2025年中期策略：生于忧患，死于安乐

Group 1 - The report emphasizes the importance of abandoning illusions and tackling challenges head-on, highlighting the transition between old and new economic drivers, with a focus on domestic demand and technological innovation in sectors like AI, robotics, and semiconductors [3][13][36] - The report notes that while there are short-term risks, the long-term competitive advantages of Chinese exports are significant, with a record trade surplus of $1,127.1 billion as of May 2025, indicating a strong export trend [36][40] - The report discusses the increasing significance of the capital market, with expectations of a shift from a focus on liquidity to encouraging credit expansion, supported by recent policy changes aimed at stabilizing and activating the capital market [3][62][70] Group 2 - The report identifies key investment themes, including domestic consumption driven by policy support and the emergence of autonomous and controllable sectors, which are seen as vital for national strategy and economic resilience [4][5][30] - The report highlights the rapid growth potential of the marine economy, which is projected to contribute significantly to GDP, with a focus on deep-sea technology and green transformation initiatives [5][30] - The report outlines the expected growth in the humanoid robotics market, with a projected CAGR of over 80% from 2023 to 2028, indicating a strong investment opportunity in this sector [30][32]