The Zhitong Finance App learned that Minsheng Securities released a research report saying that the current supply-side capacity pressure is bottoming out, and the supply pattern in some sectors has also achieved marginal optimization. This provides an idea for screening the main investment lines in the next three to five years: that is, to find sectors where current production capacity is gradually being cleared, and where performance is more flexible after future demand is repaired. Since this round of production capacity risks are more concentrated in the midstream manufacturing industry, it will be a key area to focus on. For high-end manufacturing, if large-scale demand expansion and disruptive technological innovation do not occur, the core of investment may be: first, there are relatively few government subsidies, relatively low technological innovation activity, the pace of industry clearance is similar to traditional industries, and the current production capacity cycle has bottomed out and rebounded, focusing on marine equipment and consumer electronics; second, the internal competition pattern is fragmented, no matter how the future capacity cycle is interpreted, the industrial leadership position of leading enterprises seems more difficult to be disrupted, focusing on biological products, chemical pharmaceuticals, power grid equipment, etc.

The Zhitong Finance App learned that Minsheng Securities released a research report saying that the current supply-side capacity pressure is bottoming out, and the supply pattern in some sectors has also achieved marginal optimization. This provides an idea for screening the main investment lines in the next three to five years: that is, to find sectors where current production capacity is gradually being cleared, and where performance is more flexible after future demand is repaired. Since this round of production capacity risks are more concentrated in the midstream manufacturing industry, it will be a key area to focus on. For high-end manufacturing, if large-scale demand expansion and disruptive technological innovation do not occur, the core of investment may be: first, there are relatively few government subsidies, relatively low technological innovation activity, the pace of industry clearance is similar to traditional industries, and the current production capacity cycle has bottomed out and rebounded, focusing on marine equipment and consumer electronics; second, the internal competition pattern is fragmented, no matter how the future capacity cycle is interpreted, the industrial leadership position of leading enterprises seems more difficult to be disrupted, focusing on biological products, chemical pharmaceuticals, power grid equipment, etc.