晨报｜物流和出行服务行业2025年投资策略

Logistics and Travel Industry - The domestic policy focus is shifting towards stimulating consumption and improving people's livelihoods, which is expected to drive demand and benefit the profit margins of operators [1] - High elasticity sectors such as aviation, high-end express delivery & freight, and domestic container shipping are recommended for investment due to their recovery potential [1] - Overseas opportunities should focus on individual stocks, particularly those with scarce resources and key logistics nodes [1] IP and Entertainment Industry - Sanrio, a leading IP company, achieved peak performance in FY1999 with revenues of 150.2 billion JPY and net profit of 5.1 billion JPY [2] - The company has successfully navigated through cycles and returned to high growth post-pandemic, driven by comprehensive reforms in business models, IP incubation, and operations [2] - The IP industry is thriving post-pandemic, with Sanrio benefiting from societal trends, diversified anime development, and the rise of Kidult consumption and kawaii culture [2] US-China Relations and Bond Market - Trump's cabinet nominations, predominantly composed of China hawks, suggest a more adversarial US-China relationship compared to the Biden administration [3] - The Federal Reserve's use of reverse repurchase agreements (RRP) has influenced the US bond market, with RRP increases in 2021 leading to narrower term spreads and subsequent reductions in 2023 contributing to a narrowing of the yield curve inversion [5] - A combination of quantitative tightening (QT) and interest rate cuts is expected to widen term spreads, though long-term US bond rates may remain elevated [5] Upcoming Events and Reports - Key events include expert exchanges on commercial real estate and sportswear industries, as well as forums on market strategies and ETF strategies in various Chinese cities [7] - Recent reports highlight A-share market strategies for 2025, focusing on policy impacts, market liquidity, and growth potential [7]