After the New Year's Day holiday in Zhang Yanbei, the market performance was weak, and in the opposite direction, some restricted rights and interests resumed large-scale subscriptions. The industry pointed out that the purpose of relaxing the purchase restrictions on equity products is to attract external funds and inject incremental funds into A-shares, which also reflects the company's optimism about the value and future prospects of the current equity asset layout. Multiple Benefits**Open the subscription quotaSince the beginning of this year, more than 10 rights and interests** have announced the resumption of large-scale subscriptions. On January 9, Guolian ** issued an announcement stating that in order to meet the investment needs of the majority of investors, the restrictions on Guolian Strategic Preferred Mixed ** large-amount subscription, conversion and transfer-in and regular fixed investment business will be lifted from January 10. According to the previous announcement, the ** suspended the large-scale subscription business of more than 1 million yuan from November 27 last year. 
Also on January 9, Invesco Great Wall** announced that it would lift restrictions on transactions such as large-scale subscription business of Invesco Great Wall Shanghai-Hong Kong-Shenzhen Select** with immediate effect, citing "in order to better meet the financial needs of investors". This is the first time in nearly half a year that the ** has once again opened up the large-amount subscription business. On July 13 last year, Invesco Great Wall announced that in order to fully protect the interests of ** share holders and ensure the smooth operation of **, it suspended the acceptance of large-scale subscriptions of more than 2 million yuan. 
On January 8, Bank of China** announced that with immediate effect, it will lift the restrictions on "single subscription, switch-in and regular fixed investment application of a single account in a single day or a cumulative amount exceeding 1 million yuan (excluding 1 million yuan) in a single day** account". Changsheng** also announced on the same day that it would resume the large-amount subscription business of Changsheng's growth value mix from January 9. It is reported that since 2024, a number of active equity ** products such as Anxin Andeli Mix, China Commercial Lexiang Internet Flexible Configuration, Xinao Growth Select Mix, Xinao Quantitative Pioneer Mix, Xinyuan Xinxiang Flexible Allocation have announced the resumption of large-scale subscriptions. In addition, Dacheng CSI 360 Internet + Big Data 100 Index, Invesco Great Wall Shanghai-Hong Kong-Shenzhen Dividend Growth Low Volatility Index, Wells Fargo ChiNext Index and other equity passive indexes** have also announced the resumption of large-scale subscriptions a few days ago. Among them, Wells Fargo** said in the relevant announcement that the reason for the resumption of large-scale subscription of its Wells Fargo ChiNext Index** is, "The current operation of this ** is stable, and the impact of the factors that previously considered restricting large-amount subscriptions, conversion and transfer-in and regular fixed investment business on the investment operation of ** has been eliminated." ”
Equity assets are becoming more attractiveIndustry insiders pointed out that the equity class at the beginning of the year focused on opening the subscription quota, not only to meet the real investment needs of customers, but more importantly, the company believes that after adjustment, the current market has been more cost-effective and ushered in a better layout opportunity. A person from a ** company said bluntly, "The main reason for the resumption of large-scale subscription of the company's products is that we believe that positive factors such as investor sentiment, valuation and policy are accumulating, and the overall attractiveness of equity assets has been further enhanced." The person said. Morgan Stanley** pointed out that the weakness of the A** field is mainly due to the low market sentiment and lack of confidence, but the current valuation of the A** market is at a historical low and the value for money is extremely high. In the short term, Morgan Stanley** is bullish on the low-volatility dividend sector and the technology growth sector. From a medium and long-term perspective, they believe that it is necessary to consider the policy tone, industrial development trends, performance realization and other perspectives, and are relatively optimistic about the technology sector that is in line with the self-reliance and self-improvement of science and technology and truly benefits from the rapid development of the AI industry, and the high-end manufacturing sector that maintains a high level of prosperity and benefits from the continuous increase in policies. From the perspective of valuation, Cathay believes that the stock index has been at a high point in the past year. Structurally, the CSI 300ERP has approached the extreme value of the 3-year average + 2 times the standard deviation, and the risk of continuing to be significantly higher is controllable. Looking ahead, China Merchants ** mentioned in the latest investment weekly report that the current market valuation has been at a historical low, and the revision of investors' pessimistic expectations may bring investment opportunities that are over-falling**. In the medium term, the recovery of economic fundamentals, the positive aggregate policy, and the easing of domestic and foreign liquidity are expected to provide support for equity assets. In terms of investment, in the short term, new energy and consumption, which have a large adjustment in the early stage and positive changes in the fundamentals, will continue to pay attention to industrial trends and the allocation value of high dividend assets in the medium term. Everbright Prudential** also remains optimistic about the equity market, focusing on dividends and high dividends. In general, they believe that the U.S. debt is going to tighten, and the balance of the macro environment is also shifting to dividends, and they can continue to allocate until there is a change in the U.S. debt or domestic growth expectations. From a fundamental point of view, the repair of corporate profits is relatively obvious in the upstream, and the recent upstream sectors (industrial metals, steel, etc.) are also relatively strong, which can be paid attention to. Edit: Captain's Review: Muyu.