CICC: Expect A-shares to remain generally stable after the holiday; AI and humanoid robot sectors are expected to become structural highlights

CITIC Securities APP has learned that China International Capital Corporation (CICC) released a research report stating that the Lunar New Year holiday is coming to an end, and domestic travel and consumption data have steadily increased during this period. Overseas, the U.S. “reciprocal tariffs” and “fentanyl tariffs” were ruled illegal by the local Supreme Court, while Trump proposed an additional “global import tariff” of 15%. The Hong Kong stock market opened relatively flat after the holiday, with the AI and robotics sectors performing notably well. Based on internal and external information during the Spring Festival holiday, the A-share market is expected to remain generally stable after the holiday, with growth sectors that received high attention during the holiday, especially AI and humanoid robots, likely to become structural highlights.

In terms of allocation, CICC recommends paying close attention to multiple sectors in the near term, including those experiencing prosperity growth. AI technology has experienced rapid development over the past three years and is expected to gradually enter the industrial application phase by 2026. Opportunities still exist in optical modules and cloud computing infrastructure, though these may lean more toward domestic solutions; on the application side, focus on robotics, consumer electronics, and intelligent driving. Additionally, sectors such as innovative pharmaceuticals, energy storage, and solid-state batteries are entering prosperous cycles. Going overseas remains a relatively certain growth opportunity. Considering the trend of international expansion and exposure to the U.S. market, it is advisable to focus on home appliances, construction machinery, commercial vehicles, power grid equipment, gaming, and globally priced resources such as non-ferrous metals.

Based on the position within the capacity cycle, it is recommended to pay attention to areas where supply and demand are approaching a turning point or where policy support is available, such as chemicals, aquaculture, and new energy. High-quality stocks with high dividends and long-term capital inflows are a long-term trend. From the perspective of high cash flow, volatility, and dividend certainty, a structural allocation to leading high-dividend companies is suggested. Highlights in annual report performance include sectors such as gold, the TMT sector benefiting from high AI prosperity, and non-bank financials.