春风送暖

Group 1 - The macro policy continues to strengthen, with a significant improvement in the construction PMI indicating that investment is expected to stabilize, and the possibility of a reserve requirement ratio cut is increasing, alongside currency appreciation and public fund allocation supporting micro liquidity, suggesting a gradual spring market may unfold [3][4][5] - The probability of a "good start" in the market is increasing, driven by continuous positive factors such as policy support in consumption and real estate, a significant improvement in construction PMI, and the potential for a reserve requirement ratio cut in January [4][5] - The economic fundamentals show marginal changes, with a focus on whether the investment sector can stabilize at the beginning of the year, as the construction PMI has rebounded significantly, indicating potential policy effectiveness in stabilizing investment [5][25][26] Group 2 - The industry configuration emphasizes "stories" and "performance" as key elastic opportunities, with the AI industry chain identified as the strongest mainline, focusing on computing power, supporting components, and key applications [6][40][41] - The first mainline is the AI industry chain, which is expected to continue its strong trend, with attention on computing power (CPO/PCB), supporting components (optical fibers/liquid cooling/power supply), and applications (robots/games/software) [40][41][43] - The second mainline focuses on sectors with high prosperity or significant event catalysts, including storage and energy storage chains, military industry, and machinery equipment, with expectations of long-term prosperity driven by AI demand and geopolitical events [41][42]