Guosen Securities: Oppose internal competition, focus on purchasing assets with high thresholds.

Guosen Securities released a research report stating that looking ahead, compared to the short-term opportunity for reversing the dilemma of "anti-internal circulation", it is more important to focus on investment opportunities that do not involve internal circulation, focusing on three directions with "high barriers and high barriers": one is to "build high walls", naturally avoiding monopolistic industries that involve internal circulation, such as public utilities and rare earths; the second is to "accumulate grain widely", relying on the exclusivity advantage of products to create a competitive advantage in the race and industries that generate revenue from going abroad, mainly concentrated in the field of hard technology; the third is to focus on AI accelerating the replacement of tedious repetitive work in some industries to speed up the "anti-internal circulation". The above three types of high-threshold assets can rotate between offense and defense in the stage of anti-internal circulation themes, combining security and aggressiveness, containing growth potential throughout the cycle, and achieving a diversified investment portfolio capable of both offense and defense.