新一轮上涨行情徐徐展开

Policy Insights - A new implementation plan was issued on January 22, 2025, by six departments including the Central Financial Office and the CSRC to promote long-term capital entering the market[1] - The plan aims to stabilize short-term market fluctuations and enhance the effectiveness of value investing[2] Long-term Investment Strategies - Public funds are required to increase their A-share market value by at least 10% annually over the next three years, enhancing long-term investment capacity[4] - Large state-owned insurance companies will allocate 30% of their new premiums to A-shares starting in 2025, potentially bringing in an additional CNY 1.7 billion based on previous year's data[4] Market Stability Measures - The plan includes reforms for public funds to reduce market volatility, such as promoting low-volatility products and increasing the weight of long-term performance in regulatory evaluations[3] - The second batch of insurance funds for long-term stock investment will be implemented in the first half of 2025, with an initial scale of no less than CNY 1 billion[4] Market Outlook - The implementation plan is expected to stabilize the market in the short term and enhance risk appetite, with long-term benefits for market stability[6] - Anticipated inflows from long-term funds, including CNY 500 million from insurance funds before the Spring Festival, are expected to support market recovery[4] Investment Focus Areas - In February, two main investment themes are highlighted: high-growth technology sectors and infrastructure-related stocks due to seasonal effects[7] - The focus on infrastructure will leverage stable seasonal patterns and is expected to benefit from upcoming macro policy expectations[7] Risk Considerations - Potential risks include underperformance in consumer spending and credit data, as well as unexpected shifts in U.S. policy towards China[7]