Zhongtai Securities: The current timing is suitable for bottom fishing in low-level central state-owned enterprises + hard technology industry chain

On Jan. 6th, Jin10 Data reported that the continuous decline in Intrerest Rate in the current market has led to an overall risk premium rise for central SOEs. Dividend-based assets currently have a high long-term investment cost-effectiveness valuation. On the risk side, future long-term capital such as insurance funds will continue to enter the market, and the fault tolerance rate of state-owned funds will increase, both of which will bring in long-term investment funds. Among them, low-priced bank stocks and public utilities that conform to the direction of fiscal risk prevention and safety are worth following. "Hard technology" may be one of the main investment directions of fiscal policy. Among them, the direction of "hard technology" represented by military industry, drones, robots and commercial aerospace may be the most resilient global industry direction from 2025 onwards.