[CICC Strategy: the current market opportunity of A shares is greater than risk will enter the profit upward cycle at the beginning of the second quarter] the latest research report of the CICC strategy team believes that the future performance of A shares is still optimistic, based on three aspects of logic. First, economic and financial figures continue to support the prospects for recovery and are expected to gradually improve investor confidence. From the beginning of the second quarter, A shares will enter the profit upward cycle. Second, the policy environment is expected to remain relatively positive before growth continues to stabilize. Third, it is relatively favorable for A-shares during the period of weaker interest rates on overseas dollars and US bonds. Combined with the environment and the current market valuation is not high, the Shanghai and Shenzhen 300 equity risk premium is more than 0.5 times the standard deviation above the historical average, and the current A-share market opportunity is still greater than the risk.