Investment Highlights:

January

2025 monthly gold stock portfolio operation review. As of the close of trading on January 24, 2025, the Shanghai Composite Index fell 2.85%, the CSI 300 Index fell 2.52%, and the ChiNext Index fell 0.71% in January 2025. In January 2025, the monthly return on the gold stock portfolio was 1.39%, outperforming the CSI 300 Index by 3.9 percentage points and the ChiNext Index by 2.09 percentage points.

Strategic Outlook for February 2025. From the perspective of macro policies, on January 22, the Central Financial Office, the China Securities Regulatory Commission, the Ministry of Finance, the Ministry of Human Resources and Social Security, the People's Bank of China, and the State Administration of Financial Supervision jointly issued the "Implementation Plan for Promoting Medium and Long-term Funds into the Market". Indicator requirements. First, for public funds, it is clear that the circulating market value of A-shares held by public funds will increase by at least 10% each year in the next three years. The second is to invest 30% of the annual new premiums of large state-owned insurance companies in A-shares from 2025 onwards. Third, the pilot of long-term stock investment of the second batch of insurance funds will be put in place in the first half of 2025, with a scale of no less than 100 billion yuan, and will be gradually expanded in the future. Considering the risk appetite of insurance funds, the funds flow more to industries with high cost performance and margin of safety, and are optimistic about the dividend theme, such as coal, electricity, banking, infrastructure and other industries.

In terms of industry policies, on January 3, the National Development and Reform Commission said that the next step will be to expand domestic demand in an all-round way, significantly increase the scale of ultra-long-term special treasury bond funds, and strengthen the implementation of the "two new" policies. All localities have actively launched the policy of bridging the old with the new. Optimistic about household appliances, consumer electronics, automobiles and other industries that are favored by policies.

From a technical point of view, due to the full adjustment of the market index in December and January, it is currently in a period of stabilization and rebound, and it is expected that TMT, non-bank financial and other industries will perform better in February due to favorable policies and strong in the early stage.

Recommendation of the monthly gold stock portfolio target in February 2025

Based on the research and judgment of the market trend and the industry, we recommend the target of the monthly gold stock portfolio in February 2025: 601058. SH Sailun Tire, 688777.SH Central Control Technology, 688578.SH Allist, 002517.SZ Kaiying Network, 002747.SZ Estun, 002046.SZ SINOMACH Seiko, 002311.SZ Haida Group, 600066.SH Yutong Bus, 688313.SH Shijia Photonics, 300910.SZ Ruifeng New Materials.

Risk warning: (1) The performance of the market is less than expected; (2) the company's performance was lower than expected; (3) Past performance is not indicative of future performance; (4) the risk of inconsistency between the market expectations on which the portfolio is based and the actual operation of the market; (5) the market expectations on which the portfolio is based are based on a monthly cycle; (6) It is not excluded that the stock prices of the individual stocks in the portfolio will fluctuate significantly.