银河证券：短期经济结构性特征依旧明显 政策支持的高端产业及相关原材料行业仍是景气重点

Core Viewpoint - The profit growth rate of industrial enterprises in November indicates that maintaining positive growth for the entire year faces certain pressures, primarily due to the narrowing low base effect and the dual impact of anti-involution policies on profit improvement [1] Group 1: Profit Growth and Economic Structure - The low base effect on profit readings has diminished, indicating challenges in sustaining profit growth [1] - Anti-involution policies are regulating competition and limiting vicious price wars, which may temporarily suppress profit growth by reducing reliance on low-price market expansion strategies [1] - Structural adjustments in the economy may lead to short-term pressure on total profits [1] Group 2: Investment Opportunities - The short-term structural characteristics of the economy remain evident, with high-end industries and related raw material sectors being key areas of focus due to policy support [1] - The upward trend in the A-share market, combined with policies supporting domestic demand, is expected to stimulate consumer spending and release consumption momentum [1] - In the context of increasing global uncertainties, the certainty premium of Chinese assets is likely to continue rising, making it an attractive investment landscape [1] Group 3: Focus Areas for Investment - Investment priorities should include industries supported by policies promoting new productive forces and certain raw material sectors benefiting from price increases, which still possess high growth potential and stable returns in the current structural opportunities [1]