Zhongxin Securities: It is recommended to focus on the allocation of A-shares on resources/traditional manufacturing industry pricing weight revaluation and enterprises going global.

The report from Citic Securities pointed out that under the triple factors of improved liquidity, geopolitical disturbances, and no short-term threat of an AI bubble, Asian stock markets need to focus more on structural allocation opportunities brought about by changes in fundamental clues. The reversal of the expectations of the Fed's rate cut in December has eased macro pressures on Asian markets, while phase disturbances such as the Russia-Ukraine conflict under the high running of the global GPR index and cash flow support in the AI field and supply chain bottlenecks make extreme bubble narratives difficult to appear. The specific core market views are as follows: 1) A-share market: It requires breakthroughs beyond expectations in fundamentals. It is recommended to focus on resources/traditional manufacturing pricing weight estimates and the main line of companies going global, focusing on low-crowded varieties and dividend targets. 2) Hong Kong stock market: Benefiting from internal and external catalysts, it is expected to achieve a Davis double-click. It is recommended to focus on technology, healthcare, resources and other five major directions. 3) South Korean stock market: Relying on fundamentals, policies, and liquidity to promote revaluation, it is recommended to focus on industries such as semiconductors/AI. 4) Indian stock market: It has the potential for a rise, and under the background of loose monetary policy, it is recommended to prioritize the allocation of interest rate-sensitive enterprises and consumer sectors, and take a contrarian bullish view on IT services. 5) Japanese stock market: Benefiting from governance dividends and increased allocation of foreign capital, it is suggested to focus on industry consolidation, asset revaluation, and other four major directions. 6) Southeast Asian stock markets: Showing signs of recovery, Malaysia is recommended to focus on the AI and data center industry chain; Indonesia is recommended to focus on consumption and new energy vehicles; Thailand is recommended to prefer consumption and tourism sectors, and overall, it is necessary to closely monitor macro variables and policy trends.