CICC pointed out that in terms of allocation, the growth style still has an advantage, but the relative performance of other sectors has subsided this year. CICC believes that the determining factors in the growth market are booming industrial trends and profit delivery, and their importance often exceeds other factors such as macro, valuation, and capital. After the past three years of de-capacity cycles and the promotion of policies such as “anti-internal volume”, more and more procyclical industries are expected to benefit from the rebalancing of supply and demand. Focus on: 1) Economic growth: AI leaders continue to grow at a high rate of capital expenditure, and it is still recommended to focus on infrastructure, such as semiconductors, electronic hardware, optical communications, etc. Fields such as energy storage batteries and innovative drugs also deserve attention. 2) Cycle improvement: Considering the geographical situation and the possibility of an increase in the oil price center, as well as the position of the industry's production capacity cycle, it is recommended to focus on chemicals, energy metals, etc. that support price increases in the supply and demand pattern, and power grid equipment, construction machinery, etc. that benefit from the trend of going overseas.

CICC pointed out that in terms of allocation, the growth style still has an advantage, but the relative performance of other sectors has subsided this year. CICC believes that the determining factors in the growth market are booming industrial trends and profit delivery, and their importance often exceeds other factors such as macro, valuation, and capital. After the past three years of de-capacity cycles and the promotion of policies such as “anti-internal volume”, more and more procyclical industries are expected to benefit from the rebalancing of supply and demand. Focus on: 1) Economic growth: AI leaders continue to grow at a high rate of capital expenditure, and it is still recommended to focus on infrastructure, such as semiconductors, electronic hardware, optical communications, etc. Fields such as energy storage batteries and innovative drugs also deserve attention. 2) Cycle improvement: Considering the geographical situation and the possibility of an increase in the oil price center, as well as the position of the industry's production capacity cycle, it is recommended to focus on chemicals, energy metals, etc. that support price increases in the supply and demand pattern, and power grid equipment, construction machinery, etc. that benefit from the trend of going overseas.