机构论后市丨“科技叙事”逻辑明晰；A股短期或延续震荡偏强趋势

Group 1 - The A-share market is experiencing rapid rotation between large-cap and small-cap stocks, with a cumulative decline of 0.57% for the Shanghai Composite Index, 0.46% for the Shenzhen Component Index, and 0.88% for the ChiNext Index this week [1] - China Galaxy Securities suggests focusing on three main lines of asset allocation: high-margin assets, clear "technology narrative" in the A-share market, and consumer sectors boosted by policy [1] - The report emphasizes the importance of stable dividend returns in defensive sectors amid increased external uncertainties, and highlights the potential of technology as a long-term allocation theme [1] Group 2 - Dongwu Securities anticipates a new round of "East Rising, West Falling" trading, with a focus on technology growth styles benefiting from liquidity overflow driven by a weak dollar [2] - Recommended investment directions include robotics, artificial intelligence, AI edge devices, computing power industry chain, controllable nuclear fusion, military informationization, autonomous driving, innovative drugs, solid-state batteries, AI agents, low-altitude economy, and satellite internet [2] Group 3 - Huajin Securities indicates that the A-share market may continue a strong oscillation trend in the short term, with a focus on technology and certain consumer sectors [3] - The report highlights that new consumption may yield excess returns compared to traditional consumption, and suggests low-cost allocations in sectors like computing, robotics, military, media (AI applications), electronics (semiconductors), and communications (computing power) [3] Group 4 - CITIC Securities notes that the pricing power of core assets is gradually shifting southward, driven by a surge in A-share companies going public in Hong Kong [4] - The report suggests that the attractiveness of the Hong Kong market is improving due to better asset supply structure and quality, as well as enhanced liquidity from the return of overseas funds [4] - The trend of high-quality leading companies listing in Hong Kong may catalyze a shift in A-share market style towards core assets [4]