中信证券：市场目前缺的只剩一个点火的催化

Core Insights - The current market environment shows similarities to late 2014, with investors in Hong Kong stocks, small-cap stocks, and industry sectors experiencing some profit effects, leading to a mild recovery in new product launches [1] - Non-financial sector profit expectations are nearing a bottom, with improved investor patience, although confidence still needs to be restored [1] - Policies aimed at reducing competition and boosting domestic demand are clear objectives, with specific policy implementations and adjustments expected soon, potentially showcased in the "14th Five-Year Plan" [1] Investment Strategies - The report maintains three strategic focuses for the mid-year reporting season: 1. Industries with strong industrial trend characteristics, focusing on AI and innovative pharmaceuticals [1] 2. Industries driven by performance and valuation matching, focusing on North American computing chains in telecommunications and electronics, as well as non-ferrous metals and gaming [1] 3. Industries with thematic and speculative characteristics, particularly related to military industry and new energy linked to reducing competition [1] - Overall, the rotation among non-ferrous metals, AI hardware, innovative pharmaceuticals, gaming, and military industries is expected to be the main theme during the mid-year reporting season [1]