国信证券晨会纪要-20260205

Macro and Strategy - The report discusses the "anti-involution" policy aimed at addressing overcapacity and disorderly competition, marking a significant shift in the construction of a unified national market [6][8] - The policy evolution is divided into three phases, with the current phase focusing on systematic implementation to eliminate local protectionism and market segmentation [6][7] - The report emphasizes the need for administrative coordination to break down local protection and industry barriers, while also advocating for a long-term focus on reasonable profit margins for enterprises [8][9] Industry and Company - The electronic industry report highlights the rapid emergence of AI applications, with a focus on the computing power chain becoming a central investment theme [16] - The automotive industry report notes that the penetration rate of NOA (Navigation on Autopilot) in urban areas has exceeded 20%, with significant investments in autonomous driving technologies [23][24] - The agricultural sector report indicates a rise in potassium fertilizer contract prices and increased demand for phosphate rock driven by energy storage needs [3] - The real estate sector in Hong Kong shows signs of recovery, with a 21% increase in private residential transaction volume in 2025, marking the second-highest level since 2013 [33][34] - The report on public REITs indicates a continued divergence in performance across different asset types, with a strong long-term allocation value expected as the market matures [10][11] Investment Strategies - The report suggests focusing on sectors benefiting from policy support and strong fundamentals, such as affordable housing and new infrastructure related to digital economy upgrades [10][11] - In the automotive sector, recommendations include investing in companies with strong new product cycles and those involved in intelligent driving technologies [26][29] - The report advises on maintaining a balanced asset allocation strategy, particularly in light of potential market volatility and economic recovery signals [12][13]