中信建投：坚守“科技+资源品”双主线

Core Viewpoint - The report from CITIC Securities indicates that while industrial production remains resilient and exports are growing rapidly, domestic demand indicators such as consumption and investment are still weak, highlighting a characteristic of "strong production versus weak demand" throughout the previous year [1] Economic Environment - The current macroeconomic environment shows similarities to the investment peak period of 2020-2021, with interbank interest rates at their lowest levels since 2020 [1] - The combination of weak macro demand and loose liquidity is expected to favor structural investment opportunities in certain sectors [1] Sector Insights - In the technology sector, AI semiconductors and new energy are identified as the core areas of current prosperity, with strong policy support for AI applications and accelerated commercialization [1] - The global capacity planning for space photovoltaics has exceeded expectations, and technological breakthroughs are opening up trillion-dollar markets [1] - The innovative drug sector is seeing value realization driven by business development transactions, clinical breakthroughs, and new drug approvals [1] Resource Sector - The non-ferrous metals industry has the highest forecasted performance improvement rate for 2025, with attention on the subsequent transmission of prosperity to the energy and machinery sectors [1] - As monetary easing continues, funds are expected to gradually shift from the financial system to the real economy, benefiting sectors such as non-ferrous metals, chemicals, machinery, and consumer goods [1] - Since December 2025, the South China Metal Index has risen by 12.5%, while the energy and industrial product indices have only increased by around 7%, suggesting better investment value in the current market [1]