2025.02.24

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On the day of the month, the stock market experienced weak consolidation with no clear main trend. As of midday, the Shanghai Composite Index was reported at . points, down .%, the Shenzhen Component Index at . points, down .%, and the ChiNext Index at . points, down .%.

The data shows that all stocks in the market rose, with only a few individual stocks falling.

On the market, stocks related to Douyin Doubao, applications, optical communication, and cloud computing concepts led the declines; agriculture and infrastructure saw gains, while low-altitude economy and hardware themes strengthened.

Main funds saw net inflows in the morning into sectors such as automobiles, mechanical equipment, architectural decoration, and real estate, while there were net outflows from sectors like electronics, media, banking, and steel.

Looking at individual stocks, Wanfeng Aowei, Kehua Data, and Data Port received net inflows of . billion, . billion, and . billion yuan, respectively.

In terms of net outflows, Hangzhou Iron & Steel Co., Ltd., Zhejiang Daily Digital Culture Group Co., Ltd., and Contemporary Amperex Technology Co., Ltd. were sold off, with amounts of . billion yuan, . billion yuan, and . billion yuan respectively.

Agricultural stocks surge! Central Document No. 1 released, institutions highlight these opportunities.

The agriculture, forestry, animal husbandry, and fishery sector strengthened today, with stocks such as Langyuan, Huaying Agriculture, and Fucheng hitting the daily limit up.

On the news front, the annual Central Document No. 1 was released today. The "Opinions of the Central Committee of the Communist Party of China and the State Council on Further Deepening Rural Reform and Solidly Advancing Comprehensive Rural Revitalization" proposes to use reform, opening up, and technological innovation as driving forces to consolidate and improve the basic rural management system. It emphasizes the need to deeply study and apply the experience of the "Thousand and Ten Thousand Projects," ensure national food security, prevent large-scale return to poverty, enhance the level of rural industrial development, rural construction, and rural governance, and make every effort to increase agricultural efficiency, rural vitality, and farmers' income, thereby providing foundational support for advancing Chinese-style modernization.

Dongguan Securities points out that the Central Document No. 1 comprehensively anchors the goal of promoting comprehensive rural revitalization and building a strong agricultural nation from multiple aspects. It proposes to lead with technology and develop new quality productive forces in agriculture, marking new breakthroughs in policy measures. Currently, the overall valuation of the agricultural sector is at a historical low, and with the push from policies, it is expected to experience an oversold rebound.

Guangfa Securities pointed out that by reviewing the sectoral market changes brought about by past "No. 1 Documents," the thematic investment opportunities in the agricultural sector driven by the "No. 1 Document" are relatively certain. They recommend paying attention to investment opportunities in agricultural product processing, breeding, and seed industries.

How to Respond to the Pullback of High-Priced Stocks?

In the early trading session, there was a rapid rotation among sectors. The robotics sector, which had been strong for the past week, experienced a significant pullback. The computing power sector showed divergence, while the agriculture sector, which benefited from positive news over the weekend, led the gains.

Guo Tai Junan's senior market analyst, Yuan Qiang, believes that the spring market trend is currently unfolding. However, the rapid rebound over the past period has led the market to quickly factor in investors' optimistic expectations for policy prospects and industry trends, with a local peak in market sentiment expected to form relatively soon. In the next phase, the overall stock index may enter a period of sideways fluctuation. Technology, led by the wave, remains a continuous main theme.

Regarding the internal trends within the technology sector, Minsheng Securities believes that due to differences in the stages of industrial development and changes in market participants, the driven market trends will subsequently diverge. CITIC Securities stated that from the perspective of industrial logic, large-scale deployment and application signify that domestic industries have moved from the mapping and thematic stages to real industrial trends. The high profit elasticity of large-cap companies in the future will significantly reduce the attractiveness of small-cap stocks that lack performance and are purely thematic. It is expected that the market will focus on high-quality leaders and abandon pure speculative trading. Companies that can truly reconstruct business models through technology and open up profit spaces will gradually differentiate from those that are merely speculative concepts.

WeChat editor | 生产队的驴（午休不眯眼版）

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