Zhongtai Research Reports state that the current market interest rates continue to decline, causing the overall risk premium of central state-owned enterprises to rise. Dividend-type Assets currently have a relatively high long-term investment cost-performance ratio. In terms of risks, the future continuous entry of long-term capital like insurance funds, combined with an increased tolerance for faults in state-owned Funds, will lead to an Inflow of long-term investment funds. Among them, low-valuation bank stocks and utilities that align with fiscal risk prevention and safety should be noted. 'Hard Technology' may be one of the main investment directions of fiscal policy. In this context, the 'hard Technology' directions represented by Military Industry, Drones, Siasun Robot&Automation, and commercial aerospace may be the most flexible Global Industry directions starting from 2025.
中泰证券：当前时点可逢低布局低位央国企+硬科技产业链
Zhongtai: At the current moment, it is advisable to arrange low-valuation central state-owned enterprises + hard Technology Industry Chain.
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