Zheng Quan Shi Bao Wang·2025-03-19 17:20Core Viewpoint - The spring capital market forum hosted by CITIC Securities emphasizes the emergence of new core assets in China, particularly in the domestic computing power chain, which are expected to expand to a market value of hundreds of billions of dollars [1][2]. Group 1: New Core Assets - The new core assets, including domestic computing power chains, cloud applications, edge AI, and physical AI, are identified as having the potential for a market value expansion to hundreds of billions [2]. - Approximately 30% of traditional core assets, such as LED, security, service robots, engineering machinery, integrated circuits, lithium batteries, national joint-stock banks, cloud services, and medical services, have already shown signs of operational recovery [2]. Group 2: Market Trends and Strategies - The A-share market is currently in a volatile phase, and a breakthrough requires the support of core assets rather than scattered themes [2]. - The macroeconomic outlook for 2025 includes policy advancements in technology, supply-side reforms, and consumer promotion, which are expected to drive market growth [2]. - The year 2025 is anticipated to be a significant year for thematic investments in A-shares, driven by factors such as funding preferences, technological catalysts, and policy implementation [4][5]. Group 3: Consumption and Economic Policies - Consumption is highlighted as a second main investment theme alongside technology, with a focus on the "self-care economy" and "initial public offering economy" [4]. - The macroeconomic analysis indicates that monetary policy will support consumer demand recovery, while fiscal policy will aim to enhance social security and resolve debt issues [4]. Group 4: Hong Kong Market Outlook - The Hong Kong stock market is currently in a bull market phase, characterized by necessary asset allocation, significant available positions, and high valuation tolerance [7]. - The potential for further investment in Hong Kong stocks is substantial, with a theoretical capacity to increase by over 600 billion HKD [7]. - Valuation opportunities remain in various sectors, including internet, hard technology, automotive, and biopharmaceuticals, indicating room for profit margin recovery and valuation expansion [7][8].