Market Review - The new narrative logic of the Chinese market is becoming clearer, with significant asset volatility driven by Trump's fluctuating policies, tariff disputes, and ongoing geopolitical conflicts [4] - The A-share market has benefited from technological innovation and a solid fundamental backdrop, leading to an increase in allocation value [4][13] - The small-cap style has significantly outperformed, with the CSI 1000 index rising over 10% [4][19] Market Environment - External uncertainties continue to evolve, impacting global risk appetite, while domestic fundamentals remain resilient [4][30] - The weak dollar is expected to support the valuation of emerging markets, including Chinese assets, in the medium to long term [4][40] Structural Opportunities - New industries are experiencing significant positive changes, with emerging sectors like AI, advanced manufacturing, and new consumption trends gaining momentum [4][20] - The financing landscape is shifting towards new productive forces, with IPOs increasing by 26.5% year-on-year and M&A activity rising dramatically [4][24] Investment Outlook - The market environment is reminiscent of the second half of 2019, with external uncertainties and a recovery in domestic earnings [4][6] - Four main investment themes are identified: technological innovation (AI, semiconductors), new consumption (beauty care, leisure food), advanced manufacturing (automotive, military), and non-ferrous metals (gold, copper) [4][6][24]
A股市场2025年中期策略报告：千磨万击还坚劲，任尔东西南北风-20250625
Ping An Securities·2025-06-25 03:27