Group 1: Strategy - The article discusses the investment strategy for the upcoming market phase, suggesting a "barbell" portfolio approach that combines dividend stocks and technology internet stocks as a base, while dynamically adjusting weights based on market conditions [6] - It emphasizes the importance of the credit cycle as a guiding framework for macroeconomic direction and investment choices, recommending cyclical sectors like non-ferrous metals and innovative pharmaceuticals as flexible options for the portfolio [6] Group 2: Macro Economy - The article highlights the divergence between A-shares and economic fundamentals since last year's "924" event, suggesting that stable profit growth and elevated valuation levels can sustain a long-term bull market in A-shares despite economic transitions [10] - It points out that both asset-side factors (growth potential, high-quality overseas expansion, and improved corporate governance) and funding-side factors (sustained domestic and foreign capital inflows) are crucial for the long-term bullish trend in A-shares [10] Group 3: Industry - The report on commercial rockets outlines their significance in achieving low-cost and large-scale access to space, detailing the development status, technological pathways, and cost-reduction strategies in the commercial rocket sector [13] - It notes that the demand for commercial rockets is expected to grow, driven by satellite internet, and highlights the investment opportunities in rocket manufacturers and their core suppliers [13]
中金研究 | 本周精选：宏观、策略、航空航天科技