Zheng Quan Shi Bao Wang·2025-12-01 00:41Core Viewpoint - CITIC Securities believes that despite potential short-term market volatility, any downturn presents a better opportunity for positioning, with a focus on preparing for the year-end market rally [1] Market Strategy - The strategy emphasizes opportunistic positioning ahead of key events, specifically the Federal Reserve's interest rate meeting and the Central Economic Work Conference after December 10 [1] - Investors are advised to increase positions at lower levels before these meetings, paying attention to the support at the half-year line and market volume conditions [1] Reasons for Year-End Rally - The anticipated year-end rally is attributed to several factors: early spring market enthusiasm, expected liquidity improvement signals from potential Federal Reserve rate cuts, policy expectations for the start of the 14th Five-Year Plan, and similarities to the year-end rally in December 2020 [1] Key Investment Areas - CITIC Securities identifies several sectors likely to lead the year-end rally, including: - AI (CPO, AI applications, liquid cooling) - New Energy (energy storage, solid-state batteries, nuclear power) - Innovative pharmaceuticals - Machinery (humanoid robots, automation equipment) - Non-ferrous metals - Chemicals - Additionally, opportunities in Hong Kong's internet and commercial aerospace sectors are highlighted [1] Industry Focus - Key industries to monitor include: - Non-ferrous metals (copper, silver) - AI (communications, computing) - New Energy - Innovative pharmaceuticals - Machinery - Hong Kong internet - Chemicals [1] Thematic Focus - The primary thematic focus is on commercial aerospace [1]