Zheng Quan Shi Bao Wang·2025-03-19 23:30Core Viewpoint - The spring capital market forum hosted by CITIC Securities emphasized 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 $100 billion [1][2]. Group 1: New Core Assets - CITIC Securities highlighted that new core assets, driven by trends such as AI equity and domestic computing power, are expanding and have the potential to reach a market value of $100 billion [2][3]. - Traditional core assets, including sectors like LED, security, service robots, and integrated circuits, have about 30% of companies that have turned around in their operations [2]. Group 2: Market Outlook - The A-share market is currently in a volatile phase, and a breakthrough will require the support of core assets rather than scattered themes [2]. - The macroeconomic environment is expected to support technology, supply-side reforms, and consumer promotion policies, which will positively influence the market [2]. Group 3: Consumer Sector - In addition to technology, the consumer sector is also viewed positively by several brokerage firms, with a focus on themes related to consumer iteration such as "self-economy" and "initial public offerings" [4]. - The improvement in asset prices is anticipated to gradually enhance consumer demand through wealth effects, supported by monetary and fiscal policies [4]. Group 4: Hong Kong Market - The Hong Kong stock market is characterized by three main features of a bull market: the need for asset allocation, significant available position space, and a high tolerance for valuations [6]. - The inflow of southbound funds into the Hong Kong market indicates a sustained bullish sentiment, supported by strong earnings from tech stocks and signs of economic stabilization [7].