每经AI快讯，中信证券最新研报指出，站在指数层面，估值继续修复的空间有限，企业利润率的回升 是下个阶段A股接续牛市的关键，全球供应链的扰动再一次带来校验中国优势制造业定价权的契机；站 在风格层面，中东冲突是今年风格切换的催化剂，全球成本上升叠加金融条件走弱的背景下，低估值和 定价权是最重要的两个要素；站在产业趋势层面，代码膨胀、实物稀缺，在中国的体现就是优势制造业 定价权的提升，AI的破坏式创新加速以及全球能化供应链的扰动都在加强这一趋势。配置上，坚定围 绕中国优势制造定价权重估布局(化工、有色、电力设备、新能源)，涨价依然是核心交易线索，同时增 加低估值因子敞口(保险、券商、电力)。 ...

Core Insights - The report from CITIC Securities indicates that the recovery potential for valuations at the index level is limited, and the rebound in corporate profit margins is crucial for the continuation of the bull market in A-shares [1] - The ongoing Middle East conflict is identified as a catalyst for style shifts this year, with rising global costs and weakening financial conditions making low valuations and pricing power the two most important factors [1] - Trends in the industry show that code inflation and physical scarcity are enhancing the pricing power of China's advantageous manufacturing sector, accelerated by disruptive innovations in AI and global supply chain disturbances [1] Industry Trends - The report emphasizes the importance of positioning around the pricing power of China's advantageous manufacturing sectors, particularly in chemicals, non-ferrous metals, power equipment, and new energy [1] - Price increases remain a core trading theme, while there is also a recommendation to increase exposure to low valuation factors such as insurance, brokerage, and electricity [1]