On February 12, BlackRock stated that as global capital markets are still digesting geopolitical tensions and interest rate uncertainties, the emergence of DeepSeek not only allows domestic large-scale models to enter the world stage, but also ignites the AI market. At the same time, the "Two Sessions" are scheduled to be held in early March. Will the A-share market further heat up? Which sectors should investors pay attention to? Shen Yufei, Chief Equity Investment Officer of BlackRock Fund, stated that looking back on the market in January, the market as a whole experienced a "false spring", with broad-based indices initially suppressed before rebounding, and growth styles showing signs of recovery after experiencing overselling earlier. In terms of industries, non-ferrous metals, banks, automobiles, machinery and electrical appliances have performed well; while non-banking financials, retail trade, building decoration, and real estate have shown weaker performance. Looking ahead to February, historical experience suggests that the calendar effect of the "Two Sessions" is expected to lead to a spring offensive market. After external risks gradually clear, market participants are also hoping for further warming of the market after the "false spring" and continued research in the Hong Kong stock market. Focus will be on (1) investment opportunities in artificial intelligence combined with infrastructure development and innovative applications; (2) investment opportunities stemming from the "two sessions" theme of high-quality development; (3) investment opportunities related to the continuous promotion of large-scale equipment upgrades and durable consumer goods updates. In terms of risk warning, Shen Yufei cautioned about the turbulent international macro environment and unexpected policies. Bi Kai, manager of the BlackRock Excellence Far Horizon Mixed Fund, stated that the beginning of 2025 faced a "false spring", with exchange rate fluctuations, market adjustments, shifts in market styles, and structural movements in sectors such as artificial intelligence applications and robotics. The market characteristics and rhythm are similar to the early 2024. He holds a relatively positive view on the current market position. Looking ahead to the whole of 2025, if policies continue to strengthen, the market has the potential to transition from a liquidity bull market phase to a fundamental structural bull market phase, but this process will take time and requires ongoing assessment of economic fundamentals against policy feedback. Bi Kai mentioned four main investment opportunities: (1) Domestic demand improvement due to policy stimulus, mainly including home appliances, food and beverages, textiles and clothing, the internet, light manufacturing, real estate, machinery and equipment industries. The higher probability direction includes investment opportunities related to consumer spending and national consumption subsidies; while the higher odds direction includes investment opportunities related to the end of the real estate price downturn cycle and the reversal of downward pressure on prices. (2) Direction towards national security and technological advancement, mainly in the electronics, communication, media, semiconductor, and machinery and equipment industries. The more active industry opportunities include innovative products in the artificial intelligence application end and the emergence of artificial intelligence consumer electronics products, as well as the product innovation in the Apple chain in 2025. (3) Supply expansion moderation and supply-demand balance direction, mainly including agriculture, forestry, animal husbandry, fisheries, pharmaceuticals, biology, building materials industries. Attention will be on the continued clearing of loss-making supply side, with a turnaround confirmation possibly expected in the second half of 2025. At the current position, Bi Kai stated that the risks of a significant market downturn are manageable, and there are plenty of attractive targets in terms of market valuation. In terms of Hong Kong stocks, consumer, internet, real estate, and the prospects of the supply chain are more attractive, while in A-share market, opportunities in technology advancement, national security, artificial intelligence, Apple chain, and robotics industries are more active. Bi Kai mentioned that comprehensive balancing of investment opportunities' probability and odds will be sought to seize opportunities and strive for an ideal annual investment return. Zou Jiangyu, manager of BlackRock Advanced Manufacturing Fund, stated that since the beginning of 2025, the Chinese stock market has faced suppression followed by rebound, and growth sectors have shown some structural opportunities. The rapid development of the artificial intelligence industry has been witnessed, with breakthroughs in Chinese artificial intelligence technology represented by DeepSeek, and the accelerated application of global A industry. Technological changes bring new investment opportunities and will also cause some changes in the existing industry landscape, which is worth continuous tracking and research. Looking ahead to 2025, Zou Jiangyu stated that he will continue to research and lay out opportunities related to the revolutions in the artificial intelligence industry, green energy, and the upgrading of the Chinese manufacturing industry. Key directions worth focusing on include: (1) The application of artificial intelligence technology in consumer electronics terminals, smart transportation, and other areas. (2) Opportunities brought by the demand explosion for the infrastructure, semiconductor hardware, cloud computing, and other links empowering artificial intelligence applications. (3) Opportunities in high-end equipment manufacturing, chip manufacturing, and other sectors benefiting from demand for autonomous controllable products. (4) Industry chain opportunities brought by the green energy revolution and the rise of the electric vehicle industry.