中信：产业聚焦系列（2025年1月）—主题进入鱼尾行情后怎么看？2

Summary of Key Points from Conference Call Records Industry Focus - Industry: New Retail, Social E-commerce, AI, Computing Power, Robotics, AI Wearables Core Insights and Arguments 1. Market Strategy: The report suggests a "barbell strategy" focusing on dividend stocks while also investing in thematic sectors like edge AI, new retail, and robotics. The current market is in a "tail" phase, indicating increased volatility and rapid rotation among themes [1][7][6] 2. New Retail: The offline new retail sector has begun its third round of correction as of January 3, 2025. Despite this, the fundamental improvement logic remains unchanged, and better investment opportunities may arise post-correction, especially with the upcoming Spring Festival [2][17][15] 3. Social E-commerce: The sector has experienced a week of volatility but is expected to see catalysts in January that could support a second wave of thematic investment. The WeChat Mini Store's gift-giving feature is anticipated to enhance market activity, particularly during the festive season [9][10][12] 4. Computing Power: The computing power sector is currently experiencing fluctuations. The report emphasizes the importance of monitoring the performance disclosures of major North American tech firms at the end of January, as well as domestic capital expenditure trends [19][25] 5. Robotics: The robotics sector has seen a nearly month-long adjustment. Attention is drawn to potential updates from Tesla's Optimus in January, which could present trading opportunities, although overall short-term prospects remain limited [4][17] 6. AI Wearables: The AI wearables market is in the "tail" phase of its second thematic wave. Key product launches from major companies are expected in Q2 2025, which could shift investment focus from thematic to fundamental [3][22] Additional Important Content 1. Investment Recommendations: The report recommends prioritizing investments in the following order: social e-commerce > offline new retail/computing power > robotics > AI wearables. This strategy is based on the anticipated catalysts and market conditions leading up to the Spring Festival [4][17][19] 2. Risk Factors: Several risks are highlighted, including weaker-than-expected macro consumer demand, underperformance of WeChat Mini Store's channel development, and intensified competition across various sectors [4][17] 3. Market Dynamics: The report notes that the new retail sector has undergone three rounds of increases and two rounds of corrections since mid-October 2024, with significant price movements observed in key players like Yonghui Supermarket and Zhongbai Group [16][18] 4. Capital Expenditure Trends: The anticipated increase in capital expenditure from major North American cloud service providers is expected to exceed 50% in 2025, indicating a robust growth outlook for the AI computing power sector [20][25] This summary encapsulates the essential insights and recommendations from the conference call records, providing a comprehensive overview of the current market landscape and future investment opportunities.