华泰证券梁红：“老经济”优质龙头关注度有望提升

Core Viewpoint - The "14th Five-Year Plan" emphasizes a shift towards a consumption-driven growth model, increasing the proportion of resident consumption in GDP, moving away from reliance on exports and investments [1] Group 1: Economic Outlook - The expectation for the next year is that the revaluation of Chinese assets will deepen, with equity investors shifting focus from the previous two years' strategies of "left-hand dividends, right-hand technology" to sectors more closely tied to economic fundamentals [1] Group 2: Sector Focus - There will be increased attention on cyclical sectors such as energy, consumption, and real estate, particularly on high-quality leading companies within these "old economy" sectors [1]