A股跨年行情已经启动，新的主线浮出水面

Group 1 - The article highlights that 39 out of 360 industry/theme ETFs reached new highs in December, with established sectors like telecommunications and non-ferrous metals reflecting North American AI infrastructure and resource logic, while new sectors like commercial aerospace ETFs are gaining attention during market fluctuations [2] - The focus on sectors such as chemicals and engineering machinery indicates a shift in China's manufacturing competitiveness towards pricing power, while sectors related to anti-involution, like new energy and steel, are also showing signs of recovery [2] - The investment strategy suggests a preference for sectors with low heat and concentration but potential for long-term ROE improvement, such as chemicals, engineering machinery, and new energy, alongside a keen observation of the trend of RMB appreciation [3] Group 2 - The article discusses the favorable conditions for the spring market rally, emphasizing liquidity-driven characteristics in the A-share market, with expectations for a surge in the CSI A500 ETF towards year-end [3] - It notes that the spring market is supported by loose liquidity, with private equity making concentrated purchases and the RMB's appreciation benefiting market liquidity [3] - The potential for a spring rally is further supported by upcoming events like the Spring Festival and the Two Sessions, which may enhance risk appetite [3] Group 3 - The article indicates that the RMB's appreciation post "breaking 7" is expected to have a positive impact on both the currency and capital markets, with a potential for a spring rally [4][5] - It outlines four key logic points regarding the impact of RMB appreciation on industry allocation, including benefits for industries with high import reliance, those with significant foreign currency liabilities, and domestic demand-driven sectors [5] - The article suggests that the current market conditions do not show clear signs of a bull market peak, with internal policies remaining supportive and external risks easing [6] Group 4 - The article identifies new investment themes emerging in the commodity market and real industry chains, highlighting the increasing consumption of physical goods in manufacturing sectors and the strengthening of China's manufacturing advantages [7] - It recommends focusing on industrial resource products that resonate with AI investment and global manufacturing recovery, as well as sectors like equipment exports and domestic manufacturing recovery [7] - The article emphasizes the importance of capital market expansion and the potential for non-bank financial sectors to benefit from improving asset returns [7] Group 5 - The article states that the A-share market's cross-year rally has begun, driven by positive signals from the Shanghai Composite Index and optimistic institutional investor expectations [8] - It highlights the importance of sectors like non-ferrous metals and AI computing, with commercial aerospace being a primary market focus [8] - The article suggests that the spring market may see a structural and rapid rotation of sectors, with a recommendation for investors to adopt a low-buying strategy [12]