A-shares opened at a quick pace | Three major indexes collectively opened lower, with AI medical and other sectors leading the decline.

The three major A-share indexes collectively opened lower, with the Shanghai Composite Index falling by 0.91% and the Growth Enterprise Market Index falling by 1.26%. On the market, the AI medical, software development, and engineering machinery sectors led the decline. Future market analysis: China Securities Co., Ltd.: Overnight, the U.S. stock market plummeted, which in the long term is beneficial for global funds favoring A-shares. In the future market, China Securities Co., Ltd. believes that several key factors should be focused on. Domestically, after the conclusion of the Two Sessions, the speed of implementation of various policies; whether the economic data announced in the future can continue the recovery trend of January and February; the upcoming financial report season will increase market focus on performance. Internationally, attention should still be paid to Trump's tariff policies and their geopolitical impact, as well as the Federal Reserve's interest rate cut process. Yesterday, the overnight U.S. stock market plunged, and Chinese concept stocks also adjusted significantly, largely due to concerns about the U.S. economic recession and tariff policies. This may increase the short-term volatility of A-shares, but from another perspective, the recent adjustment of the U.S. stock market is mainly due to the shake-up of the technology narrative logic, which in the long term is beneficial for global funds' inclination towards and layout in A-shares. Therefore, from an annual perspective, the technology sector remains one of the main lines of focus, but short-term fluctuations caused by overheated trading and crowded trades in the technology sector, as well as whether other hotspots can emerge sustainability during technology stock fluctuations, need to be prevented. Tianfeng: NVIDIA's GTC conference is about to be held, focusing on the humanoid Siasun Robot & Automation industry chain. Tianfeng's research report points out that NVIDIA's GTC conference is about to be held, and the breakthroughs in intelligent and graphic perception technologies showcased at this conference may indicate a larger-scale and widespread application of Siasun Robot & Automation in the future, potentially driving major manufacturers to enter the humanoid Siasun Robot & Automation industry. Sensors and mechanical joints, as key components of humanoid Siasun Robot & Automation movement and perception, will influence the reaction and movement accuracy of humanoid Siasun Robot & Automation, and the progress of AI intelligence is expected to drive the key hardware industry of Siasun Robot & Automation towards high precision and reliability. Industrial: The market will gradually enter a more "realistic" stage. Industrial believes that the market will gradually enter a more "realistic" stage in March and April, and will consciously look for some directions with policy support and performance support at low levels. The continuous evolution of the technology growth style represented by AI in the previous period, in addition to the catalysis of industrial trends, also boosted the market risk appetite under a period of basic and policy vacuum. As we enter March, with the convening of the Two Sessions, the release of economic data for January and February, and the disclosure of annual and quarterly reports of listed companies beginning one after another, a series of important nodes nearing, the market will also enter a traditional window where fundamental and policy factors become more effective. Therefore, the market is consciously spreading towards some low-level directions that benefit from policy support and marginal improvement in economic conditions. For the current AI sector, it is important to identify internal relatively low levels and cost-effective directions. Focus on liquid-cooled servers, fiber optic cables, high-speed copper connections, optical modules, PCB, and other relatively low-level, cost-effective areas. Revitalizing consumption is the primary task of the economic work this year, focus on commodity consumption and emerging service consumption benefiting from the "two new" policy expansion. This article is reproduced from "Tencent Stock Picks", GMTEight editor: Xu Wenqiang.