投资策略报告：持股过节

Group 1: U.S. Policy Changes - Trump administration plans to impose tariffs up to 100% on China, with a 25% tariff on Canada and Mexico starting February 1[5] - Energy policy shifts towards traditional energy development, exiting the Paris Agreement, and reducing subsidies for electric vehicles, resulting in a 6% drop in ICE Brent crude oil prices since January 16[5] - Trump aims to influence Federal Reserve decisions, advocating for lower interest rates to stimulate capital expenditure in oil and gas sectors[6] Group 2: Domestic Policy Initiatives - Chinese government emphasizes expanding domestic demand, with policies promoting consumption and capital market development ahead of the Spring Festival[24] - The China Securities Regulatory Commission encourages long-term investments, mandating public funds to grow their A-share holdings by at least 10% annually over the next three years[24] Group 3: Market Trends and Asset Allocation - In Q4 2024, fund allocation decreased by 0.1% to 83.2%, while allocations to Hong Kong and STAR Market increased by 2.0% and 1.9% respectively[25] - Sector allocations show increases in electronics (+2.0%), automotive (+0.3%), and banking (+0.5%), while reductions were seen in industrial metals and real estate[25] Group 4: Investment Opportunities - Focus on TMT (Technology, Media, Telecommunications), small-cap stocks, and growth themes as primary investment strategies for the upcoming market cycle[17] - AI infrastructure investment of $500 billion announced, with significant potential in related sectors such as computing power and energy[21]