According to Jinshi, the Zheshang Securities Research Report pointed out that the fundamentals will continue to recover in the first quarter of 2024, the supply side will recover quickly, and the effect of the industrial stabilizing growth policy will be prominent, especially the expansion of the production side of the ten key industries. GDP growth in the first quarter was 5.3%, significantly higher than consensus market expectations, and the economy is generally in the process of returning to the potential growth center.
Investment opportunities in 2024 lie in the switch from traditional productivity to new productivity. In the first half of the year, traditional productivity is relatively dominant, and infrastructure stable growth and export cost-effectiveness dividends need to be paid attention to. In the second half of the year, TMT, biomedicine and high-end manufacturing tracks involving new productivity are relatively dominant. In terms of fixed income, due to the relatively sufficient expectations of easing in the bond market before, the process of bargaining for interest rate cuts may come to a temporary end, and the yield of government bonds may fluctuate and adjust.