投顾晨报：慢牛预期强化，把握中盘蓝筹-20260121

Core Insights - The report emphasizes a "slow bull" market expectation, suggesting a shift from a previous "crazy bull" sentiment to a more stable outlook, maintaining confidence in mid-cap blue chips and cyclical sectors [2][3] - The cyclical mid-cap blue chips, particularly in the chemical and non-ferrous sectors, are highlighted as key investment opportunities, with a focus on manufacturing and technology growth [3] - The chemical industry is undergoing a transformation, moving from a focus on market share to profitability, influenced by internal policy adjustments and external anti-dumping measures [3] Market Strategy - The report suggests maintaining a focus on mid-cap blue chips, particularly in cyclical and manufacturing sectors, with an emphasis on non-ferrous metals and chemicals, as well as smart vehicles and robotics [3] - Recommended ETFs include the Hang Seng ETF, Hang Seng Technology ETF, and various sector-specific ETFs such as the Chemical ETF and Non-ferrous ETF [3] Industry Analysis - The chemical industry is reaching the limits of market share expansion due to policy constraints and increased scrutiny on low-quality growth, signaling a need for companies to adjust their strategies [3] - Key areas of focus within the chemical sector include MDI, petrochemicals, phosphate chemicals, PVC, and polyester bottle chips, with a preference for companies demonstrating strong leadership advantages [3] - The zinc market is expected to see price increases due to favorable supply-demand dynamics, driven by infrastructure needs in developing regions and a tightening supply of zinc ore [4][3]