成长与红利板块各有看点

Group 1 - The capital market has seen a significant increase in activity since the third quarter, characterized by a structural market trend, with technology sectors like AI computing, semiconductors, and robotics leading the gains [2] - Precious metals, energy storage, and lithium battery industries have also performed well, while the banking sector has recently rebounded, driven by multiple factors including supportive policies, ample market liquidity, continuous technological advancements, and a slight easing of external conditions [2] - In the bond market, long-term and ultra-long-term interest rates have shown a downward trend, with the 10-year and 30-year government bond yields dropping below 2% by the end of last year, reflecting market expectations [2] Group 2 - Growth stocks have seen their valuations drop to historical lows, but market confidence in long-term logic remains to be strengthened, which has limited the valuation recovery of listed companies [3] - Current market confidence is rebounding, with growth enterprises experiencing multiple positive changes, including accelerated industry logic iteration and clearer mid-to-long-term growth paths, leading to a return of valuations in several sub-sectors [3] - The technology innovation sector in China is advancing through R&D investment and rapid iteration, with companies expanding internationally despite complex global conditions, indicating resilience in previously underperforming industries [3] Group 3 - Dividend assets have maintained their ability to generate stable returns for investors, despite a shift in market risk appetite this year, and high-quality assets with stable long-term dividend capabilities still hold valuation advantages [3] - The effectiveness of dividend strategies is expected to persist for a considerable period, reflecting the ongoing appeal of dividend-paying investments in the current interest rate environment [3]