策略周报：假期海外资产上涨，国内消费出行量增，把握春季红包的两大方向-20260224

Group 1 - The report highlights the significant increase in domestic consumption and travel during the Spring Festival, with key retail and catering enterprises seeing sales growth exceeding 8% year-on-year [3][19] - The U.S. Supreme Court's ruling against emergency tariffs is expected to benefit countries like Brazil, China, and India, indicating a potential positive impact on global equity markets [3][14] - The report emphasizes the importance of the upcoming Nvidia earnings report on February 25, which could influence the U.S. stock market's performance [4][25] Group 2 - The A-share market is expected to see a rebound due to increased consumption during the holiday and the positive effects of robotics and AI applications, with a historical probability of over 70% for A-shares to rise in the 20 trading days following the Spring Festival [5][28] - The report identifies key sectors for investment, including technology themes (robotics, AI applications, semiconductors) and cyclical price increases (non-ferrous metals, petrochemicals, chemicals, construction materials) [5][29] - The report notes that the technology sector has been leading in trading themes, with significant gains in glass fiber, rare earths, and AI computing [7][49]