technology sectors, with a focus on overseas computing chains, AI applications, semiconductors, energy storage, robotics, and commercial aerospace [11][12][17]