A-shares opening express | Three major stock indexes collectively open lower, with brain-machine interface, black home appliances and other sectors leading the decline.

The three major A-share stock indexes opened lower collectively, with the Shanghai Composite Index down 0.12% and the Growth Enterprise Index down 0.04%. On the market, brain-computer interfaces, black household appliances, and liquid-cooled servers were among the sectors with the largest decline. Institutions' Outlook on the Future Market Shenwan Hongyuan Group Securities: Focus on rebounds and structure Overall, the macro environment facing A-shares in the spring includes early and sustained policy implementation, as well as a focus on expectation management. Although domestic policy announcements may not exceed expectations, policy implementation and execution are unlikely to fall below expectations. At the same time, the spring is a window lacking decisive data validation, with the second quarter of 2025 being the key period for verifying policy effectiveness. Therefore, the spring is a window without obvious downside risks, and can still be actively approached as a time for rebounds and structural adjustments. However, investors are advised not to view the spring market with a bullish market premise in mind. The structural division of cyclical, high dividend, and thematic investments remains unchanged, with the impact of single structures on the market declining. The spring market may only experience fluctuations with opportunities. High dividends and core assets may have pulse-like rebounds in the spring, while ultimately the direction with high elasticity is still small-cap growth and active themes. CMSC: High probability of major upward trend in the next two years There is a relatively hidden 5-year cycle rule in the operation of the economy and capital markets, with policies usually starting to take effect gradually in the two years before a meeting, with a significant sign being a clear rebound in M1 growth rate and important turning points in the market at key time points. Since September 26, fiscal and monetary policy efforts have significantly increased, and the "New National Nine Policies" have been introduced in the capital market, as well as measures for securities and fund companies, insurance companies, and special repurchase loan increases. From the current situation, the M1 growth rate has hit bottom and rebounded in October, indicating that under the resonance of economic policy cycles and capital market policy cycles, the five-year cyclical law is still in effect, and the probability of a major upward trend in A-shares similar to 1999, 2005, 2009, 2014, and 2019 is further increasing. This article is reprinted from "Tencent Stock Selection" and edited by GMTEight: Chen Wenfang.