SINOLINK SECURITIES(SH:600109) 智通财经网·2025-11-09 11:14Group 1 - The financial vulnerability of overseas tech giants is becoming apparent, leading the market to focus on high-certainty assets, with a shift in the A-share market towards a rebalancing of styles [1][2] - The development gap in the tech industry has transitioned from US-based computing infrastructure to China's advantages in power, manufacturing, and general infrastructure, indicating a repricing of Chinese assets [2][3] - The energy transition over the past few years has involved the entire industry chain, creating advantages not limited to the new energy sector, which forms the basis and opportunity for the current market expansion [1][2] Group 2 - The A-share market is experiencing a style rebalancing, with the TMT sector lagging behind sectors benefiting from overseas power shortages, such as power equipment and chemicals [2][3] - The market is beginning to recognize the true value of China's substantial capacity built for energy transition, which not only leads globally in new energy system construction but also provides a stable and low-cost energy advantage for the high-end transformation of Chinese manufacturing [2][3] Group 3 - The current high elasticity in the power equipment market is due to long-term undervaluation from previous overcapacity, with a dual recovery in valuation and performance driven by overseas power shortages [3][5] - The chemical sector is identified as a significant direction for market expansion, as it includes core materials for power equipment and has companies positioned to leverage integrated advantages in the energy transition [3][5] Group 4 - The correlation between chemical sub-sectors and power equipment stock prices during the 2020-2022 new energy wave indicates that industries with high relevance to the new energy chain are likely to benefit from the ongoing energy transition [4][5] - Recommendations include focusing on titanium dioxide, organic silicon, coatings, modified plastics, and membrane materials, which are closely tied to the new energy sector and are positioned for recovery as traditional business conditions improve [4][5] Group 5 - The global power shortage is expected to increase production costs for high-energy-consuming industries, enhancing the competitive advantage of Chinese industries with relatively abundant power resources [5][6] - The market structure is evolving, with a new consensus emerging around the revaluation of physical assets and China's manufacturing advantages, driven by the recovery of manufacturing momentum and expansion of real economy investments [6][7]