Huachuang Securities: In-depth analysis of the "midstream manufacturing" competitiveness of China's broad-based index from four dimensions.

Huachuang Securities released a research report stating that under the global "supply anxiety", China's midstream manufacturing is stepping into the strategic era of "going overseas to create revenue". In order to obtain the dividend of the times, one must penetrate the illusion of the broad-based index labels and discern the true quality of underlying assets from four dimensions. First, look at size and trends: the content of the broad-based "middle stream" is highly differentiated and facing systematic uplift. Second, look at reality and structure: there are significant differences in profit support behind the market value of the broad-based midstream. Third, look at drivers and going overseas: the overall overseas capability of the midstream is strong, but the index presents different tool attributes. Fourth, look at motivation and attribution: dual attribution reveals completely different evolution paths.