中信证券：新零售在即将到来的春节旺季或有更多催化

Group 1 - The current market theme has entered a "tail" phase, characterized by increased volatility and accelerated rotation [1] - From a short-term allocation perspective, the recommended focus order is: social e-commerce > offline new retail/computing power > humanoid robots > AI wearables [2] - The new retail sector (social e-commerce and offline retail) is expected to have more catalysts during the upcoming Spring Festival peak season, presenting better allocation opportunities after corrections [2] Group 2 - The humanoid robot industry chain has seen a nearly one-month adjustment since mid-December 2024, with potential trading opportunities if Tesla's Optimus has a major version update in January, although overall opportunities may be relatively limited [2] - The computing power and AI wearables sectors have experienced significant prior gains and are currently in the "tail" phase of the thematic market, with high-performing stocks beginning to experience fluctuations, but the probability of a substantial decline is low [2] - The computing theme has more data and catalysts to track in the short term [2]