Huatai Securities: Managing Uncertainty Through Position Control and Stock Selection

People’s Financial News, March 16 — Huatai Securities pointed out that last week, A-shares experienced low-volume fluctuations. From the perspective of market trading structure and capital behavior, overall risk appetite has cooled down, and the core contradictions in market pricing remain the risks of geopolitical tensions and rising oil prices. Looking ahead, on a macro level, short-term risks have not been fully released, global stagflation concerns are intensifying, and domestic broad liquidity remains ample, but the sustainability of improving import-export and inflation data needs to be verified. On a micro level, global investors still worry about AI disruptive impacts, and the most important earnings season of the year for A-shares is approaching, with AI chains and commodities being key observation points. Currently, macro and micro visibility is relatively low, so investors are advised to reduce positions and respond flexibly. In terms of allocation, explore alpha in the power chain (batteries, traditional energy, and operators) and essential consumer goods. Additionally, as valuation pressures are gradually digested and there are catalysts in the short term, consider buying leading hardware upstream of the computing power chain at dips for high risk-reward opportunities.