A-shares open express: Shanghai Composite Index opens 0.15% lower, with precious metals leading the decline. Agriculture stocks are active.

The three major stock indexes in A-shares were mixed, with the Shanghai Composite falling 0.15%, the Shenzhen Component Index rising 0.04%, and the ChiNext Index falling 0.19%. On the market, sectors such as precious metals, education, and gaming were at the forefront of the decline; agricultural stocks were active. Future Market Analysis 1. CITIC SEC: Limited Sustainability of Pure Theme Sectors Dependent on Fund Relay CITIC SEC believes that the sustainability of pure theme sectors highly dependent on fund relay is limited. The market is expected to focus more on the realization of clear industry logic, and the rally since the beginning of the year is just the start of the revaluation of core assets. Firstly, from the perspective of sentiment and position, the excess turnover rate and trading volume of hot topics are at historical highs, and active fund positions have reached the highest level in the past five years. It is expected that the sustainability of sectors purely relying on fund relay will be limited. Secondly, from the perspective of industry logic, the large-scale deployment and application of DeepSeek, as well as Alibaba's CAPEX significantly exceeding market expectations, indicate that domestic AI has transitioned from mapping and thematic stages to a true industrial trend. The high profit elasticity of large-cap companies will decrease the attractiveness of pure theme small stocks lacking performance significantly. It is expected that the future market will focus on quality leading companies, discarding pure speculative plays. Lastly, from the perspective of allocation, in the technology sector, it is recommended to focus on the domestic computing power chain, AI applications represented by Internet platforms, and the three major themes of end-side AI; in traditional core assets, lithium batteries and innovative medicines with sufficient room for imagination, a long period of low position, and relatively thorough institutional clearing, are also worth paying attention to. 2. Haitong: AI-led technology in the spring market will be a sustained theme Haitong released a research report stating that combining interviews with private enterprises, local two sessions, and other important meetings, future industrial policies may further focus on scientific and technological innovation, with consumption, real estate, and security also being emphasized. China's macro environment provides a fertile ground for nurturing technology giants, and the stock market environment also creates favorable conditions for technology investment. China's "Seven Sisters of Technology" are rising. The spring market is unfolding, with the structure of technology led by the AI wave as a sustainable theme, and attention should be paid to consumer pharmaceuticals and real estate with expectations gap. Looking ahead to the National Two Sessions, science and technology, consumption, real estate, and security are expected to become focal points of industrial policy. The National Two Sessions are about to convene, and the industrial policies in the government work report of the "Two Sessions" play an important guiding role in the development of relevant industries and also contain investment themes for the capital market. Looking ahead to the focus of industrial policy at the "Two Sessions" in the next 25 years, it will focus on leading new quality productivity development with technological innovation, boosting consumption, putting greater emphasis on supporting food security, energy security, and more. This article is reprinted from "Tencent Stock", edited by GMTEight: Xu Wenqiang.