2025年策略投资报告：乘势而上，聚势而强

Group 1 - The A-share market is expected to continue its upward trend in 2025, driven by favorable policies and increased participation from long-term capital [5][6][65] - The performance of large-cap blue-chip stocks is anticipated to improve, with a focus on sectors benefiting from technological innovation and financial sector recovery [5][6][35] - The liquidity environment in the A-share market is projected to improve further, supported by new monetary policies and capital inflows [5][6][65] Group 2 - The report highlights the rise of passive investment strategies, with broad-based index ETFs likely to benefit leading companies [6][35] - The acceleration of new productive forces is emphasized, with a focus on merger and acquisition targets in technology and finance sectors [6][35] - Structural opportunities are expected to increase, with a rotation between balanced and growth investment styles [5][6][35] Group 3 - The financial sector has shown significant recovery, with non-bank financials and banks leading the performance among industries [35][36] - The technology sector remains a hot investment area, particularly in TMT (Technology, Media, and Telecommunications), with substantial growth in communications and electronics [35][36] - The report notes that industries such as household appliances and new materials have also performed well, driven by supportive policies [35][36]