On February 12th, major A-share indices generally closed higher, continuing the market's strengthening trend. As the Spring Festival approaches, some investors have reported receiving their "holiday bonuses." However, the debate over whether to cash out profits or hold positions through the holiday period has once again become a hot topic in the market. Analysis reveals that multiple securities firms are advocating for holding stocks during the holiday. Simultaneously, private fund institutions are responding to the market with real capital commitments, actively entering the market, with over 60% choosing to hold significant positions over the break. Favorable conditions across the board have led securities firms to support holding positions during the holiday. A review of research reports from various brokerages shows that, compared to previous years, institutional views are more aligned this year, generally concluding that holding positions might be the preferable strategy. "Maintain confidence and hold positions during the holiday," stated the strategy team at Guotai Junan Securities directly. SDIC Securities also believes the market is likely to stage a comeback after the holiday. GF Securities' strategy team emphasized that the A-share market might experience a period of opportune conditions for a short-term rise, encouraging investors to regain confidence, regroup, and prepare for the first upward cycle in the Year of the Horse. This collective optimism for holding positions stems from an unchanged market foundation. Industrial Securities pointed out that the recent global asset adjustments are more about narratives digesting sentiment rather than substantive changes in fundamentals or policy paths. As risks are released, the peak impact on market sentiment may be passing. Increased potential catalysts post-holiday and the typical "Spring Festival effect" are expected to create a favorable environment for market recovery, making holding positions a strategy with both a high probability of success and favorable risk-reward. The prospects for a spring rally also influence institutional outlook. Huajin Securities suggests that the A-share market's short-term performance before the holiday could impact post-holiday trends. Currently, the spring rally is considered unfinished. Expectations for improved economic and corporate profits during the holiday, potentially sustained loose liquidity, and neutral risk appetite indicate that after short-term adjustments, technology growth and cyclical sectors may still hold an advantage, advising investors to hold positions. Furthermore, several brokerages noted that, based on calendar effects, post-holiday performance has historically been stronger than pre-holiday, with a higher overall success rate for the market after the break. Despite the clear consensus, many brokerages also cautioned that market performance could still be affected by multiple risk factors, including a slower-than-expected economic recovery pace, delays in policy implementation, geopolitical risks, and uncertainties surrounding overseas interest rate cuts and tariff policies. Over sixty percent of private funds are opting for heavy or full positions; where do opportunities lie post-holiday? While brokerages present their views, the actions of institutions often serve as a valuable reference. According to information obtained from private fund ranking platforms on February 10th, private fund institutions are responding with capital. Over 60% of private funds lean towards heavy or full positions during the holiday, believing that index fluctuations will not alter structural opportunities in the market; 16.22% prefer moderately heavy positions, acknowledging that the short-term market may still require consolidation. Conversely, 13% of private funds favor medium positions, citing the extended holiday period and uncertainties in overseas markets and news, necessitating a balance between offense and defense. Eight percent prefer light positions, concerned about short-term correction risks. Regarding the outlook for A-shares after the holiday, seventy percent of private funds are optimistic, believing the pre-holiday consolidation has been sufficient, setting the stage for the market to stabilize and resume its upward trend. However, 10% remain cautious, pointing to lingering structural valuation bubbles and the potential for diminished returns in major indices and individual stocks post-holiday. Which sectors might rebound after the holiday? Survey results from private fund platforms indicate that forty percent of private funds are bullish on a combination of low-valuation blue-chips and technology growth stocks, favoring a barbell portfolio structure for balanced risk. Thirty percent are optimistic about the technology growth sector, viewing it as the market's core theme. Eighteen percent favor resource stocks, believing the bull market for commodities like non-ferrous metals is not over. Meanwhile, 12% see opportunities in sector rotation, expecting more pronounced market shifts between high and low valuation segments, and are optimistic about轮动 opportunities in traditional consumer sectors, traditional manufacturing, and high-dividend stocks. "Before the Spring Festival, the market has undergone sufficient consolidation. Both the positioning of funds within the market and the sentiment of external investors have gradually stabilized, moving away from the previous panic selling and blind following. Historically, A-shares have had a high probability of rising after the holiday over the past decade. Combined with this year's later holiday timing, prompting many funds to position before the break and enter集中 after, I am relatively optimistic about the subsequent market trend and performance," said Bao Xiaohui, Chairman of Changli Asset, who expects the market to stabilize and rise post-holiday. Heiqi Capital also noted that holding significant positions during the holiday presents structural opportunities outweighing systemic risks. "Pre-holiday, the market has undergone considerable technical consolidation and筹码 exchange. Shrinking成交量 indicates reduced selling pressure, creating conditions for a post-holiday rebound. Historical data shows a high probability of A-share gains after the Spring Festival, typically accompanied by improved liquidity and gradually warming investor sentiment. With the approaching window for Two Sessions policy announcements, expectations for pro-growth policies are heating up, likely refocusing the market on the economic recovery narrative. Post-holiday, A-shares will likely stabilize and resume an upward trend; it is advisable to actively seize this布局 window." Su Shang Bank特邀 researcher Xue Hongyan offered a note of caution, reminding that while pre-holiday sentiment has improved, participation levels remain low. Coupled with uncertainties such as volatility in external markets and geopolitical issues during the long break, vigilance against short-term disruptions is still necessary. He recommended managing positions according to individual risk tolerance, maintaining a balanced portfolio that includes both the long-term opportunities in technology growth sectors and defensive assets to hedge against volatility. For stocks that have seen significant short-term gains, he suggested considering partial profit-taking and avoiding chasing overheated themes blindly. Overall, holding positions through the holiday remains the more suitable strategy. With the post-holiday policy window opening and anticipated capital inflows, the market generally holds positive expectations. Technology growth sectors supported by policies and low-valuation cyclical板块 still offer布局 opportunities.