Xin Lang Cai Jing·2025-09-21 08:00Core Viewpoint - The overall industry selection framework remains focused on resources, new productive forces, and overseas expansion [1] Group 1: Industry Selection Framework - The resource stocks are shifting from cyclical attributes to dividend attributes due to supply constraints and global geopolitical tensions, leading to a restructured valuation system [1] - The volatility caused by the retreat of funds amid expectations of Federal Reserve interest rate cuts can be ignored [1] Group 2: Globalization of Chinese Manufacturing - The key mid-term insight is the globalization of leading Chinese manufacturing companies, which will convert market share advantages into pricing power and improved profit margins [1] - This shift aims to gradually break the misconception that market performance is solely driven by liquidity, rather than fundamentals [1] Group 3: Investment Focus Areas - The investment strategy should maintain focus on resource stocks, consumer electronics, innovative pharmaceuticals, and gaming for right-side trend varieties [1] - For left-side allocations, attention should be given to the chemical and military industries [1] Group 4: Industry Trends - Recent emphasis is placed on the expansion of AI from cloud-side logic to edge-side logic [1]