中信证券：涨价为矛，增加低估值敞口

Core Viewpoint - The report from CITIC Securities indicates that there is significant revaluation potential for China's competitive resource and traditional manufacturing industries from the perspective of rationalizing profit margins [1] Demand Side Insights - It is suggested to focus on sectors with high exposure to AI, including electronics (electronic chemicals, copper-clad laminates, power devices, PCBs, electronic fabrics) and machinery (gas turbines, diesel engines, aviation/marine engines) [1] Supply Side Recommendations - The report recommends sectors with strong supply constraints, such as chemicals (phosphate chemicals, dyes, pesticides, MDI, synthetic rubber), non-ferrous metals (tantalum, tungsten, chromium), and oil and petrochemicals that have recently experienced supply disruptions (crude oil, refining, oil transportation) [1] Policy Context - The main theme during the "14th Five-Year Plan" period is the design of policy combinations aimed at improving quality and efficiency for enterprises [1] Valuation Considerations - The upward potential is constrained not only by static valuations but also by profit margins [1]