Guosen Securities(SZ:002736) Zhong Guo Zheng Quan Bao·2025-10-15 20:17Core Viewpoint - The current economic fundamentals are showing signs of improvement, which is expected to gradually spread across more industries, supported by macro policies aimed at reducing competition and enhancing market sentiment [1] Group 1: Technology Sector - The technology sector is expected to remain the main focus of the market, driven by the AI wave that has opened up new growth opportunities across multiple industries since September 2024 [2] - Historical data shows significant profit growth in technology sectors during previous waves, such as the increase in net profit growth of the computer sector from 3% in Q1 2013 to 175% in Q1 2016 [2] - The outlook for the next year remains positive for the technology sector, particularly in AI applications [2] Group 2: Value Sector - The value sector is also seen as having investment potential, with expectations of a rotation in industries and potential for catch-up gains [2] - Three specific areas of focus within the value sector include real estate, brokerage firms, and consumer goods [3] Group 3: Real Estate Sector - The real estate sector has undergone significant adjustments and currently has low overall valuations, with expectations for more supportive policies to stabilize the market [3] - Low-valued real estate stocks are believed to have recovery potential [3] Group 4: Brokerage Sector - The brokerage sector is expected to benefit from a recovering market, with a noticeable increase in trading volume and a significant year-on-year rise in net profits [3] - Further market sentiment recovery could lead to increased trading volumes and enhanced profitability for brokerages [3] Group 5: Consumer Sector - The consumer sector, particularly the liquor industry, is highlighted for its potential, with the liquor index having declined for five consecutive years, leading to high dividend yields and improved cost-effectiveness [3] - The recovery in the stock market is anticipated to boost consumer spending, further supporting the upward movement of the consumer sector [3]