策略周报：开门红行情可期

Core Insights - The report anticipates a strong opening market for A-shares, driven by continuous inflow of investment funds and a favorable macro liquidity environment in early 2025 [5][36] - The non-bank financial sector is expected to benefit significantly from the anticipated "opening red" market trend, with historical data supporting this outlook [5][36] - The low-altitude economy sector is highlighted as a promising investment area following the establishment of a dedicated department by the National Development and Reform Commission [5][36] Market Overview - The A-share market is experiencing a trend of active trading, with the securities sector likely to continue benefiting from this momentum [5][25] - The report notes a decrease in the profit growth rate of industrial enterprises in November, but the decline is less severe compared to previous months, indicating a potential stabilization [5][14] - The report emphasizes that the first quarter of 2025 may see a recovery in domestic inventory levels, supported by fiscal measures [5][14] Industry Analysis - The report categorizes industries based on their performance expectations for 2025, identifying sectors such as automotive, machinery, computing, food and beverage, and pharmaceuticals as having sustained growth potential [21][42] - The real estate sector is expected to show improved performance in 2025 due to a low base effect, although absolute profit levels may remain low [42] - The report identifies industries with weak performance elasticity, particularly in value-oriented sectors like banking and oil and gas, which are expected to lag in growth [43] Investment Recommendations - The report suggests focusing on small-cap growth stocks that have performance expectation potential, as they are likely to be the main focus of the market during this period [5][36] - The low-altitude economy is recommended for investment, particularly in areas such as raw materials, core components, drones, and aviation management [5][36] - The report highlights the importance of monitoring the performance of the non-bank financial sector, which is expected to see strong catalysts in the upcoming market environment [5][25]