近期，华泰证券发布研报指出，当前市场正处于春季行情的酝酿阶段，建议采取‘自下而上’的选股策略积极布局。所谓‘自下而上’，即从个股基本面出发，聚焦具备业绩支撑、估值合理、成长性明确的优质标的，而非单纯依赖宏观判断或行业轮动。华泰证券认为，随着国内经济温和复苏、政策面持续发力以及企业盈利预期改善，A股市场有望在春季迎来结构性机会。尤其值得关注的是高端制造、科技创新、消费复苏等方向中的细分龙头。此外，年报和一季报披露期临近，业绩确定性强的公司更易获得资金青睐。华泰证券强调，在当前震荡市环境中，投资者应注重风险控制，优选现金流稳健、资产负债结构健康的公司，把握春季行情中的确定性收益。
Recently, Huatai Securities released a research report indicating that the market is currently in the incubation phase of a spring rally and recommends an ‘bottom-up’ stock selection strategy for proactive positioning. The ‘bottom-up’ approach focuses on individual stock fundamentals—targeting high-quality companies with solid earnings support, reasonable valuations, and clear growth prospects—rather than relying solely on macroeconomic views or sector rotation. Huatai Securities believes that with China’s economy showing signs of moderate recovery, continued policy support, and improving corporate earnings expectations, the A-share market is poised for structural opportunities this spring. Sectors such as advanced manufacturing, technological innovation, and consumer recovery—particularly their sub-sector leaders—are especially worth watching. Moreover, as the annual and first-quarter earnings reporting season approaches, companies with strong earnings visibility are more likely to attract investor interest. Huatai emphasizes that in the current volatile market environment, investors should prioritize risk management and favor companies with stable cash flows and healthy balance sheets to capture reliable returns during the spring rally.
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