晨报｜春季策略：聚焦中国核心资产

Group 1 - The core viewpoint is that China's core assets are expected to experience a revival in the spring, driven by policy advancements in technology, supply-side reforms, and consumption potential optimization [1] - The "New Core Asset 30" portfolio is selected from technology, industrial, and consumer sectors, focusing on companies that are expected to outperform ordinary firms as confidence is restored [1] - The market is anticipated to shift towards consumption-related themes with lower valuation levels, especially in light of the upcoming "Two Sessions" and external uncertainties [2] Group 2 - The IPO normalization is seen as a necessary reform direction to balance financing and support the real economy, with expectations of increased IPO supply without burdening the market [4] - The RMB's equilibrium exchange rate is estimated to be between 7.3 and 7.4, with short-term fluctuations expected between 7.20 and 7.35, influenced by trade dynamics and capital flows [5] - The manufacturing sector shows positive signs with PMI data indicating a recovery, supported by consumption stimulus policies and infrastructure investments [6] Group 3 - The solid-state battery industry is projected to see significant developments, with expectations for small-scale production by 2027 and mass production by 2030, highlighting investment opportunities across the supply chain [15] - The high-end titanium material sector is expected to recover due to increased demand from the military and aerospace industries, with a favorable competitive landscape [21] - The liquid cooling market is projected to grow significantly, with a CAGR of 38% from 2025 to 2027, driven by advancements in technology and increasing demand for efficient cooling solutions [23]