2025年度复盘：以“韧性”为名，画下2025投资句点

Group 1 - The core theme of 2025 is "resilience," reflecting the challenges faced throughout the year, including overseas liquidity shocks and supply-demand imbalances in various sectors [3] - The chemical and photovoltaic industries have undergone significant structural changes, moving from harmful competition to a focus on high-value product development and industry self-discipline [4] - The robotics sector has shifted from mere showcase to practical return on investment (ROI), indicating a more mature market with real orders rather than just concepts [4] - The automotive industry has demonstrated strong resilience, with leading companies expanding their presence globally despite intense price competition domestically [4] Group 2 - Artificial intelligence (AI) has emerged as a key variable for growth, transitioning from a concept to a tangible productivity driver, enhancing China's technological capabilities [5] - Investment strategies have evolved from focusing on growth rates to emphasizing the quality of growth, particularly in the context of the electric vehicle (EV) industry [6] - The shift in the EV sector's investment logic reflects a move from market share competition to efficiency and resource allocation, with a focus on upstream supply-demand dynamics [7] - The importance of AI in defining smart vehicles has increased, with a focus on companies that possess core advantages in smart driving and cockpit technologies [7] Group 3 - The investment approach emphasizes the importance of maintaining composure during market fluctuations, recognizing that structural recoveries often occur in challenging times [8] - Looking ahead to 2026, the industry is expected to enter a phase of fundamental improvement, driven by AI advancements and a commitment to avoiding internal competition [9] - Traditional industries like photovoltaics and chemicals are anticipated to achieve better supply-demand balance, leading to profit recovery for quality leaders [9] - The robotics sector is poised for significant growth, with key product launches expected to create market momentum [9]