观潮谋新策，蓄势迎长虹——汇正财经2025年第四季度策略会圆满落幕，多维度解码投资机遇

Core Insights - The A-share market is currently in a critical window characterized by "policy support, industrial breakthroughs, and capital resonance" as the 14th Five-Year Plan concludes and the 15th Five-Year Plan is being prepared [1][3] - The strategy conference held by Huizheng Finance aimed to clarify the "performance realization opportunities during the 14th Five-Year Plan" and the "policy dividend directions during the 15th Five-Year Plan" for investors [3] Group 1: Economic Analysis - Liu Yuhui highlighted the shift in the China-US dynamic from "passive response" to "strategic advantage" and noted that the global economy is entering a dual easing cycle of fiscal and monetary policies [5] - The recovery of the Producer Price Index (PPI) in China is expected to contribute to further breakthroughs in the A-share index [5] Group 2: Sector Opportunities - Yang Shoujun emphasized that opportunities in cyclical stocks lie in "strategic positioning during corrections" rather than chasing price increases, suggesting that low valuations combined with high prosperity will lead to significant gains [7] - The valuation of cyclical stocks such as non-ferrous metals, chemicals, and cement is significantly lower than that of popular sectors like AI and TMT, indicating potential for recovery [7] Group 3: Renewable Energy and Storage - Yao Zhongyuan discussed the transition of energy storage from an "auxiliary tool" to a "core asset," suggesting that its growth potential is clearer than that of photovoltaics [9] - The domestic photovoltaic installation target for 2030 is projected to be six times that of 2020, with new technologies replacing traditional polysilicon [9] Group 4: Semiconductor Industry - Gu Chenhao revealed the deep integration of AI and the semiconductor industry, noting that the demand for AI computing power is doubling, which relies on advanced semiconductor processes [11] - The current domestic semiconductor equipment localization rate is about 25%, with significant differentiation in sub-sectors, indicating a broad future replacement space [11] Group 5: Investment Strategies - The roundtable discussion highlighted the importance of focusing on long-term value in the primary market, with an emphasis on AI infrastructure and low-altitude economy as key areas [14] - Investors are advised to shift from "short-term trading thinking" to "next year's layout thinking," focusing on policy expectations and sectors with high performance realization [14][15]