科技板块季度盘点，鹏华Ashares“科创中国·灯塔基金”系列策略展望

Group 1 - The overall market in Q1 exhibited a range-bound pattern, with a brief pullback at the beginning of the year, followed by a structural rally led by AI and robotics after the Spring Festival, supported by policy initiatives from the previous quarter [1] - The trade war may cause short-term disruptions to exports, but in the long term, tariffs will not hinder the global competitiveness of Chinese manufacturing, and the current allocation value of A-shares remains high, with incremental capital expected to continue increasing its allocation to Chinese equity assets [1] - The domestic photovoltaic installed capacity increased by 39.47 GW in January-February, a year-on-year growth of 7.49%, while the cumulative installed capacity of power batteries reached 73.6 GWh, with a year-on-year growth of 46.5% [2] Group 2 - The uncertainty of overseas market policies impacted the market at both the beginning and end of the quarter, with a rebound in the tech sector as the technology gap between domestic and overseas markets narrowed significantly [3] - The upcoming second quarter will face significant uncertainty due to the impact of overseas tariff policies on global trade and supply chains, with a focus on corporate profitability during the earnings season [4] - Companies with healthy free cash flow are expected to have higher dividend potential and better safety in cash turnover under severe shocks, reflecting their operational resilience and pricing power [4]