Haitong Strategy: There has been a spring market rally every year in history. The spring market rally in 2025 may be brewing.

On January 12, Jin Shi Data reported that Haitong Strategy Research report stated that the spring market is one of the classic calendar effects in the A-share market. The overall performance of the market has been weak recently, and many investors are very concerned about whether the spring market in 2025 will still come as scheduled. Core conclusions: ① In history, the spring market has been there every year, but the opening time is related to the performance of the third and fourth quarters of the previous year. If the performance of the third and fourth quarters is good, the spring market will start later. ② The decline at the beginning of the year cannot change the historical law of the spring market, and the amplitude of the spring market in the Bull Market is larger. The spring market comes as scheduled every year, even if there is a decline at the beginning of the year in history, the spring market will still come afterwards. ③ The spring market in 2025 may be brewing, and the landing of incremental policies and the stabilization and recovery of the fundamentals are catalysts. Technological innovation and high-end manufacturing may be the medium-term main themes in terms of structure.