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Market Overview - Global stock markets mostly rose during the Spring Festival holiday, with the U.S. Supreme Court ruling on Trump's tariffs boosting risk appetite[10] - Major commodity futures, including crude oil, gold, copper, and aluminum, all saw price increases; crude oil rose by 5.6% due to geopolitical tensions[10] - The U.S. dollar index increased by 0.91%, while the offshore RMB appreciated by 0.04% against the U.S. dollar[10] Economic Indicators - During the Spring Festival, cross-regional population flow reached 1.599 billion, with 87.36% traveling by car, a significant increase from the previous year[10] - New home sales in 30 major cities increased by 24.92% year-on-year, totaling 52,000 square meters during the holiday[10] - The average daily box office revenue and audience numbers decreased by 38.74% and 35.20% year-on-year, respectively, despite an increase in the number of screenings[10] Investment Recommendations - Continued focus on post-holiday inventory replenishment in commodities and sustained optimism in technology applications, particularly in semiconductor equipment and AI[7] - Long-term improvements in supply-demand logic for chemicals, with recommendations for pesticides, dyes, and chemical fibers[7] - Attention to the acceleration of BD transactions and a favorable outlook for the Hong Kong Stock Connect innovative drug sector[7] Interest Rates and Exchange Rates - The central bank has increased liquidity, leading to a general decline in funding rates; the impact of maturing medium- and long-term deposits on liquidity is expected to be mild[8] - U.S. Treasury yields have shown divergence, with 10Y and 2Y yields rising by 4 basis points and 8 basis points, respectively, amid mixed economic data[10] - The RMB remains in a favorable position due to strong domestic economic resilience and self-fulfilling appreciation expectations[8] Risk Factors - Uncertainties surrounding tariff policies and the potential impact of Trump's policies on the market[10] - Incomplete disclosure of some consumption data during the Spring Festival period may affect market assessments[10]