The Research Reports from China International Capital Corporation point out that the Industrial Control Sector is a typical pro-cyclical direction. However, in recent years, due to relatively weak demand and a lack of prosperous downstream markets, the overall sector has not yet seen a beta-level market trend, and the market more often shows a dispersed structural alpha direction. Looking ahead to 2025, both pro-cyclical and structural market trends are expected to continue evolving. In terms of pro-cyclical direction, external policy variables are expected to strengthen continuously, while from the perspective of the endogenous cyclical framework, the impact of the demand-side pullbacks is continually decreasing, and inventory levels are further being adjusted. It is anticipated that the transmission from the demand side will become smoother in 2025. Moreover, from the other side of the pro-cyclical view, new productivity represented by humanoid robots and low-altitude flight is expected to gradually achieve the leap from 0 to 1, thus making the thematic market before industrialization equally worth participating in. In addition, independent of the cyclical process, there is the direction of industrial power supply and industrial control going overseas. Looking at the industrial power supply sector, its downstream capital expenditures on AI computing power and domestic semiconductor equipment are showing high prosperity and a degree of certainty. The direction of industrial control going overseas represents the long-term development direction of local industrial control manufacturers, and 2025 is expected to be an accelerated year for industrial control going overseas.