Investment Highlights:

February 2025 Monthly Gold Stock Portfolio Operation Review. In February 2025, the Shanghai Composite Index rose by 1.55%, the CSI 300 Index rose by 1.18%, and the ChiNext Index rose by 4.2%.

In February 2025, the monthly return on the gold stock portfolio was 7.69%, outperforming the CSI 300 Index by 6.52 percentage points and the ChiNext Index by 3.5 percentage points.

March 2025 Strategic Outlook. At the macro level, the central bank released the fourth quarter monetary policy implementation report in February. It mainly includes the implementation of a moderately loose monetary policy, the comprehensive use of a variety of monetary policy tools, and the adjustment and optimization of policy intensity and rhythm according to the domestic and foreign economic and financial situation and the operation of the financial market. Promoting a reasonable recovery in prices is an important consideration in grasping monetary policy. This time, the central bank has placed more emphasis on opportunistic adjustments, and the goal of policy support has not changed. The two sessions will be held on March 5, and macroeconomic policies are expected to continue to be stable and improving.

From the perspective of industry policy, Central Huijin will become the owner of five financial institutions in February. It has brought more imagination to the mergers and acquisitions of securities companies. It is conducive to the valuation repair of financial stocks and boosts market confidence.

From a technical point of view, driven by technology stocks, especially Hang Seng Technology, which performed strongly from mid-January to the end of February, there was pressure to adjust in early March.

In terms of economic data, there was some improvement in social finance in February, but it remains to be observed in the future, and the bond market and stock market will show a seesaw effect in the future. The semiconductor, components, software services, communications and other technology sectors that were strong in the early stage are more cost-effective after adjustment. If the market turnover rate gradually decreases, we are optimistic about the dividend assets that are more fully adjusted, such as high-dividend sectors such as coal and oil as a defense, as well as the securities sector affected by mergers and acquisitions.

Recommendation of Monthly Gold Stock Portfolio Targets

in March 2025 Based on the research and judgment of the market trend and industry, we recommend the Monthly Gold Stock Portfolio Targets in March 2025: 300073. SZ Dangsheng Technology, 601058.SH Sailun Tire, 605089.SH Weizhixiang, 601865.SH Follett, 300415.SZ Yizumi, 000895.SZ Shuanghui Development, 002891.SZ Zhongpet Co., Ltd., 688041.SH Haiguang Information, 000425.SZ XCMG Machinery, 000063.SZ ZTE.

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.