工银瑞信年度策略解读：把握传统产业升级、新兴产业扩张与前沿领域投资机遇

Core Viewpoint - The "15th Five-Year Plan" is expected to provide clear direction and policy support for the capital market, with a focus on traditional industry upgrades, emerging industry demand expansion, and thematic investments in frontier industries [1] Macro Analysis: Opportunities in Financial Assets - The liquidity environment is expected to remain relatively loose both globally and domestically, providing opportunities across various financial assets, with a particular emphasis on the A-share equity market [2] - Current A-share market valuations are considered reasonable based on historical rolling returns, suggesting that the market is not overly expensive [2] - Two core supporting factors for the A-share market include a friendly liquidity environment and an anticipated upward trend in the profit cycle due to improved supply-demand dynamics [2] Trend Assessment: Technological Self-Reliance - The "15th Five-Year Plan" emphasizes technological self-reliance as a strategic task, highlighting the importance of technological innovation and productivity improvement for sustainable economic development [4] Insight into Opportunities: Three Structural Directions - The "15th Five-Year Plan" outlines three key investment directions: 1. Traditional industries such as chemicals, shipbuilding, and metallurgy are expected to enhance profitability through supply-side policies and optimization [5][6] 2. Emerging industries like artificial intelligence and energy storage are projected to experience sustained demand growth, leading to rapid development [6] 3. Frontier industries, including embodied intelligence and quantum technology, are seen as having significant growth potential and should be monitored for breakthroughs in basic scientific research [6] Rational Layout: Understanding Industry Trends - Investors are advised to recognize industry trends and avoid frequent timing based on short-term fluctuations, particularly in the high-growth and high-volatility technology sector [7] - The investment strategy should focus on understanding industry development trends and adjusting strategies only when substantial changes occur in the underlying fundamentals [7]