中信证券：配置上要寻求交集，即海外敞口为基底、内需积极变化也会产生催化的品种

Core Viewpoint - The focus of the Central Economic Work Conference remains on expanding domestic circulation, similar to last year, with increasing factors supporting domestic demand while external demand faces greater challenges [1] Group 1: Economic Outlook - The difficulty of exceeding expectations for external demand in the coming year is increasing, while factors supporting domestic demand are on the rise [1] - Companies with overseas exposure are expected to have strong performance, but the difficulty in increasing valuations remains [1] Group 2: Investment Strategy - The investment strategy should seek intersections, with overseas exposure as a foundation and potential catalysts from positive changes in domestic demand [1] - The most significant intersection for investment is in resource and traditional manufacturing sectors where China has a competitive advantage globally [1] Group 3: Key Industries - Key industries to focus on include non-ferrous metals, chemicals, and new energy, which have high visibility in niche markets overseas [1] - If there are positive changes in domestic demand, these sectors are expected to have considerable valuation elasticity [1]