2025年中期策略：复苏之途，机遇领航

Investment Highlights - The report indicates a moderate increase in major domestic indices, with small-cap growth styles outperforming [6] - The performance of Shenwan's first-level industries shows a divergence, with non-ferrous metals, banking, and defense industries leading in gains [6] - International markets exhibit mixed index performance, with Europe and emerging markets showing notable strength [6] Domestic and International Economic Outlook - The domestic economy is on a continuous recovery path, with internal demand supporting external demand [6] - Coordinated fiscal and monetary policies are being implemented to boost the economy, with a comprehensive policy package introduced [6][6] - The overseas economic landscape remains influenced by the unchanged interest rate path of the Federal Reserve and the disruptive effects of Trump's tariff policies on the global economy [6] A-Share Liquidity Outlook - Trading volumes in both markets have surged, with a significant increase in new account openings [6] - Investor risk appetite is improving, and the balance of margin financing and securities lending is expected to continue rising [6] - The RMB exchange rate is steadily strengthening, leading to anticipated continued inflows of northbound capital [6] - Insurance funds are becoming a crucial source of incremental market capital, with policy support expected to enhance the scale of future inflows [6] Mid-term Investment Strategy for A-Shares in 2025 - Focus on technology sector investments [6] - Emphasis on new consumption trends [6] - Investment opportunities in innovative pharmaceuticals [6] - Strategies to counteract "involution" in various sectors [6] - Dividend-paying stocks are highlighted as attractive investments [6] - Non-ferrous metals are identified as a sector with potential [6]