A-share pre-market report | Central No.1 Document released! Latest shareholder letter from Buffett unveiled

Pre-market News 1. Central No. 1 Document Released: First Mention of Agricultural New Quality Productivity, Emphasizing Support for the Development of Jiangsu Nonghua Intelligent Agriculture Technology Type: Industry Sentiment Impact: Positive The Central No. 1 Document for 2025 has been released, once again focusing on agriculture. The document proposes using technological innovation to lead the aggregation of advanced production factors and develop new quality agricultural productivity according to local conditions. Experts say that the connotation of agricultural new quality productivity is rich, including technologies such as biological breeding, drones, artificial intelligence, and digital technology. 2. Berkshire Hathaway's Net Profit Exceeds Expectations! Buffett's Shareholder Letter States that Most Capital Will Always be Invested in Stocks Type: Company Sentiment Impact: Positive Berkshire Hathaway, owned by Buffett, released its financial report with a net profit of $88.995 billion in 2024, exceeding market expectations of $60.706 billion. By the end of 2024, Berkshire Hathaway's cash reserves had risen to $334.2 billion. In his letter to shareholders, Buffett stated that Berkshire Hathaway's shareholders can rest assured that most of the capital will always be invested in stocks. 3. State Council Meeting: Promoting High-Quality Development of Service Consumption, Improving the Power Battery Recycling and Utilization System Type: Industry Sentiment Impact: Positive The State Council convened last Friday to discuss work related to service trade and service consumption, and approved the Action Plan for Improving the Recycling and Utilization System of New Energy Vehicle Power Batteries. The meeting also pointed out the need to research and introduce a batch of new opening measures in the fields of telecommunications, education, culture, healthcare, and finance. 4. CSRC Speaks Out: Cracking Down on Speculative Capital Group Trading, Manipulation that Creates Themes and Stories Type: Market Sentiment Impact: Positive The CSRC stated that market manipulation behavior is like a "parasite" in the market body, distorting the market price formation mechanism. Some cases involve large amounts of money and securities, not only affecting the market's inherent stability but also disturbing regulatory policy transmission, inducing market risks. This has always been the focus of CSRC's crackdown. Investment Calendar Press Conference on Rural Revitalization by the State Council Information Office Investment Tips Investment Tips: Investment is a rational decision based on value, while speculation is a gamble based on price. True investors should focus on the intrinsic value of companies rather than short-term price fluctuations. "Safety Margin" by Seth Klarman Editor's View Editor's View: Last Friday, the market showed strong performance with the Sci-Tech Innovation 50 Index rising nearly 6%; CITIC SEC believes that the sustainability of pure thematic sectors relying on fund relay is limited, and strengthening industrial logic focusing on core assets is essential. Institutional Views 1. CITIC SEC: The sustainability of pure thematic sectors relying on fund relay is limited, and focusing on core assets is crucial. 2. Haitong: Industry policies may further focus on innovation and technology in the spring market, with AI-led technology being a continuous theme. 3. Orient: The market is witnessing a significant turning point, with the Shanghai Composite Index targeting 3,400 points and the view that technology is the mainstream becoming a reality. Positive and Negative Expectations 1. Shenzhen is expected to release a special policy for humanoid Siasun Robot&Automation, providing precise support for technological breakthroughs. Type: Policy Focus Wanlian Securities: 2025 is expected to be the year of commercialization and mass production of humanoid Siasun Robot&Automation, with leading companies' continued investment driving industry iteration acceleration and continuous breakthroughs. The commercialization and large-scale application of humanoid Siasun Robot&Automation are on the horizon. 2. SASAC deploys deepening of the "AI+" special action of central enterprises, focusing on investment opportunities in national cloud assets. Type: Policy Focus Open Source Securities: DeepSeek's AI deployment revolutionizes AI landing with its three major features of open source, low cost, and high performance. Central enterprises and party and government units have a strong demand for large-scale private deployment of AI models. The construction of AI infrastructure is the top priority, focusing on opportunities in the national cloud sector. 3. The circulation of documents encouraging insurance funds to invest in the innovative pharmaceutical industry, industry awaits official documents and detailed rules. Type: Market Hot Topic Guotai Junan: Leading innovative pharmaceutical companies currently have mature R&D and sales systems, with steady growth in expenses. With the continued commercialization of core products, several companies are nearing their profit turnaround points, and innovation is entering a harvest period. Focus is on leading companies with high innovation attributes. Announcement Highlights Slightly Positive Announcements 1. Sicc Co., Ltd.: Net profit for 2024 was 180 million yuan, turning from loss to profit year-on-year. 2. Foshan Haitian Flavouring and Food: H-share issuance application materials received by the China Securities Regulatory Commission. 3. Beijing Shengtong Printing: Subsidiary signs strategic cooperation framework agreement with Yushu Technology. Slightly Negative Announcements 1. Jiangxi Yuean Advanced Materials: Net profit for 2024 was 69.3241 million yuan, a decrease of 13.21% year-on-year. 2. Zhongyan Technology: Controlling shareholders plan to reduce their combined stake in the company by no more than 3.07%. 3. Shanghai Automobile Air-Conditioner Accessories: Shareholders plan to reduce their combined stake in the company by no more than 2.96%. Overseas Markets Self-picking Brother's Tip: U.S. stocks were sold off on Friday, with all three major indices falling significantly, and the Nasdaq dropping over 2%. Large tech stocks fell collectively, with Nvidia and Tesla dropping over 4%, while Chinese concept stocks were strong, with the Nasdaq China Golden Dragon Index rising 1.65%. This article is reprinted from Tencent Self-selected Stocks, GMTEight edited by Chen Wenfang.