Core Viewpoint - The article emphasizes the potential for A-share core assets to rise, driven by internal demand policies and a shift towards performance-driven market dynamics as external capital inflow slows down [2][3]. Group 1: Market Strategy - The strategy suggests focusing on A-share and Hong Kong core assets, particularly in high-end manufacturing, AI, innovative pharmaceuticals, and smart vehicles, which are seen as "new core assets" with strategic allocation value [3]. - It highlights the importance of sectors such as domestic computing power, edge AI, lithium batteries, military industry, Hong Kong internet, and innovative pharmaceuticals, while also suggesting to monitor supply-side clearing in aluminum, steel, and panels [3]. - The article points out potential overperformance in Q1 reports for segments like wind power components, engineering machinery, automotive electronics, ophthalmic pharmacies, and service consumption [3]. Group 2: Consumption and Policy - The "Consumption Promotion Special Action Plan" has been officially released, indicating a comprehensive upgrade and innovation in consumption policies, with a focus on increasing residents' income and enhancing consumption capacity [12][16]. - The plan aims to stabilize the real estate market, improve service consumption quality, and optimize the environment to unleash consumption potential, with expectations for retail sales growth of around 4.8% by 2025 [12][16]. Group 3: Sector Focus - The article identifies four major themes for investment: new consumption, military industry, quantum computing, and deep-sea technology, suggesting a balanced approach between manufacturing and consumption [4]. - In the deep-sea sector, the government’s focus on deep-sea technology and offshore wind power is expected to drive growth, particularly in companies with advantages in these areas [7]. - The PD-L1 ADC drugs are highlighted for their potential to tap into a global market exceeding $50 billion, with significant clinical developments anticipated in the coming years [8][9].

Group 1: Spring Strategy and Core Assets - The core viewpoint is that China's core assets are expected to experience a revival in the spring, driven by policy advancements in three key areas: technology innovation, supply-side reform, and institutional optimization [1] - The new core assets with potential billion-dollar valuations are emerging, while about 30% of traditional industry leaders are showing operational turning points [1] - The report emphasizes a shift from "good companies" to "ordinary companies," indicating a significant differentiation in performance as confidence is restored [1] Group 2: Macroeconomic Outlook for 2025 - The share of real estate and its industrial chain in China's economy is projected to decline from 18% in 2020 to 10%-11% by 2024, while strategic emerging industries are expected to rise from 11.7% to 14.1% in the same period [2] - Monetary policy is anticipated to focus on the broad price system, while fiscal policy will maintain reasonable space to address external challenges and weak domestic demand [2] - The economic growth in 2025 is expected to follow a "U" shape, with an annual growth rate around 5% [2] Group 3: A-Share Market Themes for 2025 - 2025 is expected to be a significant year for thematic investments in the A-share market, driven by factors such as funding preferences, technological catalysts, policy implementation, and the evolving US-China relationship [4] - Ten major themes are identified for 2025, including AI+, smart transportation, humanoid robots, and bio-manufacturing, among others [4][6] - The report suggests that these themes will guide investment strategies throughout the year [4] Group 4: New Narratives in Chinese Assets - The attractiveness of Chinese assets is increasing, with a renewed investment logic in technology manufacturing [8] - Key breakthroughs in frontier technologies are expected to reshape the global tech landscape, with a focus on AI and high-value-added industries [8] - The report highlights the importance of long-term investment opportunities in sectors like AI, intelligent driving, and semiconductor advanced processes [8] Group 5: AI Smart Glasses Investment Insights - AI smart glasses are identified as a cost-effective hardware solution with significant potential, akin to the early days of TWS earbuds [10] - Short-term investment is recommended due to low current shipment volumes, while long-term prospects are expected to improve with the release of major products [10] - The report emphasizes the importance of focusing on segments with the highest value share and optimal market structure within the supply chain [10] Group 6: AIDC Market Dynamics - The AIDC (Automated Identification and Data Capture) market is experiencing growth, driven by a significant demand for new technologies [12] - The report suggests a focus on investment opportunities in the "power supply + interconnection" aspect of AIDC [12] Group 7: Gold Market Outlook - The report anticipates a strong performance for gold stocks in 2025, driven by increased production and a favorable liquidity environment [17] - The expected rise in gold prices is supported by the influx of ETFs and the ongoing narrative of "de-dollarization" [17] Group 8: Metal Supply Disruptions - The escalation of conflict in the Democratic Republic of the Congo is expected to disrupt metal supplies, particularly for tin, copper, and cobalt [18] - The report highlights the potential for increased metal prices due to supply chain disturbances caused by regional conflicts [18]