Group 1 - The core viewpoint of the report is that global stock markets are undergoing a structural "rebalancing," with funds rotating from the technology sector to lower-valued sectors [1] - The report highlights two strategies for positioning in the A-share market for the upcoming year: one is that overseas disturbances provide a window for growth in sectors like AI; the other is that expectations of marginal improvement in economic conditions and structural rebalancing offer valuation recovery opportunities for cyclical sectors [1] - Key sectors to focus on include technology growth and cyclical sectors such as rising resource prices, new consumption, and service consumption [1] Group 2 - The report expresses a bullish outlook on the A-share market, indicating that overseas disturbances accelerate internal rebalancing, which provides opportunities for both AI growth and cyclical sectors [2] - It notes that the current pullback in the TMT sector has reached a relatively high value area for short-term investment [2] - The report emphasizes the potential for sustainable valuation recovery opportunities in cyclical sectors [2]