全球贸易体系的加剧动荡

Group 1 - The core viewpoint of the article highlights the increasing turmoil in the global trade system, emphasizing the need for careful observation of economic indicators and geopolitical developments [1] - The A-share market is experiencing a low position in both the main board and small and medium-sized market segments, with a preference for the main board [3] - The recent economic data shows a rebound in China's manufacturing PMI, but further confirmation of economic recovery is needed due to international instability and moderate domestic monetary policy [4] Group 2 - The technical analysis indicates a noticeable slowdown in incremental capital, with net inflows into A500 ETF dropping below late December levels, suggesting a potential technical adjustment in January [5] - The main board's timing perspective suggests that while there are short-term benefits from the PMI, more variables are needed for confirmation, and the recent appreciation of the RMB is attributed to excessive money printing in the US rather than a recovery in the Chinese economy [5] - The small and medium-sized market segment is expected to face greater performance pressure than positive forecasts, recommending a low position strategy similar to the main board [5]