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About this Episode
While the A-share market performed strongly on the first trading day of the Year of the Horse, it is likely to gallop forward even further in the following months, mainly driven by a more amiable domestic macro environment and the development of emerging technologies, experts said.
专家表示，虽然A股在马年首个交易日表现强劲，但在未来几个月可能会在更友好的国内宏观环境以及新兴技术发展的推动下进一步上涨。
After the extended Spring Festival break, the benchmark Shanghai Composite Index gained 0.87 percent to close at 4117.41 points on Tuesday, while the Shenzhen Component Index jumped 1.36 percent. The tech-heavy ChiNext in Shenzhen also added 0.99 percent. Total trading value on the Shanghai, Shenzhen and Beijing bourses amounted over 2.2 trillion yuan ($319 billion), up nearly 11 percent from the previous trading day.
春节长假过后，基准上证综指周二上涨0.87%，收报4117.41点，深证成指上涨1.36%，以科技股为主的创业板指上涨0.99%。上海、深圳和北京证券交易所的总成交额超过2.2万亿元人民币（合3190亿美元），较前一交易日上涨近11%。
Oil and gas extraction companies as well as precious metal enterprises contributed the most to the Tuesday rally, with the former reporting an average 7.53 percent price increase and the latter up by 7.01 percent on average.
油气开采企业以及贵金属企业是当日涨幅最大的板块，前者平均上涨7.53%，后者平均上涨7.01%。
Uncertainties in the external market have buoyed the performance of the above A-share sectors. The twists and turns in the US-Iran talks have pushed up oil prices, and uncertainty in Washington's tariff policies may escalate the risk-averse sentiment, resulting in higher precious metal prices, said Xia Fanjie, a strategist at China Securities.
外部市场的不确定性推动了上述A股板块的表现。中信建投证券策略分析师夏凡捷表示，美伊谈判的曲折推高了油价，美国政府关税政策的不确定性可能会加剧避险情绪，导致贵金属价格上涨。
The A-share market is likely to rise further after the Chinese New Year while short-term volatility may not be avoidable, said Yang Chao, chief strategist at China Galaxy Securities. Market anticipation of more supportive government policies may serve as the core driver of a bull market, which can be further sustained by ample market liquidity and development of emerging industries, Yang said.
中国银河证券首席策略分析师杨超表示，春节后A股市场有望进一步上涨，但短期内波动可能无法避免。杨超表示，市场对政府出台更多支持性政策的预期可能成为牛市的核心驱动力，而充足的市场流动性和新兴产业的发展可能进一步维持牛市。
As the A-share market had already seen adjustments before the holiday when overseas assets underwent rearrangements, odds are high that the Chinese stock market will see gains after the country gets fully back to work following the long break, said Zhang Qiyao, chief strategist at Industrial Securities.
兴业证券首席策略分析师张启尧表示，由于节前A股市场在海外资产重新配置的同时已经进行了调整，在长假后国内全面复工复产后，中国股市上涨的可能性很大。
Higher risk appetite, coupled with various supportive macroeconomic and industrial policies, will lead to higher readings of the benchmark A-share indexes. In light of tech giants' significantly rising capital expenditures and the rapid evolution of artificial intelligence models, investors are urged to focus on so-called "pan-AI assets", including companies specializing in computing infrastructures and AI commercialization, Zhang said.
张启尧称，较高的风险偏好，加上各种支持性宏观经济和产业政策，将推动A股基准指数进一步上涨。鉴于科技巨头资本支出大幅增加和人工智能模型的快速发展，张启尧建议投资者关注所谓的"泛AI资产"，包括专门从事算力基础设施和人工智能商业化的公司。
In particular, investment opportunities may lie in optical modules, energy storage, power grids and leading storage companies, which are integral to computing infrastructures. Humanoid robots, autopilot and consumer electronics companies may benefit from a wider AI commercialization, he added.
特别是，投资机会可能存在于光模块、储能、电网和存储龙头，这些是计算基础设施的组成部分。他补充道，在更广泛的人工智能商业化中，人形机器人、智能驾驶和消费电子公司可能受益。
Liu Xiaoyao, computer industry analyst at Kaiyuan Securities, also holds a positive outlook on the AI sector this year, saying that a "Deep-Seek moment" may be anticipated among multimodal companies. Game, marketing, film and TV-related firms are likely to prosper amid enhanced multimodal capabilities.
开源证券计算机行业分析师刘逍遥也看好今年人工智能行业的前景，他表示，在多模态公司中可能会出现一个"DeepSeek时刻"。在多模态能力增强的情况下，游戏、广告、影视相关公司可能会繁荣。
The ongoing market rebalancing across the globe is mainly determined by AI's growing influence against the backdrop of divergent monetary policies and other moves adopted by major economies, said experts at Sinolink Securities. Investment activities worldwide, which were mainly driven by AI, have now expanded to sectors more closely related to the real economy. The path of US interest rate cuts is expected to be relatively smooth. All these will provide an amiable environment for the recovery of the global manufacturing cycle.
国金证券专家表示，在主要经济体采取不同的货币政策和其他举措的背景下，人工智能的影响力日益增强，这决定了当前正在进行的全球市场再平衡。全球范围内主要由人工智能驱动的投资活动现在已经扩大到与实体经济更密切相关的领域。预计美国降息路径将相对平稳。所有这些将为全球制造业周期的复苏提供有利的环境。
During this process, Chinese assets are likely to be reevaluated, boosting the return of capital flow. This will in turn facilitate China's domestic consumption, they added.
他们补充道，在这个过程中，中国资产可能会被重新评估，从而促进资本回流，这将反过来刺激中国国内消费。
gallop forward /ˈɡæləp ˈfɔːrwərd/快速上涨；奔腾向前
risk-averse sentiment /ˈrɪsk əˈvɜːrs ˈsentɪmənt/避险情绪
pan-AI assets /pæn eɪ aɪ ˈæsets/泛AI资产
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