Core Viewpoint - Public funds are reassessing and adjusting their investment strategies in response to recent market adjustments, with a focus on A/H shares and technology as the main investment themes [1] Group 1: Market Outlook - A-shares and Hong Kong stocks have a solid upward foundation, and short-term events are unlikely to alter the overall trend [1] - The technology sector is viewed as the most promising investment theme in the medium to long term [1] Group 2: Sector Focus - Sub-sectors such as new energy and new consumption may show performance during market rotations [1] Group 3: Asset Allocation - A balanced asset allocation strategy is recommended [1]

Core Viewpoint - The spring capital market forum hosted by CITIC Securities emphasized the emergence of new core assets in China, particularly in the domestic computing power chain, which are expected to expand to a market value of $100 billion [1][2]. Group 1: New Core Assets - CITIC Securities highlighted that new core assets, driven by trends such as AI equity and domestic computing power, are expanding and have the potential to reach a market value of $100 billion [2][3]. - Traditional core assets, including sectors like LED, security, service robots, and integrated circuits, have about 30% of companies that have turned around in their operations [2]. Group 2: Market Outlook - The A-share market is currently in a volatile phase, and a breakthrough will require the support of core assets rather than scattered themes [2]. - The macroeconomic environment is expected to support technology, supply-side reforms, and consumer promotion policies, which will positively influence the market [2]. Group 3: Consumer Sector - In addition to technology, the consumer sector is also viewed positively by several brokerage firms, with a focus on themes related to consumer iteration such as "self-economy" and "initial public offerings" [4]. - The improvement in asset prices is anticipated to gradually enhance consumer demand through wealth effects, supported by monetary and fiscal policies [4]. Group 4: Hong Kong Market - The Hong Kong stock market is characterized by three main features of a bull market: the need for asset allocation, significant available position space, and a high tolerance for valuations [6]. - The inflow of southbound funds into the Hong Kong market indicates a sustained bullish sentiment, supported by strong earnings from tech stocks and signs of economic stabilization [7].

Core Viewpoint - The spring capital market forum hosted by CITIC Securities emphasizes the emergence of new core assets in China, particularly in the domestic computing power chain, which are expected to expand to a market value of hundreds of billions of dollars [1][2]. Group 1: New Core Assets - The new core assets, including domestic computing power chains, cloud applications, edge AI, and physical AI, are identified as having the potential for a market value expansion to hundreds of billions [2]. - Approximately 30% of traditional core assets, such as LED, security, service robots, engineering machinery, integrated circuits, lithium batteries, national joint-stock banks, cloud services, and medical services, have already shown signs of operational recovery [2]. Group 2: Market Trends and Strategies - The A-share market is currently in a volatile phase, and a breakthrough requires the support of core assets rather than scattered themes [2]. - The macroeconomic outlook for 2025 includes policy advancements in technology, supply-side reforms, and consumer promotion, which are expected to drive market growth [2]. - The year 2025 is anticipated to be a significant year for thematic investments in A-shares, driven by factors such as funding preferences, technological catalysts, and policy implementation [4][5]. Group 3: Consumption and Economic Policies - Consumption is highlighted as a second main investment theme alongside technology, with a focus on the "self-care economy" and "initial public offering economy" [4]. - The macroeconomic analysis indicates that monetary policy will support consumer demand recovery, while fiscal policy will aim to enhance social security and resolve debt issues [4]. Group 4: Hong Kong Market Outlook - The Hong Kong stock market is currently in a bull market phase, characterized by necessary asset allocation, significant available positions, and high valuation tolerance [7]. - The potential for further investment in Hong Kong stocks is substantial, with a theoretical capacity to increase by over 600 billion HKD [7]. - Valuation opportunities remain in various sectors, including internet, hard technology, automotive, and biopharmaceuticals, indicating room for profit margin recovery and valuation expansion [7][8].