【策略】春季行情持续与科技风潮扩散——2025年3月策略观点（张宇生/郭磊/王国兴）

Group 1 - The A-share market showed a good overall performance in February, with an increase in the profitability effect, driven mainly by a technology growth style and non-institutional investors [2][5] - The technology sector remains the core focus of the market since mid-January, with potential for a new round of prosperity driven by rising capital expenditures, although the trading congestion in this sector has reached historically high levels [3][5] - The spring market trend may exhibit dual main lines, with technology and consumption as key areas of focus, particularly benefiting from policies like the old-for-new replacement and service consumption [4][5] Group 2 - The driving factors for the spring market have not fundamentally changed, and it is expected to continue under the influence of policies and economic data, with a focus on growth and broad consumption [5][6] - The Hong Kong stock market has shown strong elasticity recently, with continued inflows from both southbound and overseas funds, indicating potential for valuation recovery despite the lack of significant changes in earnings expectations [6]