一月策略及十大金股：“春季躁动”或将进入加速期，建议中小成长风格

Group 1 - The report indicates that the market's incremental funds are accelerating, potentially igniting a "volatile market" driven by "loose monetary + loose fiscal" policies, which are gradually restoring the domestic economic fundamentals [6][18]. - The report highlights that both new and old M1 measures have shown a continuous increase for two months, indicating a recovery in market liquidity, which supports future market valuation expansion [18]. - The report maintains a positive outlook for the "spring volatility" expected to accelerate in January 2025, with a focus on small and medium-sized growth stocks, particularly in the electronics, computer, and machinery sectors [18]. Group 2 - The report emphasizes the importance of the "spring volatility" market, suggesting a preference for small and medium-sized technology growth stocks, with a focus on TMT (Technology, Media, and Telecommunications), high-end manufacturing, and military industries as primary selections [18]. - The report notes that the Japanese social security expenditure has significantly increased as a proportion of fiscal spending, reflecting ongoing reforms and the impact of aging demographics [20][21]. Group 3 - The report recommends long-term investment in ZTE Corporation (000063.SZ) due to its competitive advantages in the automotive laser radar market and its transition towards becoming an AI and robotics platform-level enterprise [44]. - The report highlights the potential of Sutenju Technology (2498.HK) in the smart education sector, particularly in smart classrooms and examination services, which are expected to see growth due to their resilient demand [46]. - The report suggests that Luxshare Precision (002475.SZ) is well-positioned to benefit from the upcoming Apple product cycles and the growth of its automotive business, projecting a 50% growth rate in its automotive segment [13][24]. Group 4 - The report identifies the potential for Yutong Technology (002831.SZ) in the packaging sector, emphasizing its expansion into environmentally friendly packaging and overseas markets, which could drive future growth [49]. - The report points out that Tencent Holdings (0700.HK) is expected to benefit from the growth of its WeChat ecosystem and advertising business, with a strong performance anticipated in its gaming segment [51]. - The report highlights the growth prospects for Yingliu Technology (688305.SH) driven by the expansion of AI data centers and increasing demand for gas turbines [30]. Group 5 - The report indicates that Salted Fish (002847.SZ) is expected to achieve robust growth through multi-channel expansion and product diversification, projecting over 20% revenue and profit growth in 2025 [55]. - The report notes that Aolaide (688378.SH) is positioned to benefit from the domestic production of OLED equipment and materials, with a focus on increasing localization [34].