Group 1 - The article highlights that global major indices experienced a general adjustment in March, with the US stock market leading the decline, particularly the Nasdaq Composite Index, which fell over 8% [5][6] - A/H shares showed strong performance in the first half of the month but retreated in the latter half, indicating resilience compared to other global markets [5][6] - The article notes a significant depreciation of the US dollar and a notable appreciation of the euro, driven by disappointing US economic data, which heightened recession concerns [5][6] Group 2 - China's economic fundamentals showed signs of recovery in January and February, but the foundation remains weak, with industrial profits declining by 0.3% year-on-year [8][9] - The Consumer Price Index (CPI) turned negative in February, while the Producer Price Index (PPI) continued to show negative growth for 29 consecutive months, reflecting weak domestic demand [8][9] - The uncertainty surrounding the sustainability of real estate sales and the impact of overseas tariffs on exports poses risks to China's economic outlook [8][9] Group 3 - The market is transitioning from a phase of "speculative expectations" to a "performance verification" window, particularly significant in April when A-share earnings reports are released [10] - The first quarter earnings reports are expected to show strong performance in certain sectors, including non-ferrous metals, chemicals, and engineering machinery, driven by structural price increases and domestic and foreign demand [12][14] - The technology sector is anticipated to report high growth, particularly in areas such as IoT, audio, and wearable devices, supported by recovery trends [14] Group 4 - The article discusses the narrowing of style gaps in the market, indicating a potential return to original styles after periods of extreme divergence, with historical examples provided [16][17] - The TMT sector's trading volume has returned to a safe zone, suggesting that market sentiment has stabilized [19] - The relationship between US and Chinese assets is highlighted, with the narrative of "East rising, West falling" becoming more pronounced, particularly in the tech sector [21][22]

Market Adjustment - The article discusses the recent market adjustment, indicating that the convergence of style gaps can occur through either lagging styles catching up or leading styles declining, with the current situation reflecting a strong market state [1][13] - Historical data shows that from October 2013 to December 2013, growth styles were dominant, while consumer styles took over in the same period in 2014, indicating a cyclical nature of market styles [2][14] Calendar Effects - The article highlights the strong seasonal patterns observed in small-cap indices during the first half of the year, noting that adjustments typically occur from December to January to avoid risks associated with annual report forecasts [3][15] - Post-Spring Festival, there is over a 90% probability of an upward trend leading into the Two Sessions, driven by the release of annual report forecasts and the resolution of overseas uncertainties [4][5] TMT Sector Insights - The TMT sector's crowdedness is analyzed, suggesting that a drop in sentiment to around 31% from a peak of 44.6% in February could present a good re-entry point for investments [9][17] - The article recommends continued investment in technology sectors, particularly those with potential for quick order fulfillment and strong fundamentals, such as CSP manufacturers and military electronics [10][18] Deep Sea Technology - The inclusion of "deep sea technology" in the government work report marks a significant policy shift, positioning it alongside commercial aerospace and low-altitude economy, indicating its growing importance [11][19] - Deep sea technology encompasses various sectors, including safety assurance, resource development, and scientific research, with a focus on high-tech materials and equipment suitable for deep-sea conditions [21][22] Comparison with Low Altitude Economy - The article draws parallels between the current deep sea technology trend and the previous low altitude economy surge, suggesting that strong policy support could drive similar market movements [25][29] - Historical performance of low altitude economy stocks shows significant price increases, indicating potential for deep sea technology stocks to follow suit [30][32]