Guosen Securities: Abundant incremental funds are expected to continue to drive the spring market to a deeper level of development.

Guosen Securities stated that for A-shares, the previous rise benefited from the global loose liquidity , but the core driving force still lies in the improving domestic fundamentals, policy "opening red envelopes", and the brought by ample liquidity. Looking ahead, these core logics supporting the spring market have not changed. We have previously emphasized that in an environment of ample liquidity, the domestically warm fundamentals and policies provide a foundation for market risk appetite, leading funds to actively respond to various macroeconomic and industrial narratives, promoting the continuous expansion of profit-making effects, which will be an important feature of this round of spring market structure. This week, various styles such as technology, price hike chain, and consumption are taking turns to interpret, essentially reflecting that funds are actively seeking and exploring niche areas that have not been fully priced based on various catalysts. Looking ahead, there are still many catalysts from the fundamentals, policies, and industrial levels, and ample incremental funds are expected to continue to drive the spring market to deepen.