华龙证券：市场调整主要为情绪面因素导致，支撑性因素未变

Group 1 - The market adjustment is primarily driven by emotional factors, while supportive factors remain unchanged [2][3] - Policy support for the market's positive expectations is clear, with a focus on stabilizing the stock market [3] - Economic data from January to February shows steady improvement, indicating a positive outlook for the fundamentals [3] Group 2 - There are two key time points remaining in the year: the first is the opportunity arising from external risks settling in early April, and the second is the synchronization of the US and China economic and policy cycles mid-year [4][5] - The first key time point involves the resolution of external risks, including the outcomes of the US trade policy investigations and clarity on tariffs, which may lead to a focus on technology themes in April and May [5] - The second key time point anticipates a potential economic stimulus in China due to weakening US economic conditions and increased tariff pressures, which could lead to a significant style shift in the market [5] Group 3 - Short-term fluctuations in technology stocks do not alter the long-term positive trend, as the global economy is undergoing a restructuring under US tariffs, highlighting China's development potential [6][7] - Artificial intelligence is expected to drive industry transformation and technological innovation in China over the coming years, making it a central theme for the market [7] Group 4 - The upward trend in the market has not been broken, despite short-term fluctuations [8][9] - The current domestic economic recovery expectations remain intact, with A-share earnings likely to recover, and the market's short-term adjustments are not indicative of a trend reversal [9] - Focus areas include sectors with strong defensive characteristics and dividend advantages, such as emerging consumption, traditional Chinese medicine, renewable energy, and state-owned banks [9]