Guangfa strategy: the main line of the "Breaking Dawn" market is clear. Central state-owned enterprises still have better room for valuation and repair.

[Guangzhou Development Strategy: the main line of the "Breaking Dawn" market is clear. Central state-owned enterprises still have better room for valuation and repair]. According to a research report released by Guangfa Securities's strategy team, the main line of the "Breaking Dawn" market is clear and pays attention to the trio in 2023. That is, policy reversal, dilemma reversal, US debt reversal. Specifically, in terms of policy reversal, with regard to "medium special valuation-central state-owned enterprise revaluation" and "digital economy AI+", the current round of "valuation filling hole" has passed halfway, and there is still room for follow-up; from a sub-sector point of view, for the undervalued industries in 2016, the progress of this round of TMT valuation repair has passed more than half, while "medium special valuation-central state-owned enterprise revaluation" still has a good room for valuation repair. The follow-up of the current "valuation filling hole" is expected to repeat the value white horse path in 2016 or 2017 to further move towards structural "valuation expansion", and the process will be dominated by the "central state-owned enterprise revaluation" and "digital economy AI" under the clue of "policy reversal".