A：Navigation in the Strait of Hormuz has not been fully restored, and the number of ships passing through the Strait has fallen by more than 90 per cent since the situation escalated in late February and early March. No cruise ships passed from March 3 to March 8. Although one cruise ship passed on March 9, a small number of cruise ships have passed in recent days. The overall navigation rate is still low, and there are news that Iran has laid mines in the Strait, which further affects its navigation status.

A：Judging from the current situation, the overall cruise ship or the navigation of the Strait of Hormuz may not be fully restored in the short term, and it may take at least a month or even longer to fully resume navigation.

A：Geopolitical conflicts have substantially caused crude oil supply shocks, especially in the case of the Strait of Hormuz to bear 20% of the world's crude oil and LNG transport, the future period of potential supply shocks will support commodities such as crude oil, natural gas price pivot upward. Therefore, the impact of the geopolitical situation and the US-Iran conflict on market risk appetite may be repeated and have some impact on the market.

A：As the crude oil price pivot lifts, the market is likely to delay the timing of the Fed's first rate cut this year. Although the U.S. non-farm payrolls data was lower than market expectations, rising inflation expectations led to a fall in interest rate cut expectations. As a result, global liquidity is likely to be constrained against the backdrop of the US-Iran conflict and rising oil prices, and disruptions to equity markets will continue.

A：Compared with other markets in the Asia-Pacific region, the-share market is relatively less affected by the conflict between the United States and Iraq, and the domestic dependence on crude oil in the Strait of Hormuz is low. However, in the short term, the market index may still fluctuate and adjust, but with the resumption of navigation in the Strait and the easing of the bilateral situation in the next 1 to 2 months, there will be low layout opportunities in the equity market.

A：Important meetings have a greater impact on the-share market, and the market will actively trade new policies and industrial trends before the two sessions each year. Judging from the government work report, this year's economic growth target has been lowered to the range of 4.5 to 5%, fiscal policy remains active, and the extra-budgetary net financing policy is basically the same as last year. At the same time, the issuance of policy financial instruments has increased, and consumption subsidies have been adjusted. Monetary policy will continue to implement a moderately loose policy, and flexibly use tools such as RRR cuts and interest rate cuts. On the whole, there is still room for RRR cuts and interest rate cuts this year, and the stronger RMB exchange rate has weakened the suppression of interest rate cuts. These all provide potential investment opportunities for the-share market.

A：This year, the market is expected to have a downgrade and interest rate cut operation, is expected to land in the second quarter, the benchmark interest rate may be reduced by 10 basis points, the rate of reduction of 50 basis points, which will form a certain degree of care for the domestic liquidity environment.

A：The government work report continued the tone of last year's Central Economic Work Conference, proposing measures such as stabilizing the real estate market, implementing policies in accordance with the city, and removing inventory and better supply, and mentioned encouraging the purchase of stock commercial housing for affordable housing. Before the two sessions of Shanghai and other places have introduced the purchase conditions optimization policy, it is expected that after the two sessions of the local will further launch a stable real estate policy.

A：From January to February this year, the sales area and sales amount of the top 100 real estate companies fell by about 30% year-on-year, an improvement compared to the fourth quarter of last year, but the improvement was limited. Therefore, after the two sessions and in the second quarter, it is expected that more stable real estate policies will be introduced to support the stabilization of the real estate market.

A：From the perspective of monetary and fiscal policy, the important policies of the two sessions this year continued the positive and loose tone, which was in line with the overall market expectations and had little short-term impact on the market. At the same time, industrial policies have also received widespread attention. Emerging industries such as integrated circuits, aerospace, biomedicine, and low-altitude economy have been included in the scope of emerging pillar industries. Future energy electronic technology, artificial intelligence, brain-computer interface, 6G, etc. are also future development direction.

A：The government work report mentions deepening the expansion of artificial intelligence applications, accelerating the promotion of a new generation of smart terminals and smart bodies, as well as supporting new infrastructure projects such as computing clusters and edge collaboration, and encouraging the development of public cloud, WeChat Internet and other industries. In particular, the new expression of computing power synergy may become the focus of market attention.

A：The field of new energy, especially photovoltaic, has good investment opportunities after the early adjustment. You can focus on GEM New Energy ETF Cathay. Recently, the 2025 annual report data of the leading new energy company significantly exceeded the market consensus expectations, the energy storage business situation is positive, strong profitability. In addition, the demand for energy storage has increased significantly worldwide, especially in overseas markets, benefiting from the rise in traditional energy prices caused by geopolitical conflicts, and the demand for energy storage in new energy vehicles and data centers will also increase.

A：At present, the valuation of the energy storage sector is at a low level. After the previous adjustment, the overall valuation score has been relatively low in the past six months. Under the resonance of performance and policy benefits, there is a large space for capital return.

A：The market focuses on the photovoltaic sector, especially the space photovoltaic market. Significant orders are likely to land in directions such as Tesla and SpaceX overseas this year, and the second quarter is expected to see a corresponding landing of equipment orders. In addition, this year, the ground photovoltaic has been expanded by 50G watts, and there may be an additional 50G watt expansion order in the next year and a half or so.

A：The direction of artificial intelligence is the focus of the market. The recent popularity of Open Cloud and related applications such as Tencent Cloud has accelerated AI consumption, driving growth in demand for computing power and data centers. C dance 2.0 video input prices and commercialization progress are also gradually landing, will further increase the demand for computing power. As these applications are expanded and gradually out of the circle, their commercialization model is clear, is expected to drive demand and order growth on the computing and data center side. In the field of power grid, in China, with the promotion of power reform and the increase of green power demand, UHV construction will bring strong demand during the 15th Five-Year Plan period, while the investment planning of the State Grid has also increased significantly. Overseas, the bottleneck of power supply in the United States restricts the development of high energy consuming industries such as artificial intelligence. In the next few years, the demand for power grid equipment will increase, especially solid state transformers, while the relevant domestic export data also show a significant growth trend.

A：Although there are H200 overseas entering the domestic market in the short term, the market share and capacity of domestic computing is more certain. In the future, the requirement for H200 to purchase domestic computing power in domestic matching will also increase. For domestic computing power and data center, IDC and other targets, not pessimistic, and recommended to pay attention to the computer TF investment opportunities.

A：In new infrastructure, areas such as grid equipment, data center infrastructure, and new energy photovoltaics are biased towards assets or hardware, are not easily replaced by AI, and have a low elimination rate. Against the backdrop of a rebound in market risk appetite, these areas are likely to receive more attention, especially in the area of US-China resonance, and it is recommended to focus on investment opportunities in GEM new energy, computers and grid ETFs.