中信证券：聚焦在五大强产业趋势的行业

Core Viewpoint - The current market shows restraint towards high-performance industries, suggesting that the small-cap sector should slow down its pace [1] Industry Analysis - The strong industry trends with high earnings realization are still favored, while the small-cap stocks with a price-to-earnings ratio of 148 times and negative TTM profits lack reasonable upward potential [1] - The valuation of the five industries previously highlighted (non-ferrous metals, telecommunications, innovative pharmaceuticals, gaming, and military industry) is more reasonable compared to the small-cap sector and the CSI 2000 index [1] - The recent increase in small-cap stocks is primarily driven by liquidity rather than structural profit growth, which is not as robust as in 2015 [1] Market Dynamics - The main sources of incremental funds for small-cap stocks are quantitative products, small active equity products, and retail investors, with financing heat in this sector rising faster than in large-cap stocks [1] - There is a potential challenge for the small-cap and banking structure once the macroeconomic logic is clarified [1] Investment Strategy - The recommended investment strategy focuses on the five strong industry trends while avoiding participation in misleading capital relay trades [1]