CICC: Dumbbell investment strategy still applies to the investment environment in 2H25.

Zhongjin research report stated that we believe domestic demand is insufficient, tariffs bring uncertainty to external demand, liquidity is expected to be loose, and the possibility of a productivity revolution brought about by AI breakthroughs is increasing, which are the four major investment backgrounds for 2025. We believe that the dumbbell investment strategy is still applicable to the investment environment in the second half of 2025. Throughout the year, we recommend a stable allocation of dividend blue chips, and we suggest seizing the investment opportunity of innovative drugs during the ASCO/ESMO academic conferences in the first and second half of the year.