Dongwu Securities: Next year's "spring excitement" will continue the logic of "year-end market"

On December 22nd, Jin10 Data reported that Dongwu Securities research pointed out that next year’s “spring frenzy” will continue the logic of the “New Year’s market”, with Liquidity trading still dominating. The style of this round of “spring frenzy” will be more balanced, with small and medium-sized technology growth and cyclical prosperity coexisting. Reviewing the market trends of the past “spring frenzies” since 2014, small-cap growth often performed relatively well under loose liquidity conditions; and in most years, the trading logic was based on policy or economic expectations, with good performance in cyclical and consumer sectors. For next year, market configuration still needs to follow the policy catalysts, and focus on the upward trend of the technology growth in the industry. In addition, with Trump taking office and the market’s expectation of policy games before the two sessions, the style may switch to cyclical prosperity in a stage or period.