华泰证券发布A股策略研报称，上周市场创新高，充裕流动性仍是行情的主要基底。短期来看，判断市 场顶部的意义和胜率都不算高，配置上应保持仓位、顺势择线、适度内部高低切换；节奏上后续即便出 现调整，幅度也不会太深，市场进入上行趋势的共识在逐步增强。过往看，国内基本面、国内流动性、 海外流动性三者改善是市场步入上行趋势的关键三支柱，当前三个因素都在汇聚积极变化，从量变到质 变需要时间，蓄势充分后期行情才有望走得更远。配置上，AI链、创新药、军工、大金融仍是战略配 置重点，内部适度高切低。 ...

Group 1: Key Recommendations - The report highlights the strong growth potential of Baolingbao (002286) driven by product structure optimization and benefits from anti-dumping measures, with a projected revenue of 2,581 million CNY in 2025, growing at a rate of 7.46% [6] - The company is expected to achieve a net profit of 181 million CNY in 2025, reflecting a significant growth rate of 62.89% [6] - The report suggests that the impact of trade conflicts on the company is minimal due to its low overseas revenue contribution, with 76% of revenue coming from the domestic market [6] Group 2: Industry Insights - The A-share market is anticipated to undergo a phase of "active adjustment," with a focus on structural changes in holdings and waiting for external news, particularly regarding tariff negotiations [8] - The macroeconomic outlook indicates a potential U-shaped trajectory for the economy, with slower price recovery expected in the second quarter compared to the first [10] - The bond market is expected to see opportunities for long-term bonds as the market gradually returns to fundamental trading, following recent monetary policy adjustments [12] Group 3: Company Performance - Taotao Automotive (301345) reported a remarkable 69% year-on-year growth in Q1, indicating a strong market position and potential for continued market share expansion [14] - The company is benefiting from accelerated production capacity in Southeast Asia and the U.S., along with exceeding expectations in golf cart orders [14] - The report emphasizes the importance of monitoring trade dynamics as a catalyst for future performance [14]