汇金、证金持仓维持稳健

Core Insights - Central Huijin and the Securities Finance Corporation have maintained a stable holding position since the fourth quarter of last year, with no significant changes observed in their portfolios [1] - Analysts suggest that there are substantial opportunities for valuation reconstruction in the A-share market, recommending the selection of "new core assets" [2] Holdings Overview - As of the end of last year, the Securities Finance Corporation's holdings in companies such as Sinopec, Bank of Communications, Zijin Mining, China Shenhua, and Ping An remained unchanged both quarter-on-quarter and year-on-year [1] - Central Huijin's holdings in companies like Ping An, Sinopec, Dongfang Securities, China Shenhua, and China Coal Energy also showed no changes in the same time frame [1] Market Outlook - The transfer of shares from the Ministry of Finance to Central Huijin, which includes significant stakes in China Cinda, China Orient, and China Great Wall, is seen as a precursor to potential mergers and acquisitions in the brokerage industry [2] - Analysts predict that the "national team" funds will act as a stabilizing force in the market, potentially leading to a slow bull market driven by Central Huijin [2] Investment Strategy - Analysts recommend focusing on three perspectives for selecting "new core assets": technological innovation driving industrial value reconstruction, supply-side reforms guiding industry supply and demand clearing, and institutional optimization releasing consumption potential [3] - Investment themes include technology innovation based on self-control logic, and the "two new" and "two重" themes under the guidance of expanding domestic demand [3]