Core Insights - The report from CITIC Securities emphasizes that when a country has significant influence over global supply, it should convert its share advantage into global pricing power and profits to prevent undervaluation of quality resources and waste of industrial capacity [1] - The long-term capital expenditure growth in non-tech industries globally has been persistently low, and traditional industrial sectors in China are also showing signs of a slowdown in capital expenditure amid a trend against "involution" [1] - Leading companies in traditional manufacturing can continue to generate profits even at low points in the economic cycle, and the valuation levels of these sectors are not high at the bottom of profit margins, providing conditions for Chinese manufacturing to gradually convert share advantages into pricing power [1] Industry Trends - Recent export controls and licensing systems are aimed at closing loopholes and improving regulations to protect national interests, while also helping to stabilize prices externally and accelerate the elimination of outdated capacity internally [1] - Companies with compliance capabilities and global operational experience may gain more stable overseas market shares and better profitability [1] - The current focus remains on upstream resource sectors and traditional manufacturing, balancing short-term profit realization, mid-term economic recovery, and long-term narrative logic [1]