国泰君安：市场有望逐步企稳 关注前期表现、估值与景气的行业

Core Viewpoint - The market is expected to gradually stabilize, with a focus on industries that have shown strong past performance, reasonable valuations, and positive economic conditions [1] Group 1: Economic Outlook - Current monetary policy easing expectations have been delayed under the requirement to stabilize the exchange rate, but historical experience suggests that this phase is often at a bottom position, with subsequent reserve requirement ratio (RRR) cuts and interest rate reductions likely to lead to a significant market rebound [1] - The decision-makers' clear economic stance at this stage, along with high-frequency data such as PMI, production, and consumption in December 2024, is expected to help stabilize economic expectations, allowing the market to stabilize more quickly [1] Group 2: Industry Recommendations - Based on historical experience, three areas for investment are suggested: a. Industries with low valuations and strong past performance, such as machinery (engineering machinery/robots) and home appliances [1] b. Industries expected to see a recovery in prosperity, including military industry, consumer staples, and semiconductors [1] c. Early positioning in non-bank financials, as future monetary policy implementation is likely to drive market rebounds [1]