CITIC Securities: Limited impact from external shocks, focus on industry selection and layout around economic trends.

CICC Securities Research Report believes that the recent spring market in A shares has shown a phase of adjustment, with internal factors dominating and external factors catalyzing. The internal factors include active cooling and the sell-off of broad-based ETFs; external factors include Trump's political actions, the change of the Federal Reserve Chairman, the Iran geopolitical conflict, and the drop in global technology stocks caused by the new tool Anthropic. The current external disturbances have not substantially affected the fundamentals of Chinese industries, and the concentrated cooling operations have ended. Market sentiment is fully released, and the adjustment is more in place. The spring market is expected to continue after the Spring Festival, and it is recommended to hold stocks during the festival. In terms of future industry allocation, focus on AI computing power, chemicals, power equipment, and energy storage at the prosperity end; thematically, rely on signals from local government conferences for potential catalyst sectors at the National Two Sessions for forward-looking layout.