[Haitong Strategy: the bull market pattern remains unchanged throughout the year is currently in the gaining momentum] the Haitong Strategy said that since October 22, the value and growth have been obviously divided internally, and the industry and index angles can be verified. In essence, the market in the past period of time is mood repair, policy and event-driven digital economy, medium and special valuation performed well, and the future market may be driven by fundamentals. The pattern of the bull market has not changed throughout the year, and it is currently in the stage of gaining momentum, and the industry may be rebalanced in stages. The future market may enter the identification of false things verified by performance, retain the real east-west stage, and pay attention to the two main lines of policy and technology. First, from the perspective of policy line, digital economy has become an important support of modern industrial system, the establishment of digital factor circulation system is accelerating, and the government is expected to increase investment in digital security and digital infrastructure. Second, from the technical point of view, artificial intelligence applications are on the ground, large models, semiconductors and other upstream software and hardware areas are expected to take the lead to benefit.