中信证券：红利轮动结束后需密切跟踪可能贯穿明年的新线索

Group 1 - The core viewpoint of the article highlights that the biggest structural fundamental clue in the A-share market is the overseas expansion of Chinese enterprises, which is influenced by the ongoing tensions between China and the US [1] - The report indicates that since April, the experience from TACO and increased confidence in China have led to investor hesitation in reallocating assets, creating opportunities for high dividend sectors to outperform temporarily [1] - It emphasizes that this rotation is based on old logic and not a new main theme, suggesting that after the end of the dividend rotation, new clues related to resource security, supply chain security, and leading technology security should be closely monitored [1] Group 2 - The article points out that the strategic intent of China to ensure long-term and systematic resource security and supply chain safety is a new focus for investors [1] - It mentions that potential new themes to track in the coming year include supply chain security and edge AI, indicating a shift in investment focus [1]