策略周报：产业主题与涨价链共舞下的春季行情-20260125

Strategy Insights - The report highlights a strong spring market driven by active trading in small-cap and thematic investments, with A-share trading volume exceeding 3 trillion, indicating robust market confidence and capital inflow [3][8][22] - The report identifies key themes for investment, including commercial aerospace, AI applications, and the price increase chain, which are expected to attract medium-risk capital [3][22] - The report notes a shift in market structure, with increased focus on real estate, resource products, and price increase chains, reflecting a rebalancing of investment styles [3][22] Market Dynamics - The A-share market has shown a recovery with the Shanghai Composite Index stabilizing and trading volumes rebounding, indicating a restoration of investor confidence [8][13] - Small-cap indices such as the CSI 500 and CSI 1000 have outperformed large-cap indices, suggesting a growing interest in mid and small-cap stocks [11][22] - The report emphasizes the importance of supply-demand mismatches in driving price increases across various sectors, particularly in the semiconductor and resource sectors [3][22][27] Sector Focus - The report suggests that the real estate sector is a critical area for investment, driven by recent policy signals aimed at boosting domestic demand, with leading companies in this sector likely to see revaluation opportunities [3][24] - The cyclical resource sector is expected to benefit from rising PPI and inflation expectations, with a notable increase in prices for industrial metals and chemicals [27][28] - Communication stocks, particularly in the optical communication segment, have faced downward pressure, indicating a need for cautious investment in this area despite overall market optimism [29][41]