策略专题研究：民生研究：2025年2月金股推荐

Group 1: Market Overview - The overseas negative factors have eased, leading to a rebound in the RMB exchange rate and increased attention on the trade chain in the A-share market[1] - The relative valuation of the CSI 300 index compared to the S&P 500 shows a 16% valuation gap, indicating resilience in the A-share market[2] - The market consensus is focused on the potential implementation of tariffs by the U.S. government, which could impact A-share rebounds if realized[3] Group 2: Economic Indicators - Key indicators such as electricity consumption and PMI are expected to rise, signaling a recovery in corporate profits due to infrastructure investment growth[4] - The current infrastructure investment growth rate is approaching the compound growth rate of the past three years, suggesting a potential economic boost post-Spring Festival[4] Group 3: Stock Recommendations - Recommended stocks include China Shenhua, with a stable performance due to high coal long-term contract ratios and leading cash levels[9] - Other recommendations include Geely Automobile, benefiting from its established position in the new energy vehicle market, and XJ Electric, which is poised to gain from the acceleration of flexible DC penetration[9] - The report also highlights the potential of ETFs, such as the Gold ETF, which has shown a 4.94% growth rate since January 2025[12]