The industrial control sector is a typical pro cyclical direction, but in recent years, due to relatively weak demand and a lack of downstream prosperity, the overall sector has not yet experienced a beta level market trend, and the market is more showing a dispersed structural alpha direction. Looking ahead to 2025, both cyclical and structural market trends are expected to continue to unfold. In terms of the pro cyclical direction, exogenous policy variables are starting to continue to strengthen, while from the perspective of the endogenous cyclical framework, the impact of the demand side drag term is continuously decreasing while the two inventories are further depleted. It is expected that the transmission from the demand side will be smoother in 2025; On the other hand, looking at the cyclical trend, new quality productivity represented by humanoid robots and low altitude flight is expected to gradually achieve a 0-1 leap, so the theme market before industrialization is also worth participating in. In addition, the direction independent of the cyclical process is industrial power and industrial control going global. From the perspective of the industrial power sector, the downstream AI computing power capital expenditure and domestic semiconductor equipment capital expenditure have a high degree of prosperity and a certain degree of certainty; The direction of industrial control going global represents the long-term development direction of local industrial control manufacturers, and 2025 is expected to be an accelerated year for industrial control going global.